Becoming A Lister

The Sharing Economy is no doubt the in-trending concept. With ride hailing services skyrocketed in recent years to the availability of mobile apps to let you rent just about anything from cars to houses, making the process of sharing convenient and efficient. 

It is never too late to have a slice of the economy but all you need to focus on right now is to list out the items you rarely used as well as the items you are currently using. It can be your car, bicycle, fishing rod or even that extra carpet you have stored unused. The list is endless. Figure out what is the best rental price for them, snap a pic, describe the key points and then list it out to rent and give the economy a run. The best part is, at any given time, if you aren’t comfortable renting out your items due to its sentimental value, you can always remove the list accordingly. It’s all about trying and not judgmentally in doubt of yourself at this stage whether or not you could garner any rental yield out of it.

Often when items have not been used for a long time, it will deteriorate in one way or another. So by listing it on a Peer to Peer Rental Marketplace like HanQover, helps make your Privately Owned Items to work again and eventually channel some extra income as you grow your rental list. 

Understanding the Concept of Peer to Peer Rental Marketplace

The basic concept of this Business lies in the effectiveness of the communication being rendered in the system. Such as User’s Dashboard, the messaging chatroom to inquire, the transaction steps, the protocols of lending and borrowing of an item and lastly the end process of completing a rental cycle.

There are many questions one might have concerning the safety of an item being rent out. This is where insurance comes in handy and understanding the coverage you are entitled to will answer your uncertainties and doubts. You may read further on FAQ.

More and more people of every age, particularly women and minorities, are starting their own Micro Business because of the upward mobility and flexibility it provides. As such, the Sharing Economy as a Micro Business is becoming very popular and too important to ignore. This type of business works by receiving a small fee by renting out your privately owned item.

When an item gets rented out, the RENTEE will pay the full sum: (BASE COST X No. of Days Item Being Rented).

All payment will go to the house and in the event, there is a NO SHOW from either party; Owner or Rentee, the fund will be put on hold until the issue has been resolved. For this it can either be of 4 possibilities; the RENTEE did not turn-up or the OWNER is not available/uncontactable or the RENTEE rejects the item due to different than advertised or the OWNER is not able to produce the item due to unforeseen circumstances. Whichever way it goes, rescheduling is always a good option, to begin with.

In the event, when a transaction has been honored; meaning the Owner Lends and the RENTEE Borrows, the OWNER may request a security deposit fee(in cash) from the RENTEE as part of a guarantee to release their items. This is done upon meet-up as mutually agreed upon earlier on. In order to collect the deposit, the OWNER has to print out a form to let the RENTEE undersigned at the point of the meet-up. All Rental Agreement can be downloaded and reprint for free from our Library. At this stage, a camera is handy to snap a pic of the signed form with the original identification card attached. This can also be used as a bookkeeping and tracking records for the OWNER. The steps in detail can be read HERE.

A rental cycle is complete when an Owner receives their items in the form they lend it out. And the RENTEE’s deposit will then be reimbursed back after the OWNER finds it satisfactory to his/her inspection of the returned goods. Afterward, the RENTEE leaves a review for the OWNER on his/her experience to create an eco-system of communication between RENTEE, OWNER and POTENTIAL RENTERS.

As OWNER, how and when do you get paid?

The Sharing Economy in this context is Short Term Rental which is temporary lending and borrowing. This is often booked through the [Internet] either on a Website or an App just like The house will retain the total rental cost until the rental cycle completes. We do not meddle with the security deposit as the OWNER will secure and keep the amount upon the meet-up. The OWNER will usually get their earnings 1 day after a rental cycle complete. The house will only deduct a small admin fee from the total transaction, of which 80% will be credited to the OWNER’s HanQover wallet. For more detail on how to withdraw, you can read it HERE.

Your earnings will vary depending on your rental values. The more rental listings you have, the more you can earn. Generally, these rentals pay a small sum, but they should require very little time to list. Rentals may pay anywhere from $1 to $200 per day, and the idea is that the rental required should be in proportion with the market value of the item being offered. As a gauge, you can rent out an item between 1% to 3% per day. Fo eg: if your camera has the market value of $1000, you may charge the RENTEE to a maximum of $30 per day. To sweeten the deal for the rentee, you can make an irresistible offer (eg: Rental for 4 days at $100 with free extra camera props included). For the security deposit, you may charge between 5% to 10% of the product market value. For instance, you may request a deposit of $50 when you rent out your camera. Our advise for the newbies set fair prices and deliver rental as a lump sum(eg: 4days instead of just 1day) and the community can opt to rent at a better value with extended income ratio which in turn attracts more earnings for you. That being said, in order to earn faster, you need to know how to list your rent efficiently, deliver a product as specified and take on as many rentals as you can.

Since these are done on a contractual basis (and not employee) basis, there is no guarantee that this Micro Business in renting can pay you a minimum wage but statistics have shown, it can pay you reasonably well and sometimes even better than a permanent job with the least of them had their rentals or fuel expenditures covered just by performing rental listings. Likewise, action speaks louder than words and we hope you explore your potentials at HanQover by joining us as an OWNER. It’s totally free to Join and List.

So Are You Ready to Start a Micro Business in Rental?

Being your own boss is wonderfully exciting but let’s begin by assessing yourself with the following questions below and answer them honestly in as much detail as possible. This will help you in determining what suits you best.

SELF ASSESSMENT: (Pssst!…There isn’t any right or wrong answer!)

  1. Why do I want to start a RENTAL List? OR Why am I in a Peer to Peer Rental Marketplace?
  2. Specifically, what kind of Items do I want to start renting out (or am I in)?
  3. Why do I believe I can make this type of Micro Business work?
  4. Why do I believe this type of Micro Business is sustainable?
  5. What education, skill or experience do I have in this industry?
  6. What is my true purpose and/or the goal I hope to accomplish with the Rental Marketplace?
  7. What is the financial goal I am seeking to achieve in 1week/1month/6months/1year?
  8. What kind of financing/capital do I need to make this Micro Business work
  9. What are my Strengths?
  10. What are my Weaknesses?
  11. What are my physical, mental and emotional health, and stamina?
  12. What knowledge and skills do I have to start and control the day-to-day operations of a Micro Business?
  13. Do I know and understand the technology necessary to be competitive in this Micro Business?
  14. Do I have good judgment in people and ideas?
  15. What sacrifices and risks am I willing to take to be successful?
  16. What will it take for me to balance personal life and rental demands?

Done With Your Assessment?

Use the details you have gathered and take a few minutes to summarize up. We believe, you will know what items to rent out by then and you’ll easily be able to come up with 3-5 LISTINGS to post at HanQover!

Good Luck!

If you are ready. We welcome you On-board HanQover

We’ll see you on the other side, Woohoo!