Weeks ago, I made the decision to move away from using the term “owner-financing” and “lease-options” to “lease-to-own”. Currently, the mood to buy homes is low and rentals are now more popular. It is much easier to get into and takes less upfront money.
Although it seems like a small change, the reaction has been popular. With the price cuts we implemented and re-popularizing the the term “lease-to-own” in our local area, the response has been huge. We have blown out every vacant home that was available. We have received less upfront monies than before but the vacancies are filled.
I still do not like the term “rent-to-own”. The distinction between “renting vs. leasing” may seemingly be small but it does attract a different crowd. Fundamentally, we are still using lease-options, but using the term “lease-to-own” has been a positive experience.