Renting/payment plan for appliances

[Tom C]

Just thought I would ask everyone's opinion on this tactic.. After listening to a recent conference, I have decided to offer my tenants new appliances on a payment plan. Something like 6 months @ 10%. We don't make much and if you look the time I will spend on getting it and setting it up, we won't make anything. There are a couple of reasons I like this idea. First, it keeps them out of the rip off Rent a Center stores and second, it's just another service that will make our company stand out above the grumpy landlords in town.

I am going to try it with my new tenants. They are going to need an electric dryer, since I ripped out all the gas lines. They want a new one, so I am going to allow them to purchase it from me for a extra $39.50 per month tacked on to their rent for 6 months. The total cost to them is only around $7.00 more then what I have to pay for it, but they seem to like the question on the application. I am also considering doing this for other stuff they may want in the future. The contract has been written to ensure that until it's completely paid in full, my company owns it.