Charlotte Property Management Weekly: Signs of the Times: Layaway and Rent-To-Own Are Back!

The following is an excerpt (2 of 3) from A Real Estate Agent’s Complete Guide to Representing Rent-To-Own (Lease Option) Tenants by Brett Furniss (2010)



A market has been defined as “a place where willing buyers and sellers meet.” You go to a department store. You want to buy (you want some new jeans!) and the store owner wants to sell you his goods (this is how he makes a living!). So you try on the designer jeans (they look good!) and go to the register to pay.


The clerk rings up what you have and asks for payment. You either pull out cash or a credit card. The clerk accepts payment and you are on your way, free to unveil your stylish ensemble to the adoring public. Everyone is happy!


But what happens when you go to the register and you don’t:

• Have any cash?

• Own any credit cards (that work)?


You’re out of luck and not looking your best. If this happens to the department store too many times, he’s out of business. And if this continually happens to department stores, the retail industry is in trouble.

"If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem."  (J. Paul Getty)

This can easily be reworded to fit today’s real estate market:

“If you can’t get financing to buy a house, that’s your problem. If millions of people can’t get financed, that’s the home seller’s (and their real estate agent’s!) problem.” (Brett Furniss)

Fact: Buyers want to buy homes and sellers want to sell their homes

Fiction: It is impossible to make a living doing this in today’s market


Q: If it is possible, what is keeping it from happening? What’s missing?

A: The money in hand!

Q. This sounds like the department store example. What’s different?

A. It’s not that different. I’m glad you asked!


Now that consumers don’t have cash, department stores have been forced to dust off their layaway programs to stay in business.


Rent-to-own (lease option) deals structured properly are exactly the same. It allows your clients to build up their down payments and credit scores over time until they can buy.


And best yet, you will be able to make a minimum of $2,250 upfront (and 3% on the backend), doing exactly what the customers (buyer and seller) want! This will keep more real estate agents in business.

Brett Furniss is the President & Owner of BDF Realty (“Charlotte’s Most Innovative Property Management & Investment Company”), and Rent-To-Sell Realty (“When You Need a New Solution to Sell Your Home”) which specialize in rent-to-own (lease options) and rent-to-sell homes. For a FREE look into his new book, A Real Estate Agent’s Complete Guide to Representing Rent-To-Own (Lease Option) Tenants: Delight Clients, Fill Vacant Homes, and Earn $2,250 Upfront* (*Minimum!) go to www.RentToOwnAgentGuide.com. You can contact him directly at Brett@BDFRealty.com.