Posted by: egle on April 27, 2024

Post Views: 2,593

Do you Want to Start an Exotic Car Rental Business? But Should You? What to Consider

If you like exotic cars, such as Brabus, or even have one, you might have thought about starting an exotic car business. Wouldn’t that be dreamy? However, there are many risks involved, and starting such a business is not always easy. Read on to learn more about whether you should start an exotic car rental business and what to consider.

How much can you earn?

It is an important question for many. Of course, it largely depends on the cars. 

Let’s take a Ferrari. Some say that you could rent out a new Ferrari for $2,500 to $3,500 a day. A used Ferrari would be worth much less: for example, on Turo, Ferrari rentals for a day in California range from $225 to $599. Most companies offer prices from $1,000 to $2,000 per day, depending on the model.

Want to rent out Brabus cars? Check out our article for how much you can rent a Brabus and how much does it cost to maintain a Brabus. That could give you an idea of how much you could earn too. In short, Brabus cars are rented out at least for $500 a day. And this price usually applies if they are rented out for a longer time, such as a week. If it is just for just a day, they might cost $900 per day. 

Ultimately, the profitability depends on the demand and supply in your area. Popular areas might already have several exotic car rental companies. Other areas might have too few prospective clients. To find out whether an exotic car rental business would be profitable, you must have a solid plan and research thoroughly.

What do you need to start an exotic car rental business?

To put it briefly, you only need four things: cars, insurance, marketing, and legal protection. And a good plan. Be sure to research the market, your prospective clients, and your competition. Read more tips about starting a rental business here.

Let’s start with cars. You don’t need a huge fleet. 3-5 vehicles would be great to offer your clients some variety. The problem is that before, you could buy cars much easier with financing. Banks would assume you are shopping around. Now, if they know that you are planning to rent them out, there is a much smaller chance they will finance it. 

However, you must not own cars. You could find people who have exotic cars and want to rent them out and partner with them. We recommend not letting the vehicles get too old. The maintenance of old exotic cars is super high, and you are not likely to make much money with them. It’s better to sell them and get newer ones. 

Another super important thing to consider is insurance. It can be hard to get insurance for your exotic cars, or it can be highly expensive. If you do find it, you will likely pay at least $1,000 a month. At least another $1,000 for car maintenance. Regarding maintenance, rental cars will experience enormous wear and tear, and exotic vehicles depreciate really quickly. Also, the maintenance becomes double for a 4-year-old exotic vehicle compared to a new one. Keep that in mind.

Finally, have legal protection for your company. Also, create good rental agreements. To be safe, verify your customers before renting out the car to them. Unfortunately, some people might try to steal your exotic car, so be cautious and prepared.

Tips for successful exotic car business

One of the best advertisements in this kind of business is repeat customers and word of mouth. So, how do you ensure that customers love your services, come back for more, and tell others about them?

Create a good website. Nowadays, when people spend so much time on the internet and love doing everything from the comfort of their homes, a good website is a must. Invest in it: it does not cost too much. We also recommend having a car reservation system on your website. Check out this great car reservation plugin for WordPress sites. 

Give customers something extra. Try to make sure the car looks even better in real life than it does in the photo. Also, consider their requests. If they want the car at a certain place and time with flowers, do that. It will make them want to come back. 

In conclusion, it is not easy to start an exotic car rental business. You need to research the market and have a good business plan. You also need finances for your cars, insurance, maintenance, etc. The supply and competition are quite high. But if you make it, you can combine work and play in an enjoyable business and earn decent money!

Just be prepared for some possible hardships. If you want some extra money on the side, why don’t you partner with a company? Contact us if you wish to rent out your car! Our motto is allow partners make money so we will not rip you off in commissions.

Posted by: egle on April 24, 2024

Post Views: 2,548

How to Make Money with Your Bike: Bike Rental Businesses, Peer-to-Peer Rent and More

Do you have a bike that often sits unused? Would you like to make some extra money? Or maybe you would like to start a bike rental business? It’s a great time for both. The sharing economy is here: according to the statistics, the number of bike-share bikes more than doubled from 2016 to 2017. Want to be part of the sharing economy? Read our tips to learn how to rent out your bike and earn money.

Should you rent out your bike peer-to-peer or start a business?

When thinking about renting out properties, there are two main ways you can go about it: peer‑to‑peer services or starting your own business. 

Peer-to-peer rentals mean that you will probably find a platform and post your rental property. Then, other people might become interested in your rental bike and book it. They are great if you have maybe one bike which you do not use all the time. They also take little time: it is perfect as a side hustle or a source of passive income.

