Regardless of whether they lease furniture, party supplies, or vehicles, rental businesses need to keep steady over their appointments for quick client conveyance. While dealing with a few distinct requests at the same time sounds overpowering, do it easily with rental scheduling software. Rental scheduling software comes furnished with a huge number of highlights to help spare you time, cash, and exertion. It offers a simple to explore online store noticeable to the two clients and rental business proprietors. With the online store, your clients can peruse your rental list openly and place orders from anyplace whenever. The software additionally gives clients an outline of the accessibility of a thing by seeing scheduled openings and appointments all the while so you never need to manage clashing appointments. It furthermore spares your clients from the experience of putting orders by means of calls. With a devoted rental arrangement, explain the entirety of your scheduling issues in a consistent way. Here are the means by which the rental scheduling software helps your business:
1. It empowers you to be online 24 hours per day
Let’s be honest! Individuals place orders when it’s advantageous for them, not for you or your business. Discerning businesses plan around the clients’ needs and consistently let them make major decisions. This is the reason heading to distant areas for rentals is rapidly turning into a relic of days gone by. Online stores are presently extremely popular in business as clients look for openness and non-stop accessibility. Ordinary business hours end by 5 pm. This is actually when a great many people get liberated from work and submit their requests. Rental scheduling software includes an online store that is live for the duration of the day. This will likewise imply that you can get appointments relentlessly.
2. It rearranges appointments with an accessibility schedule
Have you ever needed to battle with disappointed clients
over clashing reservations? Wash your hands off of it with a unique
accessibility schedule. The accessibility schedule shows accessibility
concerning time for every one of your things so clients can book things
tranquil. Try not to sit around idly running through crowds of request receipts
or spreadsheets to reserve a spot. Mechanize the difficult work of horrendously
obliging appointments. All things being equal, empower clients to put orders in
a couple of snaps.
3. It decreases client flake-oats with updates
Regularly, customers book rental things yet don’t come to
get them from the store. While this could imply that they’ve adjusted their
perspective on their request, commonly they’ve recently disregarded the
request. Such client flake-outs hurt your income and pre-involve your stock
when it might have been leased to other possible clients. It very well may be
dreary to send manual suggestions to endless clients all at once. Rental
scheduling software mechanizes the cycle for you. It conveys programmed alarms
to your clients daily before the normal lease date to help them to remember
their appointments. This likewise gives clients a feeling of being cared for
and develops a good picture of your image in their eyes. You can even tweak the
alarm messages and incorporate the data you regard pertinent. Moreover, such
cautions aren’t simply confined to your client base. You can even send them out
to workers so they can get the things all together before a client comes to get
4. It gives you savvy information on different parts of your business
Rental businesses battle with outrageous rivalry. This is
the reason you have to endeavor to be the best in your specialty. This interest
requires valuable experiences about your business execution so you can outfit
it towards predictable advancement. Rental scheduling software helps with this
by offering investigates resource use and client information. It likewise shows
information for your mainstream rental things and rental income. That is not
all; to make things simpler, it highlights graphical reports to furnish you
with a superior perspective on your organization’s exhibition. With rental
scheduling software, banners both fail to meet expectations and famous items so
you can calibrate your stock levels as per client requests. You can likewise
pull up things that are expected for return or support initially. This
streamlines complex business information for you so can plan like a genius.
Likewise, you don’t need to be truly present in your office all an opportunity
to perceive how your rental business is getting along. Take a gander at your
numbers from anyplace, whenever!
5. It coordinates with different installment doors
Do you regularly need to rearrange between various money related applications to handle your installments? This occupies a great deal of time and obstructs the rental pipeline with installments that haven’t been stamped. Rental scheduling software puts less time among you and your cash. It incorporates different installment doors like Stripe, Authorize.net, and PayPal so you can concentrate on the administration of your accounts. Rental software additionally gives you a choice to hold advance installments on Mastercards to pull down occurrences of client flake-outs. This makes for a slick method to balance out your income.
6. It offers robotized invoicing
This not just takes up a great deal of your time yet is
inclined to typographical blunders. Rental scheduling software liberates you
from the weight of keeping up physical deals records. It naturally produces and
messages solicitations to your clients when they submit a request. A
computerized framework that solicits for you as well as records for limits,
promotion codes, premium charges, and assessments is the main rental
arrangement that your business needs. This makes it simpler for you to run and
oversee advertising efforts while rental software assumes responsibility for
your authoritative daily schedule.
software is a genuine turnkey answer for all your rental issues: Rental
software fills the development of your business as it assumes responsibility
for reservation confusion and disappointed clients. It incorporates various
installment entryways and offers shifted highlights to help track your requests
and screen your presentation.
