Venturing into a rental business is both risky and satisfying. Protect your investments, while ensuring profitability using these tried and tested practices in the rental business.
Set Proper Expectations
1. Ensure that the items you’re renting out are in good working condition. Not only will you get good ratings, but your renters will also appreciate that you have fully functioning gear and would likely be a repeat customer!
2. Take pictures of all angles, interiors & exteriors (if applicable) – noting all defects and make sure to take a picture of the serial number, if any. When you set expectations properly, you’ll save yourself from complaints and all the headaches from it. Plus, you get the added security for your item.
3. Ask for a security deposit you may include a Pilot or an operator. Some folks may not know how to operate your item (80% of the time). Also, if you’d really want to make sure that your high-end gear is taken cared of, just require an operator/pilot.
Bespoke and Beautiful
4. For apparels, ensure that it’s clean, washed, pressed, polished, and/or presentable. Not only will you get good ratings, but your renters will also appreciate that you have a beautiful item and would likely be a repeat customer!
5. Indicate the size, length, waist measurement, lateral measurement, etc.; be very concise. Give your renters the bespoke treatment and ensure that your item fits them well. Setting proper expectations also eliminate complaints and keeps them coming back for more.
6. Provide instructions on how to care for your rental item, and indicate other conditions. Obligate your renters to take care of your items. Present to them conditions that would ensure proper care for your item. In the long run – this will save both of you a lot of effort and money.
Let Your Renter Know That You Value Your Item
7. Include a protective bag/cover to protect from tearing, damage, rain, etc. Ask the renter to return everything including the case and bubble wrap. Let your renter know that you care about your rental item. This will oblige him/her to do the same. They’ll have no excuse to protect your item from tears and other damage.
8. Ensure that your insurance is up to date. You’ll never know what the road brings. Having up-to-date insurance gives you and you renter peace of mind.
9. For items such as drones or UAVs – do not include additional props, extra wires, or items that the renter did not rent. Your drone probably came with extra props. It’s because the manufacturer expects you to break them especially if you’re a novice. Don’t give your renter an excuse to do so.
We hope that these rental best practices are able to help you in some ways to get your business up and running – the right way.
Do you have rental properties that you want to make money from? List your items in the IRENT MO app and start earning from your rentals.