However, if you have more than one rental property or plan to expand your inventory, you can consider starting your own business. Of course, it will take much more time and effort. Learn more about starting your own rental business here. Let us give us some quick tips about running a bike rental shop: first, keep your bikes well-maintained and clean them after every return. Have clear rules and agreements and remind people to return their bikes on time to keep your business running smoothly. Finally, bring your business online: you can get more clients this way.

How to rent out your bike for extra money 

Starting a business can be a lot of work. You might also need to have better and more inventory. What if you just want to have some extra income? A source of passive income, so you earn extra money doing basically nothing. 

What do you need to rent out your bike for extra income? Your bike and a bit of time. Usually, you only have to get the app or go on a website, post a photo of your bicycle, maybe add a short description, set the prices and perhaps dates, and that’s all! You then wait for someone to book your bike. Of course, the company whose platform you are using usually takes a commission when you rent out the bike so they can earn money too.    

Spinlister might be one of the bigger bike-sharing apps. It is free to list the bike on Spinlister: instead, they will take a 17.5% fee on every rental you make. They also provide a guarantee of up to $1,000. You can decline requests if you do not have time or for any other reasons.

In Europe, there is the Donkey Republic. They say that they currently have 18,000 bicycles in 62 cities, mostly in Europe, and 27 partners. You can contact them at donkey.bike if you also want to become a partner. Another app popular in Europe that you could use to rent out just one bicycle is ListNRide.

Regarding some small, local bike-sharing communities, there is some like Cycle.land. Cycle.land, founded by a Lithuanian, is focused on the community in Oxford, UK, but you may also use it to list your bike even if you live elsewhere. It is free to list the bike, and they do not charge service fees. Many companies focus on sharing bikes in one geographical region, so it might be easier to search for bike shares in your particular place rather than searching for one global app.

Consider also renting out your bike or bikes on XRental. Our motto is allow partners to make money so we will not rip you off in commissions. Of course, we care about providing a good experience to the clients: your bike should not be too worn and cannot have issues. Otherwise, we would be happy to have you as a partner! Contact us if you wish to post an ad.

How much can you earn 

If you want to make extra cash, it matters how much you can make, right? The earnings very much depend on various factors, including the location, the market value of your bike, the duration of your rentals, how many days a month you plan to rent out the bike. Of course, the better your bike and the more popular the location, the more rentals you can get. Shorter rentals tend to be more expensive, but you have to spend more time doing them. For most people, it is easier to rent out the bike for a whole day or several days. 

Prices for the bike rentals depend too. For example, on Spinlister, you can rent out a bike for $13 an hour and $50 a day. But those are some of the higher prices. $30 a day would be pretty typical. You could also list $5 per hour and $20 a day to be on the cheaper side.

ListNRide has a calculator that lets you approximately count your possible earnings depending on the market value of your bike and the number of days you are planning to rent it out. Check it out here.

Tips for bike rentals

There are some things to keep in mind if you want people to be interested in your bike. First, of course, it must be in good riding condition. Then, you should set the right price. The easiest way to do it is to look at how much similar bikes cost in your location. The better the bike, the more it will cost. Check out different bike types here.

To make your advert appealing good photos are very important. Smartphones today take pictures of high enough quality, so this shouldn’t be a worry. Just make sure you take the picture in a good light: avoid direct sunlight and darkness. The whole bike should fit. The photos look best when ¾ of the background is the wall and ¼ is the ground.

When you post an ad, it’s good to include as many details as possible. You can list your bike’s specifications and any extra features if you offer them. 

Also, be responsive. Whether you accept or deny a request, do it quickly. Be helpful and answer people’s questions. It can help you get better reviews and rankings.

Perhaps you are also interested in renting out your car? Learn more about it here!

Posted by: egle on April 19, 2024

Post Views: 1,208

How to Rent out Your Car: Ways, Earnings, Tips and More

Do you have a car that often sits unused? Would you like to earn some extra cash with it? You can rent it out. There are many people who often look for rental cars. It can be a passive source of income to help cover the maintenance costs, monthly payments, or just earn have extra spending money. In this article we will cover how to rent out your car to others, so read on if you are interested.

Why rent out your car?

There is more than one reason people rent out their cars. 

