Every entrepreneur's dream is to discover a fantastic technological solution that will benefit their company.
However, some struggle with a lack of knowledge in developing a complete product, while others lack the resources to build the platform from scratch. This eventually causes delays in setting up and starting the business.
To overcome such setbacks, entrepreneurs must be completely knowledgeable about building a rental marketplace.
If you are an entrepreneur or an aspiring entrepreneur with the idea of starting an online rental marketplace business, then this blog is for you!
This blog provides an overview of designing and developing an online rental marketplace platform for your business.
What is an online rental marketplace platform?
An online rental marketplace is a platform that connects the property/product/service owners and renters under one roof. So the renters (users) can easily rent property/products listed in online rental marketplace through app/web.
The admin/owner of the platform will earn through the commission from the renters and the rental owners.
5 Steps to build an online rental marketplace:
Step 1: Determine the platform's business model
Step 2: Create the revenue model.
Step 3: Create a workflow mind map.
Step 4: Narrowing down the features and functions.
Step 5: Ensure that the rental marketplace platform development is within your budget.
Business and Revenue Model:
The aggregator business model is widely used in the online rental marketplace. It brings property, product, or service owners and renters together on a single platform.
Entrepreneurs choose the commission-based revenue model to complement the aggregator business model. The platform's administrator will earn a commission on bookings made through the platform.
And at the end of the transaction, the rental owners' earnings are distributed to them.
Online Rental Marketplace Workflow:
- The user searches for rental property on the particular location based on their requirements.
- The rental platform lists down all the available properties for that particular location and then users select one property
- Then the rental platform shows the prices, images, services fee, charges per day, guidelines.
- The user gives the booking request to the service provider and pays the rental charges.
- The service provider sees the booking request and either they can accept or reject it.
- The user rents the goods/property on the specified dates after the booking request is confirmed.
- After the rental period gets over, the user and service provider review each other’s experience.
- The rental fare paid by the user is received by the owners of the online rental platform. The owners keep their service fees and sent the remaining amount to the rental property providers.
Essentials features of online rental platform:
For Renters:
- Advanced filter options
- Wishlist
- Payment options
For Property Owners:
- Seasonal pricing calendar
- iCal Integration
- Instant and request booking options
For Admins:
- User message auditing
- User reviews auditing
- Ban users
- Multi currency and Multi languages
Cost of developing the online rental marketplace:
Developing an online rental marketplace from scratch will cost a lot and be more time-consuming than getting a ready-made solution.
To create an online rental marketplace from scratch, expect to pay between $10,000 and $25,000 (plus a service fee of $40 per hour).
On the other hand, a ready-made solution costs just $3000 including the white labeling charges.
Get to know RentALL – an Airbnb Clone It is a pre-built solution that can be customized to any niche and scalable for any size of business.
