Property Lease Options Blog – Rich Lease Option Learning

Lease Options Businesses: Skills you Need and How to Improve Them

Starting a Lease Options business is a viable option for many people. We detail a number of key skills and methods of improving them in our eBook, but if you want a sneak peek so that you can see if you are the kind of person who could succeed with Lease Options then this is the blog for you.

Skill 1: Listening and Hearing

This sounds simple, after all, surely every time you listen you also hear. However, it’s not quite that easy. To build a successful lease options business you must not just listen to what potential buyers sellers and clients are saying, but really hear the meaning behind their words and all the things that are left unsaid. Listening to hear requires paying attention, showing your interest, sharing, and flexibility.

Skill 2: Simplicity

Lease Options don’t have to be complicated and difficult to understand – that’s our primary message. It’s still all too easy to overcomplicate things when speaking with clients and investors. Always try to winnow through all the information you have to identify what you should be communicating. Make sure you are not overcomplicating things, but are delivering the relevant information in a concise and understandable way.

Skill 3: Rapport

In your role as someone who works with Lease Options you will be dealing with a number of different people, all of whom have their own wants and needs. You will be speaking with property owners, renters, investors, landlords and developers. Always ask yourself the question, “Why should these people choose to work with me?” A major element in their choice will be how they feel about you as a person. Are you trustworthy? Do you understand their priorities? Are you easy to work with? All of these elements come together to make up the rapport that you have with your contacts. Building rapport is an area in which our ebook goes into significant detail, because of just how important it is to the success of your Lease Options business.

Are these skills some that you already possess or feel you could become proficient in? Is your interest piqued? If so, use the Lease Options Made Simple eBook for Lease Options advice and to guide you in developing a Lease Options business.

Posted in Investing in Property Using Property Lease Options UK | Tagged lease options business, lease options eBook, Lease Options Made Simple, Mark Jackson, Wendy Patton | Leave a comment

Three Questions You Should Ask About Your Lease Option

Lease options can be a great way for renters to gain the benefits of a permanent home and get themselves started on the property ladder. However, that doesn’t mean that you should jump in head first and take the first property lease option that you see. Always take the time to educate yourself about rent-to-buy so that you can make sure you get a property lease option that suits your circumstances. Make a start by asking these questions.

How Much is The Consideration?

When you sign up for a rent-to-own lease you will be asked to pay an initial fee, known as a consideration. This fee is an important part of the lease option, and should be factored in to your overall thoughts on the lease option benefits. Make sure to compare all the costs – a rent-to-buy property with a higher consideration and lower monthly rent may work out as a better deal than one with a lower up-front cost.

Do You Have the Option to Extend the Lease Option?

The fact that your circumstances might change as time passes is something that you should always keep in mind. When looking at a property lease option you may have run your budget and be completely certain that you will have saved the deposit needed to buy the property by the time the lease option comes up. However, if you have unexpected expenses or a decrease in income then your plans may not work out. In these situations being able to extend the lease option for another year or two is something that you will be very grateful for.

Does the Agreement Include a Deposit Scheme?

Part of why lease options are so popular is the way that they give renters the security they need to save for a deposit and buy the home that they have been dreaming of. However, as we all know it can be difficult to stick to a savings plan. Some lease options incorporate a deposit scheme into the monthly rent payments. In these situations a proportion of the monthly rent is set against the eventual price of the property when the lease option comes due. Should you choose to purchase the property then the initial cost is lowered due to contributions from your monthly payments.

It is essential to educate yourself about property lease options before you commit. These three questions will give you a good start in understanding your options, but if you want to know more our easy-to-use eBook can make you a lease options expert.

Posted in Investing in Property Using Property Lease Options UK | Tagged lease options expert, Lease Options Made Simple, Mark Jackson, Rent to Buy | 4 Comments

Do Lease Options Have Risks?

When people begin to learn more about the advantages of lease options and their benefits, they often begin to think that it must be too good to be true. It’s only responsible to learn all that you can about property lease options in order to make a more informed decision on whether or not they are right for you. One of the first questions many people ask about lease options is whether or not they have risks.

Risks for Renters

When you go for a property lease option such as rent to buy, there are two potential risks that you should consider. The first is that your lease option will end before you have the funds to purchase the property at the agreed price. This means that you may forfeit your consideration, or the fee that you paid at the start of the lease. That is why you should ensure that the length of your lease option is sufficient for you to save for a deposit and afford a mortgage. The second risk is that the market will change and that the amount you have agreed to purchase the property for will be above market rates for similar prices. However, for many people, the security of knowing exactly how much they will need to pay for the property far outweighs the risk that they may have been able to find a home cheaper. You may even have a clause that allows you to extend the option period in the event that property prices have not risen.

