Check out building/warranty/industry news, RWC announcements, upcoming events, etc.
Check out building / warranty / industry news, RWC announcements, upcoming events, etc.
After decades of dedicated service and unwavering commitment, VP of Sales, Suzanne Palkovic, bid farewell to RWC & Affiliates this summer as she embarks on a well-deserved retirement.
Sue began her career at RWC in October 1987 as our Pennsylvania sales representative after a short stint selling life insurance for another company. Her devotion to her job, her coworkers and the company led then Vice President of Sales Lynn Nelson-Probst to promote Sue to Assistant Sales Manager in 1994.
By virtue of her imagination and ability to see projects through to the end, Sue was promoted to Director of Research and Development in 2001, and in 2003 she was named Vice President of Marketing, Research and Development. After Lynn Nelson Probst retired, Sue became our Vice President of Sales in June of 2015, the position she held until her retirement. During her last eight years with the company, she managed our entire sales force and was a constant proponent of superior customer service for our builder members. Sue was a tireless worker for our company. Her strong leadership and keen understanding of the warranty marketplace contributed greatly to our companies’ success. We will miss her wit, her wisdom, her tenacity, and her dedication.
Sue is succeeded by our new National Sales Manager, Rich McPhee. Rich is new to the position, but not to the company, having served as a highly successful sales representative in the mid-Atlantic states for the last ten years. Sue had an opportunity to mentor Rich, and we are happy to report that he has hit the ground running.
Sue plans to travel, spend time with her family, and become more active supporting causes that are near and dear to her heart. She leaves RWC with our good wishes for a long, happy and healthy retirement and with heartfelt gratitude for many years of loyal service.
Check out building / warranty / industry news, RWC announcements, upcoming events, etc.
The past two years of supply-chain disruptions, compounded by labor shortages, have forced builders to improvise, adapt and overcome. Throughout these still-challenging times, builders have come up with creative and viable solutions to properly complete homes when the critical path becomes the path less followed. Here are some examples.
1. Window Flashing. To keep projects moving when the windows are nowhere in sight, leave the house wrap stretched over their rough openings, which will help to protect the interior until windows arrive.
2. Structural Elements. Structural sheathing can be interchanged with other more readily available options, but work with your architect or engineer to ensure compliance with the building’s requirements. It’s also important to understand how differences in vapor permeability among sheathing materials affect wall performance. Be aware of and stay close to the wall vapor profile that’s recommended for your climate.
3. House wraps. House wraps vary significantly in permeability ratings and in their ability to function as an air barrier. Do your homework, and be aware of your climate conditions.
4. Insulation. While wall cavity insulation products can be interchanged, they vary significantly in their thermal (R-value) ratings and impact on a wall’s vapor profile. Fiberglass batts and loose-fill products can be used in any climate, but damp-sprayed cellulose isn’t recommended for hot/humid areas. Closed-cell spray foam insulation can be used in any climate and also provides an excellent air barrier.
5. Tile Backers. There are two primary types of wet-area tile backer: those that are surface, and those recommended to be installed over a water-resistant barrier or made to be waterproof on the surface. There’s also a class of waterproof membrane that provide a fully waterproof membrane over a variety of backers that are adequately secured to the framing to bear the weight of the tile. The critical point is to avoid simply swapping out tile backer products without knowing what’s required to make them waterproof.
Before you try alternatives to these critical material specs, perform your due diligence on the differences in their performance, and confer with your architect, engineer and especially your trade partners.
Source: nahb.org
No one would argue that a home is likely one of – if not the – biggest purchases you will ever make in your life. And while doubts associated with such a transaction are to be expected, incidents of buyer’s remorse seem elevated in the midst of the previous year’s wildly fluctuating market. 2022 was a tale of two extremes, and each was a trigger causing people to question their home-buying decisions for vastly different reasons.
The first half of the year saw record low mortgage rates, with properties listed high and often selling above the asking price. Buyers engaged in bidding wars, had little time to vet the properties and even less time to make an educated decision. In a rapid about-face, the latter half of 2022 saw the market flip when the Federal Reserve raised interest rates. Home prices leveled out and buyers had a bit more time to pick and choose their dream home, but in the end were faced with higher monthly mortgage payments.
While each scenario has clear reasons for inducing anxiety and remorse for the buyer, one thing that is universally helpful in alleviating any unnecessary worries is the experience and insight of a realtor. An experienced professional can guide home buyers in the correct direction and help them carefully review options. Torrence L. Ford, broker/owner of Atlanta’s RE/MAX Premier, stresses that working things out with anxious buyers is crucial, so sales do not fall through due to emotional rather than logical reasons.
His advice is to sit down with buyers and carefully review their options. In today’s climate, it is advisable to renegotiate with the seller. See if they are flexible with extending the closing date, thus allowing more time for the buyer to save money or possibly pay for a rate buydown. Another avenue to explore is to ask the lender if there are any credits available.
Ford also suggests informing the buyers that there exists the possibility of two more interest rate increases in the near future, so the time of affordability is now. The key is to “marry the payment and date the rate” – meaning, if you find a home you truly love and can afford, don’t let the current interest rates prevent you from purchasing it.
While cost is certainly a frontrunner for buyer’s remorse, it is not the only cause. When homes are selling quickly, there is not a lot of time for buyers to examine everything about the home and the general neighborhood. This is where a realtor plays a key role. They can make sure a buyer understands all the costs of the home, including property taxes, mortgage payments, and living expenses. It is not uncommon for a buyer to emerge victorious in a bidding war only to realize they cannot truly afford the prize.