If you have any questions for us, drop in an email at firstname.lastname@example.org.
In this commercially advancing world, office space is one of the most important sought-after properties. Companies that have vacant spaces can consider giving it out for rent.
Underutilized Office Spaces?
Some offices may have big conference rooms, small meeting rooms, or even vacant cabins that are not being utilized up to their capacity. These underutilized spaces can add to your income. You can list these spaces online for rent, and voilà! You will find people reaching out to you.
If you add amenities like printer, fax, whiteboard, or a projector along with office space, you will find the demand for your underutilized space going up, and you will start earning a good income out of it.
Consider Renting it Out?
Are you still wondering whether you can rent out your extra
space in the office? Currently, ShareDesk is a key contributor to the sharing
economy. They provide shared workspaces by renting it to freelancers.
Some well-known companies like; Airbnb and Roomorama have
proven this idea of short-term renting of residential places. Thus, this idea
can work well for commercial spaces as well.
Don’t believe? Let’s look at some reasons to rent out your extra office space.
You can work with new folks
Co-working is a trend now as this community brings companies
and freelancers under one roof. As a result, co-working software is becoming a
trend. This will result in professional connections and interactions.
For example, if an advertising agency rents their free space
to a design agency, then it will benefit both the agencies in their growth.
Thus, if you have a spare space in your office, then rent it
out to the people who are running a business that you want to associate.
Renting out your spare office space can help you earn extra
money. You can earn tens of thousands every month as per the location and size
of the spare room.
Now, you may consider it a stressful job as you may need the
help of a broker. However, now you can do this without the help of a broker as
well. You can list your space digitally via Rentcubo’s rental management software, which is
more flexible and hassle-free to use.
Make a community of individuals with a similar mindset
If you have vacant space in your office and want to rent it
out, then consider people who are of a similar community. For example, if your
office space is in a location, which is famous for startups, then consider
choosing startup businesses as tenants.
As there is an increase in professionals working as
freelancers, there is a growing need for co-working spaces. Shared office
spaces can conveniently meet the needs of such professionals who are working on
projects. A shared office opens up opportunities for most professionals to be
creative and interact with people from different fields. They can meet people
from their background or even competitors. It helps them in getting a broader
view of how things are changing in the market and adapt to these changes
Rental Booking Software
Some businessmen have to travel a lot with regards to their work. The schedules of these businessmen are generally busy with meetings and catching up with work. However, they wouldn’t prefer to conduct the meeting in a hotel lobby or chat with clients in their room. They would prefer to conduct their meetings in an office-like environment with access to a printer, whiteboard, and other such amenities.
Rented Office Space as Solution
Now, in this situation, they would want to know if there is a rented office space available for a few hours or days. A rented spare office is quite an advantage for a businessman who is on a visit for a few days. An office-like environment would give access to amenities like fax or printer. He would also want to inquire in advance if he would get access to such amenities before making a booking.
Rental Booking software
So the rental booking software can make things more pleasant.
The software would allow the booking of the office space and also select the
amenities that are required. For instance, a desk with two chairs, a printer,
and a whiteboard is your requirement. The software or App would allow selecting
the required office amenities and also provide payment options. Once you make
the selection and make the payment, you are good to go.
Thus rental booking software can be quite helpful in booking
spare office spaces or for you to share office space with someone in need.
I hope now you have got a clear idea of how renting your
spare office space can benefit you and how rental booking software can help you
However, if you still have any inquiries regarding the same,
please feel free to reach out to us.
Traffic congestion is something that each and every one of us despises. The primary culprit is again the US. With an increased number of cars on the road, average travel time increases many folds, thereby increasing the cost of maintenance. One of the effective ways to tackle this problem is the car rental platform. One may ask- how? Most of us do not use our cars on a daily basis. For such scenarios, we can rent a car if and when required. Other than monetary benefits, it also gives us peace of mind by not needing to worry about the maintenance of owning a car.
Renting a car usually involves renting a car from a car rental company by answering a few questions related to one’s needs and budget. One of the main factors that are considered is when one needs the car and for how long. Based on the budget and availability of cars, one can select a car of their liking. A background check is then done on the driving history and insurance for safety measures.
