Everything can be rented

[TheCj]

Was just reading about Stubhub and how they have a fee on both sides that add's up to 25% cut. This allows them to cover any fraudulent tickets.

Think someone here mentioned a photography rental site where they have the renter buy insurance. I think they even had certain number of rentals you have to have to get to certain dollar values of equipment if i remember correctly.

I think you are on the right track looking into Airbnb etc.. All these services like Turo (car rental sharing) Uber etc.. don't really make sense from the user side in terms of a "business" stand point yet people do it because it is money they wouldn't have otherwise.

I guess what I am trying to say is that these services just pass on the expenses to the users. Either the renter and/or person renting.

I don't even think you would have to be responsible for the item during any part of the transaction, if have it clearly mentioned somewhere what happens for damage/missing/stolen etc.. Then people can choose to accept your rules or not.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Vince P]

Was just reading about Stubhub and how they have a fee on both sides that add's up to 25% cut. This allows them to cover any fraudulent tickets.

Think someone here mentioned a photography rental site where they have the renter buy insurance. I think they even had certain number of rentals you have to have to get to certain dollar values of equipment if i remember correctly.

I think you are on the right track looking into Airbnb etc.. All these services like Turo (car rental sharing) Uber etc.. don't really make sense from the user side in terms of a "business" stand point yet people do it because it is money they wouldn't have otherwise.

I guess what I am trying to say is that these services just pass on the expenses to the users. Either the renter and/or person renting.

I don't even think you would have to be responsible for the item during any part of the transaction, if have it clearly mentioned somewhere what happens for damage/missing/stolen etc.. Then people can choose to accept your rules or not.

Indeed, I expect one of the biggest challenge when launching this is creating the community in the platform since it involves building up the credibility. Although that concern exist in every business venture, I see that not only do they need to trust business but they also have to trust the community in the platform (People who will rent and the people who will post their items).

 

[Howlitzer]

True, that is the biggest possible threat that people say whenever I would pitch in my idea.

"What if my item gets damaged?"
"What if the returned item is not mine? What if the returned item is actually fake, mine gets stolen?"

Honestly, I have no clear answer it right now. The option I can think of is maybe have a collateral or insurance system in place?

What I want to achieve is that the company will only be liable to the item once it is on transit. If something happens to the item the lender and the borrow will have to sort it out and bombard themselves a bad review.

I understand that this system sucks however what I can think of is how Airbnb do it. If a property gets damaged the property owner would chase the occupant and not Airbnb.

Yeah that makes sense about how Airbnb does it, might cause people not to want to rent out items though. You will need some sort of screening process or a way to verify someone as to stop people making fake accounts to steal items

 

[FierceRacoon]

Food delivery platforms in the U.S. have worked on last-mile delivery solutions. From what I know,
- the margins are tight, so they basically break even, and
- the scheduling logistics is complicated even with machine learning. You have to think about supply & demand, the couriers have to register in the app when they are available, you have to pay them some base rate even if there is nothing to pick up. You have to dispatch them algorithmically much like Uber does. You have to do it both ways.
- In your case, you also have to coordinate when both parties are at home, or you need storage and separate delivery requests by both sides in each direction.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[A_Random_Guy]

If I was a customer of your website, I would want my verification to be completed within 24hours.
That would include: verifying my credentials, my address, my criminal record, my job/business and estimated net worth.
It is important that you don't tick off homeless people off your list. As per my research, most of the homeless people rent a car to earn while driving, rent a camera to sell photos, rent a laptop to code and build a website, rent a house for staying cheap, rent space for opening shop/restaurant/business, etc.
I think it is impractical but I would demand the buyer to offer something of equal value or a bit lesser than the cost of the item they are renting. We will act as an escrow and that item will serve as a guarantee. (I know many people will refuse this but I feel it is reducing your loss, even if by a small bit. Spending money on lawyers will cost you more and don't even think of haggling with beggars.)
If I were to start the website, I wouldn't go all out at first. I'd probably start with small gadgets such as a camera, cell phone, tablet, fan, kitchen accessories, etc. Then, make contact with car rental dealers and add automobiles, then furniture and then go for real estate.
In my opinion, 18-20 employees would suffice. A team of 5 for technical stuff, a team of 4 for customer care, a team of 8 for delivery and return, and 2 more for checking issues related to guarantee.
I'd prefer charging money from the renter. Their stuff is being put to use and earning them cash. They would still agree to rent out their stuff even if you charge a 25% rate. This would fetch them more money than selling their stuff online in the long run.
Beware of scammers. I said earlier not to ignore the poor but I wouldn't start my business with servicing those who can't afford a house or live without debt.
If you think of expanding your business, let the customers sell stuff as well. If they find your service quite active, they will prefer selling to your website.
A previous person commented that your main strength will be your delivery. I agree with it. Fast delivery within a day or two is what they need. That will be your selling point.