Every entrepreneur wants to build the next big online rental marketplace platform.
But, some struggle with not having enough knowledge in building a complete product while others don’t have the resource to build the platform from scratch. Eventually, these delays in setting up and starting the business.
To overcome such setbacks, entrepreneurs need to have complete knowledge about building a rental marketplace.
This blog gives an overview of designing and building an online rental marketplace platform.
The workflow of the online rental marketplace platform
Here is the general workflow of an online rental marketplace platform.The platform revolves around three types of people – end-user, service provider, and the platform owner.
The end-user uses the platform to rent any properties or objects for a specific period for a price. The Service Providers sign up on the platform to earn from renting their properties.
The platform owners bring together the end-user and the providers on one website. The platform connects the users to the right provider.
The workflow goes as follows:
1. The user searches for a listing to rent by entering the location, and booking dates.
2. The platform lists down the options, and the user chooses one for the further booking process.
3. It shows the price in detail like the service fee, per day charges, etc.
4. The user gives a booking request to the service provider and pays the rental price.
5. The service provider sees the booking request and either accepts or rejects it.
6. After confirmation of the booking request, the user rents the goods on the mentioned dates.
7. After the rental period gets over, the user and service provider review each other of their experience.
The rental fare paid by the user gets received to the platform owners. The owners keep their service fee and transfer the remaining cash to the service providers.
Main Features to cover in any online rental marketplace platform
1. Creative Search Page with advanced filters
The user can search for their required listing by using filters available to refine the search result. The search filters help in quickly finding the desired listing.
The wishlist can help the user to save a listing for later use or to share it with their friends and family.
3. Stripe Connect Onboarding
Transfer payment securely by integrating the Stripe Connect Onboarding that gives a streamlined payment processing for customers.
For Service Provider
1. Seasonal Pricing Calendar
The service provider can set different pricings for their goods by the seasonal pricing feature. They can increase the price rates to collect profits when the demand is higher and lower the price when the bookings are very low.
2. iCal Integration – Export & Import
The provider can export and import their booking calendar on other rental websites to sync all the booking information.
3. Instant Book & Request to Book
The provider can label their listing as the Instant book or Request to book.
The instant book label allows the end-user to instantly book without requesting the service provider whereas, the request to book option sends the booking request to the provider before booking.
For platform owners
1. User Messages Auditing
The platform owner can audit the messages that go between the providers and the end-user. This feature helps the owners to know what has happened to understand the dispute.
2. Content Management System(CMS)
The platform owner can add a new page or change the existing content on the website by using a content management system.
3. User Reviews Auditing
The platform owner can delete or edit the reviews given by the user and provider on the platform. This feature helps in minimizing the untrue reviews posted by the users.
4. Ban Users
The owner can ban any user from the platform if they found fraud or due to their incorrect behavior when using the platform.
5. Multi-Currency & Multi-Language
You can integrate multi-currency and multi-language to make the business reach beyond the local community and help tourists in using the website as well.
The platform charges a service fee from the providers and the end-user for using the platform.
The service fee charged can be either a fixed amount or a percentage.
The platform owner can set the service fee in their dashboard that is applied automatically for all the payment on the platform.
Popular online rental marketplace platform
It is a vacation rental marketplace offering cabins, condos, castles, villas, barns, and farmhouses. It was founded in February 2005 by Brian Sharples and Carl Shepherd. Since then, the company is growing steadily and has acquired many companies from other countries.
FlipKey is an online vacation rental marketplace founded in 2007 as a house-swapping and vacation rental listing website. In 2008, the company became a part of TripAdvisor. By 2016, the company reported having 300,000 properties in 179 countries.
It is a peer to peer car sharing platform that allows users to rent cars from the owners for a fare. It was started in September, 2009 by Sam Zaid, Jessica Scorpio and Elliot Kroo. The Getaround is available across the United States and now Europe.
Rent the Runway
It is a online dress rental company founded by Jennifer Hyman and Jennifer Fleiss in 2009. The user can rent designer clothes and accessories for a 4-day or 8-day period as low as the retail price.
It was founded by William and Jabbok Schlacks in 2014. This platform allows contractors to rent equipment from other fellow contractors.
How to build your online rental marketplace platform?
Imagine that to build your online rental marketplace – you can get a ready-made script and customize to your business requirement.
You also have an option to build your platform from scratch by hiring experienced developers. But, you need to hire experienced developers for that and set the team as well. Also, you have to take care of the server costs and salary of the developers.
Readymade scripts like RentALL lessen your development cost and enable quick launch of a platform. You get more time to focus on other aspects of the business like marketing, getting providers on-board, and finance.
RentALL is a pre-built rental marketplace platform that is customizable to any niche and scalable for any size of business.
The best part of RentALL:
1. You get the complete source code
2. Built with the latest technologies – React and GraphQL
3. Integrated Stripe SCA for secure transaction
4. Available in both iOS and Android platform
Ready to build your marketplace platform?
Let’s have a conversation and discuss further your startup idea.
We are ready to clarify all your doubts and excited to hear new ideas.