The Car rental system will have a booking volume that includes- travels booked by the users from selected regions or even independent departure and arrival of travelers. This will take into account time-based rentals from professional car rental services. The sharing of resources in modern times is seen as the way forward for many industries. From office space to transport, this is seen as the most efficient way forward in utilizing the limited resources available.
Digitization is the key mantra for industries of today. Everybody is moving swiftly to digitize their businesses. Car rental business software is the best B2B (Business to Business) software to rent cars.
Revenue in this particular sector is shown to have a steady growth of 3.6% annually which
amounts to US $94,764m in 2020 alone.
- The average revenue per user (ARPU) currently amounts to the US $199.51.
- The United States of America generates the most revenue in terms of global comparison.
- By 2024, the number of users is expected to amount to 568.5m.
But there are some disadvantages to car rentals. Some of them are as below:
- The car can’t leave the country borders.
- While returning the car, you must return to the same place from which the car was picked. Otherwise, there may be a penalty levied for changing the place of delivery.
- Condition of the car to be the same as when availed. Else a penalty will be charged.
RentCAR is the best car rental software in the market, we provide a customizable Car rental script which is not only built with the latest technologies but is also easily scalable to concur the market space. The process of handling fees and the selection of cars becomes that much simpler. The success of a car rental business software lies in the ease of use of the website for customers. RentCAR is exactly that, giving a great sense of customization and scalability where the renter can choose a car that best fits their needs and budget.
Managing a booming business is always a tough ask. Digitization of the same is that much tougher. With RentCAR, we get car rental management software which is a one-stop shopping cart for all car rental needs. With RentCAR, one can expect safe and secure transactions that are customizable. We provide a user-centric and friendly interface that makes the process of renting a car smoothly. RentCAR has a plethora of collections of economical cars that fit the budget to a tee.
Why is RentCAR the best car rental software? Below are some of the advantages we provide:
- Multiple and dynamic pricing :
We offer a variety of pricing packages for cars with the option of self-drive, thus making your car rental business unique. There is also an option to apply prices dynamically if the drive extends beyond the package using the car rental script.
- Record management:
It is mandatory for the renter to manage all the related documents on the platform before they onboard.
- Navigation, tracking, and overtime policies:
With the help of Google maps integration, the navigation and tracking are real-time keeping everyone involved in the loop about the whereabouts. And as mentioned earlier dynamic pricing is a custom policy that could be created to implement overtime policy.
Like all successful businesses, RentCAR takes customer reviews earnestly as a barometer to improve the services we provide. It also gives the customer a sense of their peer’s adventure with us.
As the self-storage business is unique with tasks and reporting unlike other businesses, the management software for self-storage must be designed to meet a brand’s specific needs. After investing both time and money into the development of self-storage business owners are faced with the difficulty of managing manual tasks while running their business. But too often, they rush into choosing any management software without analyzing whether it fits their needs or not. Due to the unique nature of a self-storage model, it is important to determine which program best suits your requirements today and tomorrow.
What is a self-storage management software?
Self-storage management software is a solution that provides the ability to manage self-storage units on the basis of facility size, budget, and operational requirements to meet business goals. Whether you own a small self-storage business or a well-established one, self-storage management software helps you in managing your storage facilities in a quick, methodological and professional manner.
Simply put, self-storage management software is a system that enables storage space owners to manage their storage units remotely and have all the key pieces of information available and accessible at all times. You can easily access the data on available storage spaces, booking, payment processing, etc.
This helps you save your valuable effort and time, control your workflow, and help you focus on other aspects of business more intensively. Alternatively, there are white label self-storage management solutions that help you to create a full-fledged website to develop your self-storage platform.
Benefits of self-storage management software
The advancements in modern technology have brought in significant changes in the ways we do self-storage business. The use of self-storage management is one of them, which helps businesses to have better control, enjoy improved efficiency and high productivity, and eventually deliver better customer experiences. The benefits of this amazing software solution don’t end there. Here are some of the benefits of self-storage management software for your self-storage business.
The most significant benefit of using self-storage software is the incredible convenience it offers. This holds true especially if you are using a cloud-based self-storage system. This facilitates your business to access the data from anywhere when you have Internet capability.
You could be traveling at work or stuck at home, and still have access to all your booking information and billing reports. The self-storage managing software also allows you to have a degree of control over the business operations to make sure everything is running smoothly. This expedites your response to issues and allows you to enjoy greater control to set things in order.
