Columnists, NBSRA, V6I1

Resolve to Give Rent-to-Own a New Look

With each new year comes the tradition of creating resolutions, the firm decision to do, or not to do, something. 

As individuals, most of us undertake this ritual, but is it a common practice for businesses to do the same at the start of each new year? 

We all know the importance of creating new goals, budgets, and plans for the coming year for our companies as manufacturers, dealers, and even RTO providers. But what about resolving to make a more radical change in the way we think and communicate to the public and each other when it comes to the rent-to-own program? 

Rent-to-own has received a negative image for long enough, and it is time we take a look at exactly what it is and why it is such a great and powerful tool for our manufacturers and their dealers. 

RTO gives the consumer a flexible and commitment-free way to obtain use of products. Instead of looking at rent-to-own as a second-rate financing method for undesirable customers, we need to be praising the benefits of this program to all of our sales staff and their potential customers. 

What other payment option is offered that allows for a customer to take possession of a high-quality, and usually costly, product, for minimum money down without being bound to a long-term commitment? 

In addition, should you no longer need or want the product, you are under absolutely no obligation to keep the product or continue paying for it after requesting for the product to be picked up. 

Want more proof that rent-to-own is a great program for your customers? How about the fact that there is never a penalty for paying off early if they wish to take ownership of the unit sooner? In fact, it is common practice for most RTO providers to offer an early payoff (EPO) discount to their customers for doing exactly this! 

When we begin to truly stop and look at rent-to-own for what it is meant to be and the benefits it offers a variety of customers, we can see that it is a program that offers tremendous value and sales opportunities to manufactures nationwide. 

It is the job of NBSRA to help educate companies in how to showcase these benefits and best practices to their customer base. 

2020 is sure to be a year to remember, and there is no better time to let the rent-to-own program grow your customer base and bottom line. Help us change the public perception of rent to own away from the negative and bring to light the great advantages this program offers by resolving to give rent to own a new look in 2020!        

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