You make extra cash. Your car can cost you more than $8,000 per year if you drive about 10,000 miles: you can check out the statistics of the costs here. You might also still be paying for your car to financial institutions (make sure you are not breaching the contract when renting out the vehicle in this case). When you rent out your car, you can earn at least several hundred dollars a month: many people get over $700 every month.

Your car does not sit unused. Cars are designed for people to use them. If they sit idly for a long time, problems might arise. When you rent out a car, you avoid this risk.  

You may qualify for tax reductions. If you rent out your car, it can be treated like a small business. It means that you can get tax reductions. Just remember to track all your expenses diligently. 

Of course, renting out your car has its disadvantages too. You have to manage the requests, which takes time. You will have to check and clean the vehicle between renters. People will use your car constantly, and there will be more wear and tear. Also, accidents might happen. Although insurance should cover you, it is still a hassle to deal with them and fix the car.

How to rent out the car?

The best way to rent out a car is with a company, not by yourself. Of course, you could post an ad on Craigslist, but we do not recommend it. In some places, it can even be illegal for you to rent out the car yourself.

The most popular app for renting out cars is Turo. There is also HyreCar, Getaround, etc. Each company has its requirements set: for example, you cannot list a car on other platforms if you want to list it on Turo. Usually, the mileage has to be under 130,000 miles or so in most companies. 

You can also post an ad for your car on XRental. Our motto is allow partners make money, so we will not try to rip you off. Of course, we have requirements too: the car must be in good condition so that the renter is happy. If your vehicle has bald, worn tires, we would not be able to guarantee a good experience for the client, so we do not accept such cars. Otherwise, we would be happy to have you as a partner. Contact us if you would like to list your car for rent and earn!

How much can you earn?

This question is often the most important for many people. Of course, it depends. For example, renting your car by the hour can earn you much more money, but you also need to give it more time. Even every day can be too much: many people choose three days as a minimum duration. It also depends greatly on your location. Some cities, especially large ones, have more people that want to rent a car. In such high-demand cities, popular cars are most in-demand, such as Tesla. In places with lower demand, the vehicles mustn’t be as popular. It also depends on your car: the better it is, the more you can earn.

Companies that let you list your car on their platforms take a fee, often for both listing and insurance. For example, Turo takes from 15 to 40% of the amount you receive. If your insurance would cover your car when you rent it out, you could refuse the company’s insurance and earn more. 

To give you some numbers, let’s compare the most popular car-sharing companies. On Turo, the average host makes about $550 per month. It’s similar on Getaround, on which a host seems to make $500 a month on average. Of course, you can earn more. Getaround says you can make $10,000 a year. HyreCar claims that you can make up to $12,000. 

Check out our article on how much you can earn when you rent out your car in Dubai. 

Tips for renting out the car

There are several things you can do to attract more renters and earn more extra cash. First, make sure your car rental ad is appealing. Have good photos. Take a picture of your car from the front and side. Ensure the vehicle is clean. Also, create a good, clear description so that renters know what they are getting.

Before setting the price, research what is the price for other vehicles in your area. It will help you get an idea of what the price should be. Also, be very responsive: do not let requests sit unanswered. People will simply look for other cars then. Be as helpful as possible when answering. Also, make sure that insurance covers your vehicle when it’s in the hands of renters.

To ensure rentals are smooth and you have as little trouble as possible, remember several things. First, take many pictures of the car for yourself as you can, such as 60 or so. Include objects such as side mirrors, seatbelts, etc. Pictures will help you recover money if renters damage something. 

Finally, remember to clean the car between guests and to maintain it well. Fix any arising issue as soon as possible. It will both make your guests happier and help avoid accidents. And do not leave any personal items in the car: it’s simply not cool. 

Perhaps you also own a parking spot? Maybe you are not using it much? You can also rent it out for extra cash! Check out our article on renting out parking spaces.

Posted by: egle on April 8, 2024

Post Views: 5,346

How Much Can You Earn When You Rent out Your Car in Dubai?

Did you know that Dubai was a desert 20 years ago? And now it’s one of the most luxurious cities in the world. There are many roads, and many people traveling. Do you have a car you do not use all the time? You can rent out your car in Dubai and make extra money! Read on to learn about car rentals in Dubai and how much you can earn.

Car rentals situation in Dubai

Dubai, the most populous city in the UAE, known for its luxury shopping and nightlife, is definitely a famous tourist attraction. It is astoundingly beautiful and has more than one attraction to boast of, such as Burj Khalifa, the tallest building in the world. People come to Dubai to relax on the many beaches, try various experiences such as desert driving, shop tax-free in the many malls, enjoy varieties of great food, and more. And getting everywhere by car is the most comfortable way.