Self-storage unit management
The fundamental function of self-storage management software is to allow businesses to manage move-ins and move-outs of self-storage units, keep a database of user information, and allow you to review the payment status of customers. Good software also comes with a
A user-friendly dashboard that gives you a quick view of the availability of spaces, occupancy, revenue generated, and other key metrics relevant to your business success.
Some self-storage management solution comes with web design features are an ideal option if you have no web presence and want to set your own self-storage platform. This comes with several advantages like seamless integrations between your online booking, inventory control, and other management systems.
Self-storage management software offers a simple and user-friendly system to manage your business effortlessly. With user-friendly software, your team need not spend a lot of time to familiarize with the software system. Higher-end solution providers offer better customer support which allows enjoying the constant support and guidance in case you need any help after installation. Most software is PC and Mac compatible, allowing you to access the software from literally any computer system you use.
One of the primary benefits of software for self-storage business is to keep track of which storage spaces at your facility are available for rentals in real-time. Some software systems also give you a visual picture of available and occupied storage units through a custom storage facility map.
Process and collect online payment
The ability to process and collect payments online is a game-changer for self-storage space businesses. In this digital age, customers prefer to enjoy the ability to book and pay for self-storage units online.
If a customer comes to your self-storage website through an online search, the ability for them to book and pay for a storage unit online will impress them which will benefit your business in turn. Otherwise, most probably, they will continue their search to book your competitor’s services that allow them to pay online.
Unlike the standard account management software, self-storage management software allows business owners to apply recurring billing. At any point while using your services, your customers can get a detailed report on payment details which all customers will appreciate.
As billing is made in advance for self-storage businesses, regular accounting software cannot offer complete payment information. This is where self-software management software becomes significant.
Efficient customer relationship management
Self-storage management software offers an automated way to proactively communicate with your existing customers and prospects. The software would feature many built-in trigger events to activate a customer relationship management process that you can configure. It also handles lead management allowing to automatically follow up and send notifications to respective customers. Altogether, self-storage management software is not just a customer relationship management tool, but a go-to multi-purpose tool to run your business efficiently.
The success of self-storage businesses lies in the security integrations it provides as security systems being the most important aspect of any self-storage facility. With self-storage management software, you retain the ability to lock out non-paying customers and customers who are not adhering to the policies which help to keep your self-storage facility more safe and secure.
The software is industry-specific
From the surface, renting self-storage units appears to be simple. However, in reality, it’s not. It involves a complex set of business operations that needs careful execution. For the same reason, your self-storage software is industry-specific to deal with customers according to the specific industry. Each industry needs a specific self-storage management software system to compliment the business the best way.
Don’t have to worry about updates and backups
With a self-storage management software system, you need not worry about software updates and backups. You need not download or install anything. The management software will always be live and up-to-date. As the software can be updated so easily, any problem can be easily fixed, tested, and updated quickly. Finally, you never have to worry about backing up data and the software will do all these tasks on its own so that you can focus on other business activities.
One of the most important factors while choosing any software is the customer support you receive. Self-storage management software programs that are web-based are more easily supported when compared to web-enabled software programs. The reason being, the solution providers can access the essential data along with the user, see exactly what they see and often fix the problems quickly. When picking a self-storage software system, make sure fee support is integrated into the package as well.
Things to consider when purchasing self-storage management software for your self-storage business
Choosing to invest in a self-storage management software system for your storage business is the most significant decision that drives your business growth. To make sure you are making the right decision, here are some of the key things to consider when buying self-storage management software.
Buy the software at the right time
When buying self-storage management software for their business, most brands make the mistake of being late with the software purchase. Many think that they can manage the business operations manually, only to realize later that it is hectic.
It is important to choose the software at least sometime before you officially enter the storage business. This is important as the software must be customized according to your unique business requirements. Having enough time to consider all the necessary features and customizations and then choose the best software is of key importance.
Choose a flexible self-storage management system
Your self-storage businesses will go through constant development which is impossible without making necessary customizations in the way you run your business. Hence, it is really significant to choose a flexible self-storage management system that adapts to your changes in policies to follow and support your business as it expands. Otherwise, you will really risk the smooth running of your business as your software fails to adapt to your business changes.
Get clarity about software terms
If you don’t understand the terms and conditions, you will have a tough time making an informed decision about which self-storage management software system is best for your business. For example, you need to understand PC-based software, web-based, and web-enabled software programs.
