Today we interview David Seruya, the CEO of Total Home Protection, about his home warranty business. Including how it got started, what he’s learned along the way, and what he’s planning for Total Home Protection in the future.
When did you decide to get into the home warranty industry, and why?
David Seruya: It was back in 2005 that I officially started looking into the home warranty industry. I was working as a mortgage broker back then, but I quit after being encouraged to explore entrepreneurship by a college friend of mine.
We had already spent quite a bit of time talking about the home warranty industry before then. And, we quickly noticed that there were some big players in the industry that had been making millions of dollars providing home warranty services since the 70s.
And me being the kind of person that I was, and only 25 years old at the time, I jumped into it as soon as possible. Eager as I was to try something new.
How did your first business venture in the home warranty industry go?
David Seruya: Not good. That’s the best way to describe it, I think. My partner and I ended up stumbling into what must have been every single mistake that a beginner entrepreneur could make, and in the end, it ended up sinking completely.
How did you recover from this initial failure?
David Seruya: Well, I’m a firm believer that failures go hand-in-hand with success. That is, it is only through trying, and not being afraid of failure, that a person is able to open the doors for success. In fact, my favorite quote, one from Brad Lea, is: “You’ll only regret what you don’t do.”
So, suffice it to say, I’ve long since accepted the loss. Now, I mostly remember it is an eye-opener. One that gave me some insight as to how we could improve.
Of course, I was incredibly fortunate that, in the end, I was able to completely re-brand our business and right our past wrongs so that we could start from a clean slate.
In what way has Total Home Protection been improved to compete in the market?
David Seruya: I believe that there are several characteristics that give Total Home Protection the ability to compete in the home warranty industry.
We offer two combination home warranty plans: The Gold Plan and Platinum Plan. Both cover essential appliances and home systems. We also offer an extensive add-ons selection list that homeowners can use to completely customize their coverage.
Our customer service team over at Total Home Protection is also working double-time to make sure that we can help our customers deal with their home issues as soon as possible. And, we’ve formed our technician network out of pre-screened and regularly evaluated contractors so that we can make sure that repairs and replacements are actually done properly.
How are you planning to improve Total Home Protection in the future?
David Seruya: This past year, our Total Home Protection team has been dedicating a lot of its time and resources in developing AI technology that will allow us to improve the way we are engaging with our customers.
We want a system that will allow our customers to follow every single step of our process so that they can keep an eye on the progress of their claims. Primarily, so that we can be more transparent about the way we do business — and to provide some extra reassurance along the way.
Lastly, do you have any quick advice to give to beginner entrepreneurs who are eager to get started on their own business ventures?
David Seruya: Delegate! Don’t try to wear too many hats at once. It’s easy to fall into that trap, I certainly have in the past, but just don’t do it. No one in the world is that good at everything, or, even, good at enough things to run their business by themselves.
To grow a successful business, and to be a successful leader, you’ll need to learn this as soon as possible. The sooner, the better. Things will run far more smoothly if you do!