There has been a lot of discussion about “value added” products and services in almost every line of business in recent years including real estate, home staging and home inspections. Value added service means that when someone buys a product or service from your company, that they get something more (or different) from your company that they won’t get from your competitor. It should not cost the customer more.
Selman Home Inspection company offers a “Value Added” product to every buyer home inspection in the form of a 100 Day Limited Warranty. Each of our home inspections is backed by a warranty that covers up to $1000 of the repair or replacement of an item that fails within 100 days of home ownership. There is no additional cost to our home inspection clients for this product. It is a “value added” advantage for home buyers and sellers who choose us over our competitors. We purchase the warranty on behalf of our clients and, absorb the cost into our business overhead.
The Purpose Of Value Added Products & Services
Value added products and services have several purposes depending on which side of the sale you are standing. To the seller, value added services are seen as a marketing advantage that allows you to stand out and be different from your competition. As a buyer, value added services are things that come with the product or service you are buying at no additional cost that other retailers of like products and services are not offering.
For the seller of a product or service, the marketing advantage of your “Value Added” product should be of real value to your buyer. It should be an additional product, service or discount that the buyer of your initial service can truly use. The usefulness of the product is what makes it “Value Added”. For example, (in addition to our warranty) Selman Home Inspection gives each of our home inspection clients a discount coupon for a home security inspection, security system installation discounts and a $200 gift card.
A value added product or service does not come with an additional price tag for the customer. (It is however part of your overhead cost) If there is an additional cost to the value added product or service for the buyer, then it really isn’t “value added”, it is just another product which the seller intends to profit from. In business, if the company profits from the sale of a product or service, it is an ancillary service.
In the home inspection business, ancillary services are other forms of real estate inspections such as septic system inspections, “Move In Certified” home inspections, manufactured home foundation certificates, and wood destroying insect inspections. These are “ancillary” home inspection products that we sell to our clients and charge a fee for performing them.
Expectation Or Value Added?
While things like great customer service, experience, quick response times, honesty, websites, blogs, showing homes to real estate clients and doing a thorough job are important for business, these are expectations of any product or service and are not, value added products. They are part of doing business with integrity. Your clients expect certain things to be part of any product or service you deliver.
So, what value added product or service does your real estate, staging or home inspection company offer? By referring your real estate clients to Selman Home Inspection, you too can reap the rewards or the value added services offered with our home inspections. Then, you can also develop some of your own. Your customers will thank you.
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