Retention Home Sold Guidelines

Retention Home Sold Guidelines

You may receive a call from a homeowner who is in the process of selling or has recently sold their home. We must first congratulate them and then utilize the following procedure to determine the best solution for the homeowner.

Actively listen to statements made by the homeowner and ask probing questions based on their comments.

Validation Question Examples:
  1. “Did you sell your home or are you moving?”
  2. “Are you calling about a rental property?”
Alert
If the homeowner has NOT sold their home (i.e., moving but still owns the home), follow normal retention efforts.

Home Sold With Closing Date

If the homeowner confirms their home is sold, congratulate them on the same and capture the closing date.
Alert
Document the closing date in your notes.

Suggested Scripting/Actions

Congratulate

“Congratulations on the sale of your home! I will be more than happy to assist you with your request today. Can you provide me with the closing date please?”

Identify Sales/Retention Opportunities

Transfer to Buyer

Purchased New Home

“Would you like to transfer your warranty to the new buyer?”

If YES, advise of the Warranty Transfer Process based on your department.

  1. Cinch Inbound Warranty Transfer Process

  1. Transfer Policy-Membership Services-Third Party

“Have you already purchased your new home?”

If YES, assume the sale of the new property in a Cinch Home Warranty.

“Congratulations on the purchase of your new home! I just need to gather additional information and we can get your new property enrolled in the Cinch Home Warranty Plan.”

If the homeowner agrees:

  1. Cancel the existing warranty by following the Cancel Contract System Process using Home Sold as the cancellation reason.

  1. Enroll the new property following the Enrollment Procedure (Retention Department).

IF retention/sales efforts fail,
THEN proceed with the cancellation process and close the call.

No Closing Date

If the homeowner does not have a closing date yet or has a distant future closing date (a month or more away), perform retention efforts by reviewing the benefits of keeping the warranty until the home closes or until they have a closing date.

Suggested Scripting: "<Customer Name>, since you do not have a closing date, let's keep the warranty active in case you may experience a failure until you have a closing date."

Benefits of keeping the Warranty for Homeowners selling their home:
  1. If the systems and/or appliances mechanically fail, the warranty will assist with expensive costs associated with repairs/replacements until the home is sold.
  2. Having a home warranty is attractive to prospective buyers.
If retention efforts fail, follow the Cancel Contract System Process and select the appropriate Cancellation Reason.
Warning
Improper use of the 'Home Sold' cancellation (e.g., without a closing date) will result in a Retention Red Flag Auto-Fail for improper dispositioning.

Exception: The customer indicates they are selling the home but refuses to provide a closing date after sufficient probing.
Enter notes in the Communication History Log using the Note Template.

Backdate Cancellation Requests

If the homeowner has already closed and requests the cancellation be backdated, request the homeowner send a copy of the Closing Disclosure to the appropriate mailing or email address based on your department.


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