Risks for Landlords

The biggest risk for landlords is that should the market rise in excess of your predictions you will have committed to selling a property for less than you could get on the open market. However, consider all the stress and worry that you are saving yourself with a property lease option – you have responsible tenants, a long lease, and some degree of insurance against a fall in the property market.

So, you can see that while property lease options, like all things in life do have their risks, the benefits far outweigh the potential disadvantages. A properly formulated property lease option will help you to avoid unexpected costs and problems, so make sure you educate yourself on property lease options and carefully read your contract before you commit.

Posted in Investing in Property Using Property Lease Options UK | Tagged advantages of lease options, Lease Options Made Simple, Mark Jackson Option Expert, Property Lease Options, Property Option, risk of lease options, Risks of Property Options | 10 Comments

How To Suggest A Lease Option To Your Landlord

If you have become interested in property lease options and rent to buy as a prospective homeowner, then you might be wondering just how you can make your dreams a reality. If you cannot find a suitable property already on offer with a lease option, then you should consider suggesting a lease option to your current landlord or to those advertising properties you are interested in. Use these tips to put your best foot forward.

Know Your Facts

When speaking to a landlord about property lease options you want to be sure that you have all the facts at your disposal. They will very likely have questions about just what a property lease option is and how it is carried out. Make sure you can answer these questions and can point them towards further information or you may seem unprepared, meaning they could take you less seriously.

Explain the Benefits

You have probably focused your research on what it is that a property lease option can do for you. No doubt you could talk for hours about why you want a lease option, how you will benefit from it and just what a great deal it is for renters. However, if that is all you have to say to your landlord you may not get very far! After all, if your rent was reduced to £1 a month, that would be a great deal for you but your landlord would not be very happy. Make sure you know why a lease option is a good deal for your landlord, and focus your conversation on the benefits to her.

Make it Personal

This doesn’t mean you should talk about your personal life, it means you should tailor your approach to the circumstances of the landlord. For example, if you notice that a property is re-advertised every 6 months, focus on the benefits of having a long-term lease with a responsible tenant. If property values are projected to fall in your area, spend time discussing the value of a fixed sale price at the end of the lease.

Lease options are often a great idea for both renters and landlords alike, and suggesting the option yourself can allow you to find the property of your dreams. We would be delighted to assist you if you and your landlord want to take things further. For more information and to get the ball rolling click here to email us.

Posted in Investing in Property Using Property Lease Options UK | Tagged Lease Option, Lease Options Made Simple, mark jackson property expert, property option expert, suggest a lease option to your landlord | 1 Comment

Property Lease Options: Advantages for Landlords

In the last blog post I talked about how property lease options can often make sense for renters and those who are looking to buy property. However, landlords can also reap the benefits of property lease options in many different ways. Here are just a few of the advantages that property lease options can bring.

Lease Options Draw in Reliable Tenants

The prospect of unreliable or untrustworthy tenants is one that worries many landlords. With lease options you are much more likely to attract reliable tenants who will take excellent care of the property. Why? Because they are working towards buying that property for themselves, and consider it a real home rather than just a place to live.

Lease Options Insure Against Risk

One of the side benefits of these reliable tenants is the fact that they are committed to living in your property for the long-term. This means you have much less of a risk of needing to evict tenants or of having the property lie empty while you search for tenants to replace those who choose to leave. In the ideal situation you will have a guaranteed income for the duration of the agreement, followed by an injection of cash as the lease option is redeemed and the property is sold. However should your tenants be unable to purchase the property when the agreed period ends, you have still enjoyed a long tenancy in which the property was well maintained.

Lease Options Make You More Competitive

In a conventional property sale your pool of buyers is restricted to those people who are already eligible for a mortgage and have saved the deposit that they need. In order to entice in buyers in a competitive market your only real option is to discount the price of the property. However, with a property lease option on the table your property is suddenly of interest to a much wider pool of potential buyers. Many people who would not be offered a mortgage today would certainly be eligible for one in five years when they have saved a large deposit. Offering a lease option can be a great way to up the appeal of your property without needing to take a hit on the price.

The more you learn about property lease options the more you will see just what a good deal they can be!

Posted in Investing in Property Using Property Lease Options UK | Tagged Lease Options, Lease Options Made Simple, Mark Jackson, property lease options advantages for landlords, Property Options | 1 Comment