Ecommerce Rental Software

What is a Rental Marketplace?

A rental marketplace is an online platform where users can rent various types of properties from each other or from a platform itself .

P2P (peer-to-peer) platform with a mediator. Users owning property get an additional income, other users (renters or tenants) get an opportunity to rent this property and save money, and a platform itself gets a commission for connecting the two.

B2C platform. The platform itself offers products, and users can rent them out (the system works similar to the e-commerce model)

Important features you should consider including in your marketplace

User Profiles-

Profiles/accounts are an absolute necessity as without them you cannot rent goods to customers. They contain a customer’s personal information such as name, pictures, address, payment options, and anything else the marketplace deems necessary. They also promote security and trust between the renters and the rented.

Easy Listening-

It is very important to create a listing feature that is not too complicated. Otherwise, renters won’t bother to create listings and without a respectable number of offers, they will look elsewhere for solutions.

Location-

The requirement of this feature depends on the kind of marketplace you’re trying to build. If it’s something like a car or bike renting marketplace, a map feature will enable customers to hunt for products in their preferred location.

Booking Management-

Booking management allows a multitude of advantages. Firstly, it allows service providers to manage listings and make them available for future rentals. Secondly, customers can decide based on availability.

Reviews and Feedback-

Reviews go a long way in securing the user’s trust. They are not buying an object; they are renting something which someone has already used. Reviews create an atmosphere of trust, ushering users to seal the deal.

How to Get Started with your Rental Marketplace?

Idea Generation– You’ll require an in-demand idea that solves problems and is valuable to your target customers. For instance, Get around banked on the problem that every American needed a car to get around. But a lot of these cars were not used efficiently as they would often sit and collect dust in the owner’s garage. Instead of letting a car sit in the garage, they designed a way for car owners to generate passive income, while helping others in need, in an eco-friendly way nonetheless.

Business Model– Some marketplaces charge a listing fee. Others offer premium services inside various subscription packages. Also, there are others that generate revenue based on a commission basis. Simply put, there are various ways you can generate income from your marketplace. However, by only choosing the right combination can you ensure a successful and prosperous future for your online venture.

Source

How does a rental marketplace operate? We cannot build individual components of a marketplace without knowing the requirements first. All marketplaces follow a basic workflow.

Search- The user/customer searches for a listing based on location, availability, and booking dates.

Results- The platform lists possible options alongside fees, renting charges, and other terms and conditions.

Booking- Once the customer has decided, they pay a rental fee to the marketplace to rent the goods.

Confirmation- After confirmation, the customer proceeds to receive the said goods on a predetermined date.

Approval- The service provider now has the option to either approve or reject the rental request.

Payment- The marketplace can either pay the service provider as soon as the customer makes the payment, or hold the funds until the rented has received the goods. The payment system varies among different marketplaces.

Return- At the end of the rental period the customer returns the goods (or it gets picked up, depends on the online marketplace business model).

Rate & Review- The customer and the service provider rate each other based on their experience.

How To Make Money With An Online Rental Marketplace ?

Commission

The most widely-used and most well-known model in sites like Airbnb. The renter’s payment consists of two components: rent plus commission (a percentage of the rent).

Payment for a listing

Product owners pay for the listing’s publishing. It’s a good option if you attract many owners to the platform or if there is a wide variety of products.

Selling ad space

You may include advertising blocks in the website’s interface and sell them to the companies promoting their offerings. It’s better to collaborate with businesses somehow linked with your main offering (for example, bicycle riding events on the bike renting platform).

Benefits of Our Booking and Rental Marketplace

User Management

Every customer and vendor can manage, maintain, and operate their rental, delivery, reviews, and more.

Admin management

Without any technical knowledge, the admin can handle and manage the rental marketplace platform easily

Advanced filter and search option

The registered user can search the rental products by city wise, category and subcategory and filter by ratings, and many others.

Social Media Integration

The Customer can give genuine feedback and can know about services information through our social media integration.

Secure Source Code

Trawex marketplace platform is built with PHP with 100% source code and is more secure to use.

Easy customization

The code of the website can be customized according to the client goal and business needs.

For more details, Pls visit our website:

https://www.trawex.com/rental-business-portal-solution.php