Dubai has a very good road infrastructure. The roads are great, and the congestions are not so bad. Public transport will not get you everywhere, and taxis can get costly. Also, fuel is affordable, there are many parking spaces available, so it’s popular to rent a car in Dubai. If you want to, you can also rent or rent out parking spaces!

There are also quite a few car rental companies, from big ones, such as Hertz and Avis, to small local ones. It is quite beneficial for the renters, of course. But you can also earn with your car: demand for rental cars is high in UAE and Dubai. 

How much can you earn by renting your car in Dubai? 

It really depends. The two most important questions are how much your vehicle is worth, and how many days per month will you rent it out. If the market value of your car is around $25,000 and you rent it out 15 days a month, you might make $6,000 a year or 22,000 AED in Dubai. If your car is worth $40,000, you can earn $10,000 a year. That can at least cover your car upkeep costs. And with good vehicles and dedication, you could be raking in even more!

Short-term rentals are pricier, so you can earn more. Of course, they also take much more of your time. When you rent out your car for two weeks, you do not have to do much throughout them. Read more tips for renting out cars. Perhaps you want to start an exotic car rental business? We covered that too!

How to post 

There is more than one way to post a car rental advertisement in Dubai. The best ones, of course, are using an app or a website. Although you usually have to pay commission fees, you have a comfortable platform, a high chance of finding people, help to handle payments, insurance, etc. For example, there are car-sharing apps such as Friendycar, where you can list your car.

We also recommend posting your ad on XRental. You can make more with XRental because our motto is “allow partners to make money”. However, we want to ensure the highest quality possible and great experience for both owners and renters. We handpick and pre-approve all advertisements, so if a car has worn, bald tires, it will not be picked because we could not ensure quality. But if you care about quality and want people to have good experiences while also making money yourself, we would be glad to have you as a partner!

Dubai

 Final tips when renting out a car

Although renting out a car can make you extra cash, it has its dangers. Firstly, there is naturally more wear and tear when you rent out your car regularly. Also, although your car will be insured (usually by the company on whose platform you will list it), accidents can occur, and it’s a bother to deal with them. Finally, you have to meet the renters and give them the keys, although there are such solutions as smart locks. The vehicle also has to be clean and well-maintained. 

To sum up, in Dubai, rental cars are in demand, and although there is more than one rental cars company, you can also make money. Depending on your vehicle and how many days a month you can rent it out, you can earn more than $10,000 a year. Just remember that you will have to spend some time renting the car out and maintaining it. 

Posted by: egle on April 7, 2024

Post Views: 747

How to Make More Money With Boat Rentals: Tips for Boat Owners

Do you rent out your boat when you are not using it? We already briefly covered the basics of renting out a boat and why it is great. This article covers how to get more renters and earn more with boat rentals. We will share tips on making your advertisements more attractive, getting good reviews, and earning more money.

Things to consider before you post your rental boat advertisement

If you are planning to rent out your boat, make a plan and research first. How much competition is there in your town? How much do other owners ask for similar boats, and how booked are they? Such research will allow you to adjust the price. Also, think about the seasons. During the high season, the prices are usually higher, so you can raise them a bit. But during the low season, there are way fewer people, so you might not get any bookings. Regularly adjusting the price can help you make much more money than sticking with the same price all the time.

Make sure that your insurance covers your boat in the hands of renters. Whether it’s damage to your own boat or another, medical bills, or legal assistance, better be safe and insured than sorry. Of course, you will have to pay to upgrade the insurance. Some boat rental sites also offer to insure your boat throughout renting periods, but it costs too.

Finally, be prepared to meet your renters. Many book last-minute, so be sure that you can meet them or find someone who can. For this reason, most owners prefer long rental periods, from a day to a week, because it would be hard to manage more. During the meetings, provide instructions and tips for the renters. You can also take them for a quick ride to let them get familiar with the controls. 

How to make your boat rentals ad appealing

Have nice pictures. The better the images, the more likely people will become interested. If the photos look bad, renters are likely to skip the ad. Smartphones today take good pictures, but it is still better to take them with a professional camera or hire a photographer. 

Write a good description. Just like people seeking to rent an apartment, people looking for boats want to know as much as possible to make the best choice. Help them! 

Respond quickly. If you were looking to rent a boat yourself, found the one you like, and contacted the owner, you would like a quick response, no? If you take too long, your prospective renters might lose interest in your boat. Replying soon lets the people know you are excited about renting your boat and makes them like you more, thus increasing the likelihood of a good review. Some sites even rank quick responders better.

