The coronavirus pandemic has forced many households to re-evaluate their finances and innovative app Break Your Lease hopes to help them cut their expenses.
The world-first technology is designed to offer users an easy and affordable way to get out of their leases and contracts by passing them onto to someone who is looking for that product
Founder and chief executive Richard Saville described the app as an ‘easy out’ for those struggling to pay their leases, all while ensuring landlords and business owners maintain their income.
“The app will be of great benefit to people looking to leave their lease, as well as those seeking a new one quickly, and landlords who won’t need to contend with broken leases,” Mr Saville said.
While the Break Your Lease app had been in development for more than a year prior to its launch in May 2020, the app was perfectly timed to help those in financial difficulty due to the economic fallout of COVID-19. The pandemic shocked businesses around the world because of social distancing restrictions, which tanked employment markets and dented incomes.
Mr Saville said this type of platform was necessary now more than ever.
“The launch of the app is particularly timely due to the rising unemployment figures resulting from COVID-19, which are putting increased strain on peoples’ ability to pay their leases,” Mr Saville.
“People have always wanted the flexibility of getting out of contracts without hefty fees. I think that is truer now more than ever as they are forced to reevaluate their finances and downsize their budgets.
“On the opposite hand, others who have built wealth through the pandemic are looking to cash in and take over these contracts with a reduced commitment.”
The world-first social platform was initially designed to help tenants with residential and commercial property leases to break their contract with their landlords. Now, Break Your Lease App has grown to allow people to trade their gym memberships and cars, bikes and boat leases.
The app is currently available for the smartphone via Apple’s AppStore and Android’s PlayStore for MacBooks and has already been downloaded more than 700,000 Australians in the seven months since launch.
The innovative technology is currently available in Australia, New Zealand, Canada, Italy, France, Germany, UK and USA. Mr Saville worked extensively in the development phase with local authorities and experts to ensure legal approvals were gained across different countries and state jurisdictions.
Break Your Lease helps connect people who are signed up to a commitment to others who are looking to take it over. Users can register for free to list the lease they want to break.
Plans are underway to make 2021 a year of exponential growth, with the founder wanting the brand to become a household name in every English speaking country. Given its innovative nature, Mr Saville has had to secure a worldwide patent of the appx to protect the original idea.
Big names are ambassadors for the app, including International popstar, Sean Paul. Australian sporting stars Justin Hodges, Willy Mason, Tony Milford and Chris Waller also support Break Your Lease.