It's important to reiterate to clients that homes almost always appreciate in value. If the house that is purchased turns out to be something less than a “forever home,” there is very likely a profit to be made in a future sale. Also, there is the potential for it to become a rental property and thus an additional source of income.
Seasoned realtors with years of experience can draw upon that to offer their clients as much information as possible for them to not only make an informed decision, but also manage their expectations. An example would be a buyer who won a bidding war above 12 others. Reminding them of the potential reasons for their victory – more favorable financing, a better closing date, a better relationship with the other realtor – could eliminate their worry that they overbid or overpaid.
It also helps to point out that most problems have workable solutions. If you find a home you love and the roof is bad, you don’t need to automatically take that property off your list. Rather, work with the seller to negotiate financing for the repair or replacement of the roof. Once again, expectations are managed and the potential for regret (at losing out on an otherwise desirable house) or remorse (for purchasing a less-than-ideal home) has been eliminated.
Perhaps most importantly, realtors should remind buyers that they should focus on the positive – which is the fact that they will be living in and enjoying their home for years to come!
On a positive note, despite the higher interest rates, the real estate industry seems to have returned to a state in which homes are staying on the market longer, allowing buyers time to do their due diligence and make an informed – and remorse-free – decision.
___________________________________________________________________________________________________________________________________
If you or your clients are still looking for added assurance and peace-of-mind check out the Key Estates Extended Warranty. Appliances and systems can break down and unfortunately, you never know when that will happen. It will be inconvenient, stressful and most of all, expensive. The best way to handle these complications is to be prepared. Buyers OR sellers can purchase coverage (through their Real Estate Professional or Builder) on appliances and systems such as water heaters, dishwashers, electrical systems, plumbing, ductwork and much more.
Not only is Key Estates affordable, but repairs or breakdowns are handled a little differently than the other guys do it. Key Estates allows homeowners to choose their own repair providers. Homeowners are NOT forced to choose ‘a guy’ from an ‘authorized list’. This allows the homeowner the freedom to choose someone they can trust and someone who will actually show up, and someone who has the experience and expertise to get the job done. Plus, there are no blackout coverage areas or claims forms to fill out. Concerned about the bones of the home? Key Estates has structural coverage, too. It’s worth checking into!
You’re a general contractor, a GC. Like it or not, you are responsible for everyone’s safety at your jobsites. That means anyone who may be there for any reason. Even trespassers who trip and fall over some debris left by your demo guy. That’s right. Even if you post “NO TRESPASSING” signs, you have some degree of care for any member of the public who is at your job site for any reason and gets hurt. What can I say? Life isn’t fair, then you get sued.
Any human activity involves risk. To really prevent having accidents at your jobsite you’d have to go back in time to that day when you decided to become a GC and decide to do something else. Until a time machine is invented, you’ll need General Liability (GL) insurance and you’ll want all your subcontractors to be adequately insured.
Why is GL insurance so important?
Let’s go back to the sloppy demo contractor who left the debris lying around for the trespasser to trip over.
If that demo guy doesn’t have insurance, your GL company will not only have to pay this claim; they will add the demo classification to your policy and charge you the extra premium. It’s hard enough to be sure your subs have enough insurance even when you require certificates each year.
For example, if one of your subs has a claim working for someone else and it reduces his/her limit of liability, that certificate you got a few months ago is suddenly out of date.
It says your subcontractor has $1,000,000 for each accident. Only now, the claim has reduced this amount to $500,000. Suppose one of your subcontractors had their GL coverage canceled or nonrenewed? If you’re listed as an additional insured on their policy you should receive a courtesy notice of cancellation… provided you asked for one and insisted it be shown on the certificate.
Either one of these possible scenarios can lead to a claim being made against your GL.
But what about that trespasser? Why should he be compensated for getting hurt while being illegally present on your jobsite? The answer has to do with the degree of responsibility you have to the public. Think of your own home as a jobsite. Let’s say you invite friends over to a Memorial Day picnic. You want them to be there. The last thing you want is for one of them to trip and fall over your garden hose laying in the yard because you failed to put it away.
The same is true for the delivery person and the guy who reads your gas meter. Then there’s the door-to-door salesperson or survey taker. You’re not as happy to see them, but you wouldn’t call 911 when they show up either. The one thing all these people have in common is a right to expect that you keep your yard, sidewalk and steps free of objects like your garden hose, stray toys and other debris when they come calling.
Even a burglar or a vandal is owed some degree of care. You can’t use excessive force to restrain a burglar and you can’t take the position that a trespasser should just watch their step if there is an unprotected hazard on your jobsite.
Failing to understand these things and take steps to minimize the hazards at your jobsite creates liability. Your subcontractors are your first line of defense against lawsuits.
Here are four things you can do to make sure your subcontractors are helping to reduce your chance of being sued:
• TRIP AND FALL HAZARDS that can’t be eliminated must be marked with signs, cones, reflective tape, etc., in such a way that they are obvious to the public.
• Require your subs to provide CERTIFICATES OF INSURANCE each year. These should show your subcontractors have their own GL coverage with limits of liability equal to yours.
• Insist that they name you as ADDITIONAL INSURED on their policies.
• Make sure they HOLD YOU HARMLESS in your contracts with them.
Never let up on your efforts to hold your subs to this high standard and to practice good jobsite preventive maintenance.
by Doug Davis, Eastern Atlantic Insurance Company
Click below to read about industry news, announcements, upcoming events, etc.
Stay up-to-date with the Warranty Company, Upcoming Events, & Industry News.