Have a captain available. In peer-to-peer boat sharing, bareback rentals are the most common: it means that you rent the vessel alone. Larger boats and yachts are usually chartered with a captain. But some people might not have a captain, and might still want to rent your boat. You can be the captain yourself (have a license then) or connect with captains to hire if there is a need. By providing this option, you can get more renters. 

How to get good reviews for your boat rentals

Good reviews are crucial. People are social creatures, and they want social proof, knowing that other people enjoyed products, services, or experiences. A good review is just that: someone says they liked your boat, and people are more willing to believe they will enjoy time on your boat too. And the more reviews there are, the more willing they will be! So make sure to provide good customer service to have good reviews. 

Add extra features. Just like when you offer vacation rentals, think what you would like to have when you rent a boat for your vacations or a party and include it. For example, add water toys or fishing gear. Also, it’s a good idea to leave a welcome basket, wishing the guests to enjoy the boat. It would be a lovely surprise for them to find! You could also leave a cooler with bottled water and snacks, beach towels, etc.

Clean and maintain your boat. Make sure that everything works so that there is a minimal chance of trouble. Also, have all the safety equipment in good condition, such as life vests. Finally, leave the boat clean. You can scrub it yourself or hire cleaning services. 

Meet them nicely and leave instructions. We already mentioned meeting the clients: try to cover as much as possible during the meeting, from controls to routes. They will also likely appreciate you leaving notes and suggested routes. You can even include menus from nearby restaurants! 

Ask for a review. Sometimes people would gladly post a good review, but they forget or need a little incentive. When the rental period is over, write to them asking whether they enjoyed the experience and politely asking to leave a review if they did.

Boat

Conclusions

Some of the most important things when renting out boats are a plan, research, and insurance. Make sure your schedule allows checking-in renters and that your boat is clean and well-maintained when they come. Post an informative ad with high-quality pictures and be responsive to get guests, and provide good services to get good reviews. Then, enjoy earning money with boat rentals!

Posted by: egle on

Post Views: 734

Why is it Good to Rent Out Your Boat And The Basics of Boat Rentals

Do you own a boat? Does it sit idle most of the time? Boats cost quite a lot. It is estimated that maintenance is roughly 10% of the purchase cost. But owners use boats only ten days a year on average, according to the statistics. Why don’t you rent out your boat on the days you are not using it? You can earn money to cover all the maintenance costs and more!

Why is it good to rent your boat?

The main reason is to earn money. Insurance, slip fees, and maintenance all cost a significant amount of money, whether you use the boat or not. Renting out the boat could cover all these costs and provide additional income for you. Renting out your boat also keeps it in good working order. If the boat sits unused for a long time, issues can arise once you want to use it. When you rent it out, this risk decreases a lot as it will be regularly used. Also, you will have many chances to check the boat and fix issues without them growing into big ones. 

Secondly, there is a demand for boat rentals. Many people love the idea of spending time on a boat. But purchasing and maintaining it costs a lot: as you probably already know if you are a boat owner. So they want to rent a boat, which allow them to experience all boating pleasures with no commitment.

How much can I earn?

Like very often, it depends. The better your boat, the higher the rental price. Check out different boat types. So, size matters, as well as age, maintenance, amenities, etc. Usually, boat owners earn enough to cover the maintenance costs, at least. An average boat renter might make more than $7,000 a year. Top renters make more than $100,000. And some may even make $200,000 a month! It might sound crazy, but it’s possible. But you will probably need more than one boat unless it’s a megayacht, a type of a yacht.

Take into account that the earnings may drop once you count everything that goes into your boat cost. You might have to pay fees to post ads on sites, pay the boat insurance, pay for storage, clean your boat, fix issues, etc.

The most important things to consider when renting out a boat

The very first thing you should consider is how you are planning to post an ad. The most common way is choosing an app or a site because it’s comfortable and safe. You could post an ad on Craigslist or the nearest bulletin board, but there is no insurance that the person will be reliable. Of course, you wouldn’t have to pay a commission fee which sites usually require in exchange for providing a platform to post an ad, help with payments, etc. A site might ask for about 40% of your listed rental price. Others might not take a cut from your payment but ask you and the customer to pay extra fees for the platform. Boat renting sites include GetMyBoat, Boatsetter, and Click&Boat.

