Prudential Promise keeps transactions on track
KENNETH HALL, Special Sections correspondent
Published: September 7, 2008
Published: September 7, 2008
Buying or selling a home is the biggest financial transaction that most people will make in their lives. The process can be stressful enough without having unexpected surprises popping up, especially at closing time. Reducing the stress and avoiding unpleasant surprises is the purpose of the Prudential Promise, according to Dewey Mitchell, co-owner of Prudential Tropical Realty.
"One of the things that consumers are saying, whether they are buying or selling a property, is that they want the transaction to close the way the contract says it will," Mitchell explains. "They want to make sure that they get an accurate good faith estimate, and they do not want to show up at the closing without knowing what the (HUD-1 settlement statement) says or without knowing how much money they will need to bring to the closing table."
The Prudential Promise guarantees that the buyer and seller will receive the HUD statement, which details all closing costs, at least 24 hours prior to the closing, according to Mitchell. "If the consumer is using our Capstone Title and Capstone Home Mortgage, we guarantee the good faith estimate and that the closing will take place on time," he adds.
"When a buyer and seller have both agreed to use our mortgage and title services, they get the full benefit of the Prudential Promise," explains Robert Hilliker, vice president of sales and marketing. "We guarantee the final good faith estimate to match the HUD statement or we pay the difference. If we are not able to close the transaction by the set closing date, as long as the delay is not caused by an outside issue, we will give a $500 credit to the buyer and a $500 credit to the seller for missing the date. Our Prudential Promise is our way of saying we put our money where our mouth is."
Hilliker says that too often in the real estate industry, the closing costs exceed the good faith estimate, and the buyer is caught by surprise at the closing table.
"When a client makes a real estate transaction through Prudential Tropical Realty, the amount stated in the good faith estimate is what we are going to deliver," Hilliker adds. "We put our Prudential Promise in writing and provide a copy to both the buyer and the seller."
"The Prudential Promise is part of our commitment to providing world-class service," Mitchell says. "When customers have an ease of transaction, with no surprises, and the process flows as promised, with no delays, that is the kind of customer service we strive for."
Prudential Tropical Realty has been using the Prudential Promise program for nearly a year, according to Mitchell, and the firm recently upgraded the program to make it even more consumer-friendly.
The Prudential Promise program is included in the evaluations conducted by Quality Service Certification Inc. (QSC) following each real estate transaction the firm completes. QSC, which provides third-party customer service survey results for the real estate industry, recently recognized Prudential Tropical Realty, and its New Tampa office, with its prestigious QE Award. The award is presented to real estate companies and individual offices for delivering service excellence and the highest levels of customer satisfaction.
"The core services, such as mortgage and title services, and any other service we might provide, as well as the real estate brokerage, are part of what QSC measures," Mitchell explains. "The high service marks we received are partially a result of consumers using the Prudential Promise program."
Both Mitchell and Hilliker are excited about the Prudential Promise program and the positive feedback it has received from customers who have taken advantage of it. "We are trying to present the program as part of our value package," Mitchell says.
For information, visit www.prudentialtropical.com or call 1-888-778-8258.