Gone are the days when dealing with real estate agents was the norm of the day, especially when traveling somewhere away from home. Nowadays, technology, along with creative business ventures, have made it possible for a person to travel to a new location and not worry about where they will stay. With just a few clicks, you get an accommodative environment to spend time in until you finish all your business and objectives. All these have been made possible with rental marketplaces. That is why in this guide, we explore useful insights about a rental marketplace and how you can build one as a promising business opportunity. Let’s get started.
What is a rental marketplace?
A rental marketplace is a digital space created to help different clients rent properties from one another. Airbnb, hopefully, you understand this business model, is one of the most common forms of the rental marketplace under the p2P rental marketplace.
Of course, there is an agreement between the owner and the user on the amount to be paid after service delivery, depending on a number of elements.
In this era, there are many digital rental spaces, and you shouldn’t worry about where to stay after traveling to another destination. You simply need a few clicks, and you will have a digital space that meets your requirements.
Forms of rental Marketplaces
There are many types of marketplaces depending on different factors put into consideration. In this guide, however, we will narrow the focus on the three rental marketplaces’ types based on the audience type, and these include:
B2B – Business to Business models
Under this business model, the buyers purchase goods & services from wholesalers in bulk. This form of business relies on a third party, where both parties have a mutual agreement on sharing of benefits.
The goal of this model is to enhance transparency, give a good customer experience, and speed up the selling and buying processes through automation.
B2C – Business-to-customer models
The main parties involved here are the customers and the business. The business deals with customers directly instead of diverting the goods and services to other businesses before they reach the users. However, you should note that this business model is highly competitive.
P2P – Peer to Peer models
Also known as C2C- the customer-to-customer, the peer-to-peer model helps to connect users with the same needs and preferences in exchange for money. The peers can share products or services with the targeted audience and get paid for the services. In this business model, a client can turn out to be a service provider next time.
Features of Online Rental Marketplace
Of course, before you begin the process of building a rental marketplace, these are features you cannot ignore. These are the features that will guide you in creating a marketplace that will meet your goals and objectives. The features include the following:
Location-based integration is often viewed as a third-party integration when it comes to rental marketplaces. Its purpose is to enable a client to choose a property or a product based on the location and distance they want. Therefore, you must use Google Maps when integrating this feature for accuracy.
It does not matter the platform you have selected. When creating a rental marketplace, there must be a signup or login feature for all users. The purpose of the registration feature is to create an easy time when dealing with other features and functionalities when sending and processing client requests.
Of course, clients must book and confirm the product or properties they are booking once they select what they want. After confirmation, the details should appear on the feature “order history,” hence the need for a booking feature.
The search feature offers an option to narrow down the searches, helping the user filter out the most appropriate searches for easy access.
It is common for most users to have their preferences, or they become selective on the kind of property or products they want to rent. In the rental marketplace, there is an option “add to Wishlist” or “add to cart.” With these options, the user can easily save and navigate to the places they love the most.
This is among the most significant features of rental marketplaces. With payment integration, the user can easily use their preferred payment methods, such as cash, PayPal, UPI, debit card, and credit card, among many others. This makes the rental marketplace to be reliable and effective when it comes to payment options.
Rent Order History
This is simply the past rental order history with details of the users and the places they rented. The details to include here are the type of property or product rented, the exact date when the services were delivered, the payment method, and the total amount, among many other details.
Notifications are significant in updating the owner and the user details of what is happening. The push notifications revolve around the order made and the processes undertaken to make the order.
For technical help regarding the products and services, the user can get in touch with the rental marketplace owner through the in-app text/call feature and get the needed help. In-app text/call is also a third-party integration that enhances the services and the way a rental marketplace operates.
Reviews & Ratings
For improved service delivery, there is a need for a section to give reviews and ratings regarding the services rendered. This feature is viable after the process is complete.
What you should know before creating an online rental marketplace
If you are on the move to create a viable rental marketplace, you should know the following details to ensure you stay safe and move in the right direction.
Rental marketplaces, like any other form of business, can attract scammers or people with bad intentions. While you want a safe and secure rental marketplace and to protect your platform against any harm, you should get proof of ID and other security checks when creating a profile.
Again, ensure you check and verify any property or product being put up on your platform for renting. These practices will put you achieve your rental marketplace venture without experiencing hard times.
The number one reason for setting up a rental marketplace is to get as many customers as possible as you grow your business. Therefore, don’t just entice potential customers into your rental marketplace. Instead, give them the solutions they are looking for. These solutions are the ones that will make them join your rental marketplace without thinking twice. It can be fair pricing or any features you know your clients require.
Don’t forget competitors.
As you venture into the rental marketplace business, you should note that many other people are already established in the same business, and they keep soaring even higher. Therefore, you shouldn’t relax and be in your comfort zone. Instead, go out of your way, do research on what your competitors and doing, evaluate the whole situation, and figure out a viable plan of how you can be ahead of your competitors.
How to Create an Online Rental Marketplace
Once you are on the move to create a rental marketplace, you will require a tech person or a tech company, such as Aalpha Information Systems, to partner with for the success of the whole process. Once you are good to go, the following are the processes you need to follow:
Start by defining what your idea is all about. With our team, we will evaluate and analyze your idea before creating a perfect plan. Once your idea is in place, you now talk about the costs required.
This is simply creating a viable plan of how the whole process will take place, actions to take, tools to use, and the functionalities required to make the whole process successful. This step is vital as it minimizes the chances of problems happening once the project is complete.
At this point, you have every single detail required to execute the processes. Therefore, it is the duty of the tech team to use updated technology trends to bring out the best product. It is at this point where the team handling the project can make your business outshine the competitors.
Deployment means that your project is successful after a series of quality tests. However, deployment can happen only after an okay from the QA team.
Also known as the maintenance phase, this is where you ensure timely updates with regular maintenance services to ensure you attain a good user experience.
Rental marketplace development cost
The cost of building a rental marketplace varies due to a number of factors, such as complexity and the type of team working on the project. Therefore, with all the factors in mind, the costs for such projects can range between $8000 – $100000.
Are you on the move to building a rental marketplace? You are in the right direction. Get in touch with our marketplace development company, and your project will turn out successfully.