Consider posting an ad on XRental: our motto is allow partners to make money. We want you to earn as much as possible. We are renting boats in multiple locations already and plan to expand to cover the whole world. 

Another important thing is insurance. The usual boat insurance will likely not cover damages made by renters. So make sure to update it. It’s usually not expensive to upgrade, and rental insurance can cover both repair and medical costs. Some sites like Boatsetter insure their rental boats up to $1 million, but sometimes the damages can exceed this amount. The site might also ask for extra fees.

There are also other ways to make money with your boat than just boat rentals. For example, you could offer charter fishing services, which means that you would take the guests on a fishing trip. Of course, you need to have a license, know the waters well, know how to fish, take into consideration the weather, etc. You can also make sight-seeing tours for the tourists in popular locations or even vend something like ice cream from your boat! 

Fishing on a boat

Did you learn anything useful? Perhaps you have already started a boat rental business or want to know more? Click here to learn tips for making more money with your boat rentals.

Posted by: egle on April 6, 2024

Post Views: 578

Should You Rent Out Your Apartment Long-Term or Short-Term? We Answer

Do you have an apartment you want to rent out? Of course, you want to make as much money as possible from rent. And although most people say renting long‑term is the best, there are advantages to short-term rentals, especially in popular spots. Read on to learn more!

Advantages of renting apartments long-term

Let’s look at the advantages of long‑term rent first. Such leases are six months at minimum and generally last for 12 months. There is a reason why it is a traditional and often a common choice.

Stability. Your rent will be coming in steadily for 12 months. No matter the high season or the low season, you will have a stable income. Tenants also usually pay utility bills, so one more worry off your shoulders.

Easy management. Although you might have to screen the tenants more thoroughly to find a good one, you will only have to do it once a year or even more rarely. You won’t have to advertise the apartment often too and constantly prepare for new guests. And you might not even need to furnish the place since long-term renters often bring their furniture.

What about short-term rentals?

Short-term rentals, often also called vacation rentals, rarely last longer than a month and might be just a few days. When it comes to apartment rentals, location is the most important factor. This factor also often influences the decision whether to rent short-term or long-term. Do you have an apartment in a warm, popular vacation area such as Hawaii islands or San Antonio and Tampa cities? Then a short-term rental is likely more profitable. Here are some of the advantages of short‑term rentals:

Higher-income potential. It’s simple: short-term rental prices are higher, especially in a popular spot. The management costs are also higher than with long-term rentals, but the profitability of a short-term rental apartment in a good location usually exceeds the costs by far. You can also adjust pricing way more easily. And you can benefit from some tax breaks and deductions for a short-term lease.

Flexibility. Would you like to use the property yourself sometimes? With short-term rentals, you have many different terms coming and going, and there is no rule that you cannot use the apartment for your own vacation between those periods. On the other hand, when renting the apartment long-term, you can’t just come for the weekend.

Management is getting easier. Before, renting for short periods was much like a second job because you had to do so much. But nowadays there are many platforms such as Airbnb, VRBO, or Xrental which do a lot for you.

However, if you are thinking about short-term rent, make sure it’s legal in your area. Some municipalities limit short-term rentals, so there is affordable housing for long-term residents. For example, the shortest rental period might be 30 days, or you might need to pay a fee. Penalties for not following rental rules can be very harsh.

So, is it better out your apartment to rent short-term?

It depends on you and your apartment for rent. Is it in a popular vacation spot, and are you prepared for lots of management or hiring a property manager? Are you prepared to renovate, furnish the apartment, and make the guests happy? Then short-term rental is the way to go. If you look for stability and easier management, a long-term rental might be better.

For some properties, hybrid rental works best. During the high season, you can rent the property for several days or weeks. And during the low season, rent it out long-term, such as for six months at a cheaper rate. This way can ensure high profits all year round.

Even if you only have a free room instead of a whole apartment, you can still rent it out! Such rentals are also popular with Airbnb. Not only do you earn some extra cash but you also get to spend time with people from other places, often other cultures. 

Posted by: egle on April 4, 2024

Post Views: 822

5 Tips for Vacation Rental Owners: How to Make Your Guests Happy

Do you have a vacation home that is unoccupied a lot of the time? Are you thinking about renting it out short-term and looking for information? Or perhaps you are already renting it. But there are more and more properties for rent, and it can be hard to find renters or make them happy. We prepared these vacation rental tips for you to find more guests, make them happy, get good reviews, and earn more with short-term rentals!

