Are you probing for the best solution for your rental business growth? Then, here is the perfect space rental idea.

The space rental business has been increasing rapidly over the last few years. It has changed the way we search for space, conduct events, meetings, conferences, etc, and is going to be the next big thing in the rental industry.

Still, confused? Let me prove with some stats,

Statistics of Coworking space rental industry

The number of coworking spaces is projected to reach almost 20,000 in 2020 and expected to cross over 40,000 by 2024. The market value of coworking space rental is expected to reach $11.52 billion in 2023 at a CAGR of 11.8%.

Hence, most entrepreneurs are ready to commence their coworking space rental journey due to its sustained growth.

What is coworking space software?

Coworking space software is the platform that allows the host to list their space and allows guests to grab their desired space for a certain time and date.

Workflow of space rental Software

1. Guests will sign up to the platform and get verified with the Twilio based verification process.
2. The host publishes the listing on the platform and adds its payout methods.
3. Guest search and book spaces based on their choices
4. The host receives the booking request from the guest
5. In case of any queries, guest and host can message each other via messaging options to clarify their doubts regarding the booking
6. Bookings will be immediately accepted by Instant book options or guest have to wait until they get confirmation from the host by Request to book options
7. The host has the option to accept or decline the request sent by the guest
8. Once the booking gets confirmed, guests can use gets space
9. Both host and guest can rate and also leave reviews to each other based on their space rental experience. 

Features of Coworking Space Software

Guest:

Advanced search filters

Enhance the platform’s user experience with the search filter option. With Advanced search filters, Users can easily find their desired space at the expected locations and also affordable cost by filtering the results.

Wishlist

Users have the option to save the desired space for future bookings by the wishlist feature. It helps guests save time by finding their favorite space easily within a fraction of a second.

Instant book and request to book

“Instant book option” allows the users to book the space immediately. The “Request to book” option allows the user to send a booking request and wait for a response from the host.

Host:

Payout preferences

Availability of multiple payment gateways in the coworking space software helps in offering seamless transactions within a fraction of seconds. The host can choose either PayPal or their bank account from the list of payment gateways available.

Space availability management

The host can allow the guest to book a particular space for a certain period of time. This feature allows the host to accept multiple bookings on the same day that helps them to earn money for all 24 hours.

Set unique price

Hosts can set unique pricing for different categories of events. This feature in coworking space app helps the host to earn high profits.

Admin:

Manage admin

Admin has the full freedom to add sub-admin on the platform. Admin can also manage and assign specific tasks to the sub-admins.

Cancellation management

Admin has the access to manage and also update the cancellation info available on the online rental marketplace platform.

Revenue model of Coworking Space Software

Choosing the right revenue model plays a major role in coworking space business.

Let me explain you the popular revenue model used,

Commission-based revenue model is one of the best and also popular ways to gain profit. It will be collected from both hosts and guests for every transaction that occurs on the platform.

Admin will set up a fee either a fixed fee or a percentage fee.

  • As the name suggests, a fixed fee remains constant for every booking.
  • The percentage fee is an adjustable-fee that will be calculated based on the transactions.

Development process of Coworking Space Software

1. Planning: It is the initial stage in developing coworking space software. Perfect planning helps in identifying the scope, cost, timeframes of building the solution.

2. Gathering requirements: In order to develop a successful solution, it is important to get a deeper understanding of project goals and clear requirements. 

3. Design: Design is the actual conceptualization of the solution visually. Once the design gets approved, now it’s time to move to development.

4. Development: This step is all about coding based on the design. It is necessary to make sure that the code meets the exact requirements and specifications.

5. Integrating and testing: The quality assurance team tests the software with the aid of different testing methods. This helps in delivering a high-quality product.

6. Launch: After the successful completion of testing, then the final deployment will be done to launch the product.

How much does it cost to develop a coworking rental Software?

Developing space rental software by using the readymade software solution is more beneficial than developing it from scratch. Benefits include,

  • More affordable
  • No hidden costs
  • Requires less development time
  • User friendly

Start your rental business with the best coworking space software solution

Have you found the perfect solution? If not, let me suggest the best coworking space software – RentALL Space.

Excited to know more? Read further,

RentALL Space – Quick Intro

RentALL Space is one of the best readymade coworking space software solutions available in the market. It helps entrepreneurs in building their coworking space rental platform.

Meet the benefits

  • Instant solution with 100% customization
  • Offer modernistic technologies
  • Offering top-notch features
  • On-time delivery
  • Free technical support
  • Mobile friendly
  • One time payment

Technologies used in RentALL Space

Tech stack plays an important role in developing coworking software. Hence, picking up the right tech stack helps in the scalability and also flexibility of the coworking software.

It’s time to know the tech stack used in the best coworking space rental software – RentALL Space,

React: It is a miniature library used to create a user interface that automatically reduces page load speed and also provides a smoother experience.

Express.js: It is an open-source framework of Node.js that allows you to run a mobile and web application. It helps in implementing the code easier, faster and also increases the execution speed

MySQL: It is one of the most popular open-source databases widely used in popular web applications like WordPress, Twitter, and Facebook.

GraphQL: It is the query language for API created by Facebook in the year 2012. It makes the queries more elegant and also efficient thus helps in improving the stability of the entire process.

RentALL Space offers

  • Web application

Improve your rental business efficiency and get more done with the web applications available of RentALL Space. We will help you to transform business ideas into reality.

  • Mobile applications

RentALL Space offers mobile applications (Android and iOS) that make you stay ahead from the others.

  • Free app submission and support

We will help you launch your apps on both the App Store and Play store free of cost. In the case of app rejection, our team will guide you in finding solutions and support until the app gets published.

  • Support

Our development team is ready to clarify all your doubts and provide you the perfect solution on time.

Topping off

Want to start your own profitable coworking space rental business? Just fill out the form with all the necessary information given or ping us at support@radicalstart.com

 

Interested in building space rental business?

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.