As opposed to other activities, where you need to actually do some sort of work, with renting, you will only have to handle the management of the process. This is why this could be a great passive income for you. And doing it online enables you to reach larger audience and thus maximize the potential revenue.
For starters, you will need an asset you will rent. Unless you already own it, this would be considered an investment. This asset can be an apartment, a house, an office space, equipment, such as a video game console, equipment for photography, video recording, etc. You could even rent tables and chairs for events, or any other items related to event organizing.
What to rent
The decision on what to rent depends on multiple factors:
Things you already have
Since this does not require an investment, this is quite simple to set up. What you need to have in mind though is that what you rent will become damaged, or even broken/ruined. For example, if you rent an apartment, you will need to clean it after the tenants leave. Depending on how long they were staying, you might need to do some renovation works such as painting, replacing furniture. The same goes for renting equipment. If you rent a camera for video recording, it might get broken eventually and require a replacement.
These things happen, so if you are too attached to that camera and would hate to see it broken by a stranger, you might want to avoid renting it. Also, it is helpful to know exactly the balance between the value of the investment and the value of your income from renting it.
Buying things to rent
If you do not have the asset you want to rent, you will need to buy it first. Since you have a freedom to choose the asset, it is helpful if you first do the research and determine what is missing on the market. This will give you the most chances to stay competitive. Again, balancing between the costs of investment and potential revenue is always advisable to make sure you are profitable.
Local aspect
Regardless of what you are renting, this kind of process of making money online is still quite local oriented. What this means is that you can use the internet to spread the news and attract customers, but your “product” is usually based in a specific location.
The most obvious example is renting property. You can find online customers, you can even have foreigners staying in your property, but your property is only for those living in or visiting a particular location.
With equipment and similar assets you can rent, it might be more flexible and you might be able to cover a greater area. But you should always have in mind the costs of transport or shipping as a factor. At times, it might not be worth sending something if you risk damaging it or the transport costs are too high.
How to rent online
As with selling, you really have two options. First, there is a more time-consuming method of selling through your own blog or website, in which case generating traffic might be the biggest obstacle for you. Even though you will have full control and creative power to promote your asset, you will need to invest a lot in advertising and spreading the word about what you do. This option is recommended for those who will do renting on a large scale and turn this into a business.
If you want to go for an option where it is not as difficult to get traffic, using online platforms for renting might be the way to go. This gives you an instant boost because your listing is immediately available to the online users who visit this kind of platform. Even though being a member and renting this way might require a certain fee, it is still a great option regardless of the assets you have to rent.
The initial phase includes creating an account and waiting for it to be approved. Sometimes, you will need to pay a membership fee or the company might deduct the percent of your income. Most of the platforms come with the review system, so both owners and renters are rated by the community. This enables building reputation and increasing trust with future customers.
Where to rent online
There are a lot of websites that specialize in such a service, and you will probably find some of them locally, which is probably the best way to rent. Some of the popular platforms for renting include:
• AirBNB
This is a leader in renting homes online, enabling individuals to earn a lot by providing accommodation for travellers and business people. Once you join, you will create a compelling listing with lots of images to promote your property. The properties are usually rent per night. Even though it is a competitive market, with great location and online promotion, you can earn quite a bit by renting your property this way.
Renting a variety of products
Here are a couple of websites that offer a large selection of products, which means that you can rent almost anything you own here:
• Rnters
• Zilok
• Rentzi (Australia based)
• Skipti (Boston oriented)
• Find2rent (India based)
Regardless of the platform you choose to go for, it is always good to explore their terms of services. For example, some platforms prohibit renting property, while they allow pretty much everything else. Also, you should choose a company which targets your location, so you can get the most relevant exposure and be able to get genuine customers.