1. Let them know what to expect in your vacation rental

When you post an ad for your rental property, ensure that everything is as clear as day! If your prospective guests don’t understand something, they will likely skip to another ad instead of inquiring about it. So, create an extensive description: describe rooms, beds, the layout, the amenities, places of interest nearby, any quirks, etc. 

Having high-quality photos is also very important to grab your guests’ attention. Another of vacation rental tips is hiring a professional photographer to take the photos. It pays off when you get lots of guests!

2. Cleaning and providing the basics 

Leave the place as clean as a whistle. Scrubbing toilets is not too much fun, but you should do it for your guests. Vacuum or sweep the apartment thoroughly, and make it clutter-free.

And make sure to provide all basic necessities. It includes enough toilet paper, soap, several towels, dishes, and utensils. Just think about what you need to stay in a property comfortably and then prepare all these things. 

3. Quality bed, pillows, and linen

People spend a third of their lives sleeping, and it’s similar during trips. We need accommodations because we need somewhere to sleep. So if you have a good bed and high-quality linens, people will surely notice and appreciate it! You can also get several different pillows because different people like different pillows.

Another good idea is to have a rollaway bed. Sometimes more people might want to book your space, or they might not want to sleep on one bed, even if it’s spacious. Such beds take up very little space but can be very useful.

4. Extra goodies

Your guests are looking for a nice place to stay in first and foremost. But if there are extra things in the vacation rental, even better for them and you, as you will get good reviews! One example of going the extra mile is to prepare a welcome basket. You can put many things there: a bottle of good wine, cookies, crackers, maybe sodas, bottled or filtered water. You can even leave some basic groceries for them, such as bread, milk, cereal, jam, and eggs. That will save your guests from having to go grocery shopping, and they might be very thankful!

You could also include such modern comforts as gaming systems, Netflix, beach toys if you are in a beach area. Once again, think about what you would like to have and add it to your apartment! It might seem like expenses at first, but it will soon repay with constant bookings.

5. Help the vacation rental guests

Finally, help your guests as much as you can. Ask how they will arrive and give them clear instructions to getting to your place, by car, train or other transportation. Leave your number in an easy place to see so they can contact you if they need something. Have a person in the location who can come and fix things if something happens, such as the pipe bursting. 

It might also be helpful to prepare a guidebook for your guests. Everything in your property might look easy and understandable to you, but it’s not the same for your guests who are visiting this place for the first time. Noting everything in a guidebook – from Wifi passwords to how to turn on the stove – will make the lives of your guests easier, and they will be more thankful. Just think what they might need and use and write instructions in your guidebook.

If you follow these vacation rental tips, your rental is bound to become popular with the guests! Perhaps you are looking for a vacation apartment yourself? Read why vacation rentals are better than hotels.

Posted by: egle on April 3, 2024

Post Views: 4,127

Do Nothing And Earn Extra Cash: Rent Out Your Parking Space

Is your parking spot on your property sitting idly? Would you like to earn some extra money? Rent out your parking space. In this article, we will tell you about the sparking situation in the US, the advantages of renting out your parking space, how much you can earn with this, and how to do it.

Parking situation in the US

A study by INRIX found that US drivers spend 17 hours per year looking for parking on average. In some congested places a third of the traffic might be drivers cruising for parking, another study finds. And the costs can be immense, reaching $27 per hour in New York, while purchasing a parking spot can cost $600,000.

With such a situation, no wonder that rental spots are in demand or that many people rent out their parking space. Some people that rent a parking spot are traveling for vacations or business with their own or rental cars. Others might live in the city but not have a parking space. To be sure, few people want to lose time roaming around looking for a space to park. Having one reserved saves both time and peace of mind. 

On the other hand, there are some people who have a parking space but do not have a car or hardly use it. So, even if it’s just a few days a week that your parking space is unoccupied, you can benefit from it!

How much can you earn with your parking space?

It depends. The most important factor, of course, is the city. Are you renting out a parking space in Brooklyn or Atlanta? You might earn $300 in one place and $50 in another. The closer the spot to the city center, the more valuable it usually is. Parking spaces near airports and stations are also not too bad. 

On average, you can earn about $200 per month when you rent out a parking space. You can get even more if the parking spot is large, there are CCTV cameras and good lighting around. Spaces in indoor garages are also worth more, and you can expect even $300 per month. 

Perhaps you also have a car that you are not using much? You can rent it out too! Learn how to rent out your car.

How to rent out your spot

First, you should make sure that renting out your parking space is legal. The parking spot has to be exclusively yours: it cannot be a common element of the building where you live. If the spot is yours, but you are just a tenant in your living space, check with the owner that they allow renting it. You should also check your city bylaws and make sure it’s legal. Then you can think about how to rent out your parking space.

You can post an ad yourself or trust an app. The apps can simplify the procedure, and you can save time. They can also help to handle payments. Of course, there are some disadvantages, like possible membership fees, commissions, or caps on your earnings. Some of the popular ones include ParkingForMe, ParkOnMyDrive, and SpotHero. Check out other ads in your location to decide on the price you will ask.

Other people do not use apps and post ads themselves. Some places you can do this are Craiglist, Facebook groups, or just your neighborhood bulletin. While you hardly have to pay any fees, there is less security. There is no verification and no help with handling payments. If trouble arises, you will have to deal with it all by yourself.

If you are renting the parking space for quite some time yourself, it’s recommended to draw up a contract with your renter. You should also agree on the time to pay the rent, such as the beginning of the month. 

XRental is also planning to expand to renting parking spaces soon. You could join us and post an ad for your parking space! We will not rip you off: our motto is allow partners to make money. Posting an ad here is simple and easy. Contact us if you wish to rent out your parking space and earn money!

Posted by: egle on April 1, 2024

Post Views: 887

How to Start Your Own Rental Business: Top Tips

Renting property or equipment sounds super appealing. You don’t have to do much, just rent it out and the cash will keep on flowing in, right? Yes, a rental business can be an amazing source of income. But you have to do it right. In this article, we will give you tips on how to start a rental business.

Finding the right rental business idea

Okay, so you know that you want a rental business, but what do you really want to rent? Bikes, cars, boats, maybe even parking spaces? It is an important decision to make, and it should depend on several factors. For example, it is a good idea to rent things that you know about a lot. Such knowledge will not only motivate you but will also allow solving arising problems easier. 

Another way is to find a niche that you could fill. Perhaps you know areas where certain rental items is in demand, but there is a lack of supply? It might be your chance for a flourishing business! You might also discover a trend of which other companies are not yet aware. It is very much connected to another important step when setting up a business: market research.

Doing the homework

Doing your homework or conducting market research is essential to start a business successfully and helps avoid making mistakes. Try finding as much information as possible before launching your business. You can both find your business idea this way, but you can also fully develop the one you already have. Consider such questions as what are my clients? What do they want? What about the competition? How do I get funding? 

A good idea is to consult professionals. They can answer some of your questions and help with the planning process. You could also try getting some experience working with rental businesses because experience always comes in handy.

Check out the success story of Ronnie Danelian, owner of Legends Cars Rentals, who started with a $10,000 investment and now makes $175,000 a month.

Taking care of your stuff

Good inventory is essential. After all, you have to own items in order to rent them. Do not start too big: rent just a few items at first. If you have too many items right away, it may be difficult to properly stock or manage them. Also, it might turn out that the customers want something different than you are offering. It’s best to start small and buy more items as you move forward in your business.

It might come as a no-brainer but remember to take good care of the items. The longer the equipment or property serves, the more profitable it is. Also, try to make sure it does not break or malfunction in the hands of the customer. Such happenings can affect your image very negatively, so keep up good maintenance.

Start your rental business online

More and more businesses are online. People love being able to access items 24/7 from the comfort of their homes. However, if you want to have a successful online rental business, you must have a functional and good-looking website. Appearance matters a lot since it has to grab the eye of your visitor. One of the most important things in a rental website is the reservation system. If your reservation system works poorly, you can lose your customer forever. Fortunately, it’s quite easy to have such a system. If you use a WordPress site (which we recommend because WordPress is the most popular website builder for a reason), you can buy the plugin Car Rental System. It’s a plugin that can be easily edited and include basically any functions you want.

Another important thing when creating an online rental business is the domain name. Your domain name will distinguish it from many other websites: it must be attractive, unique and recognizable so that people remember it. Once you have a good name, register it on the Domain Name System. Then, choose a hosting provider and build your website.

A happy customer means a happy business

There is a reason why businesses like to say that the customer is always right: happy customers are likely to return, leave good reviews and so generate profits. Of course, you must also ensure your needs, so prepare a good contract that sets down all that is important: the dates, what to do if certain things go wrong and so on. The clearer everything is noted, the easier it will be to handle arguments. Finally, make sure to provide good services. Only then you can start and develop your rental business successfully!

sobatboss sobatboss sobatboss sobatboss sobatboss sobatboss