PC-based software is a web-enabled software system that can be installed directly on a computer system and doesn’t need to be connected to another computer. Whereas, web-based software is software on-demand system that requires an ongoing fee instead of a software license purchase. Web-enabled or PC-based software run in all Windows operating system environments.
Buy software that interface with other software systems you use
Most businesses select software systems without realizing it will not interface with other business systems. If you don’t choose a software system that doesn’t interface with other software systems, you use it. For example, payment integration systems, access control, electronic payment processing, etc. A mistake like this will prevent your self-storage software from following the growth and development of your business.
No flexible payment option
When you run a self-storage business, you must make sure you offer convenient payment options to your customers that will result in timely financial transactions and great customer relationships.
The software you choose must allow customers to make payments on your business website through electronic check processing or automatic credit card processing. The more options you offer to your customers; the fewer excuses your customers will have for missing a payment. This will also help in retaining your customers.
Choosing the wrong software solution
When you are investing your time and money into choosing the right self-storage management software, you need to ensure that you are making the right decision. Build a strong relationship with the solution providers, to pave your path to success. A good software system along with the relationship with knowledgeable, experienced, and helpful solution providers will ensure your long term business success.
Coming to an End!
The Self-storage software offers a number of benefits, but ultimately it’s up to the self-storage business owners to determine what’s appropriate for their business. Unique business requirements, budget, and a number of other factors play a significant role in your key decision. If you are choosing to invest in the self-storage management system, it is important to remain up-to-date about new technologies so you can operate your self-storage business and serve your customers in the best way possible.
While it’s no secret that many vacation rental businesses advertise their properties on listing sites like Airbnb to maximize the booking and renting potential, there is no better way than starting your own vacation rental website. As the vacation rental market is projected to reach $194 billion by 2021, business owners have to consider the aspects that will help them to gain a competitive edge in the market.
Even with a single property, a list of tasks that needs to be coordinated to make the business profitable is daunting. Today’s vacation rental websites powered by technology can streamline the booking and management of one or multiple properties. Here are some of the reasons why vacation rental business owners must consider building an outstanding website.
Use of Vacation Rental Website for Business Owners
Receive direct bookings
The main reason why you want to have your own vacation rental website is to receive direct bookings directly. Setting up your vacation rental website also means there is no extra third-party fee like host or transaction fee. Research also reveals that over 65% of guests prefer to book directly from a vacation rental website rather than using third-party websites.
With your own website, you will also benefit from reaching a different user base that wants to find their rental home privately. Guests love the convenience of being able to book vacation rentals directly, especially when there are no hidden fees.
Become listing independent
If you take accommodation rental platforms like Airbnb, there are now more hosts than ever. Not just third-party sites have become more powerful, they charge high commissions from both travelers and property owners alike. Setting up your vacation rental website is the first step in taking back this control that you are losing to third-party sites and taking your business into your terms. Having your own website supports your marketing efforts where you can approach your potential customers you could never reach before. With a vacation rental website in place, you can easily stand out from the competition and run your business the best way possible.
Enjoy control and freedom over your business
There is no denying that having your rental properties listed on third party websites impose limitations over certain aspects. You won’t have 100% control over the things you want to publish unless you have a vacation rental website of your own. Want to add more images on the homepage? You can make it happen on your website. Everything is on you, and in your control. No matter what you put on your website, there are no restrictions that limit your decisions.
Centralize your properties
If you list your vacation rental properties on multiple channels, it can be difficult to manage the bookings across different platforms. It will increase the risk of double bookings as well. A vacation rental website will serve as a great solution to avoid the confusion that could happen when your properties are listed in different places. Synchronize your external calendars, control all incoming booking requests from one single inbox, check minute details of each booking like amount, payment status, etc.
A dedicated channel manager in your platform will handle all the trouble of organizing your listings. You just have to synchronize your availability calendar with your vacation rental software and sit back and watch as your listings are automatically updated.
Automate tedious tasks
When you run a vacation rental business, there would be many business tasks that are repetitive. Automating these tasks helps in increasing efficiency and thereby improving productivity. This is yet another use of vacation rental websites and it is easy to integrate automation tools to support the business operations. These tasks greatly involve both management and sales processes like communication with potential customers, marketing to customers, requesting unpaid amounts and confirming paid amounts, etc. Autoresponders and canned responses to inquiry emails save a significant amount of time and makes running a vacation rental business an effortless job.
Display your skills
A vacation rental website is the best platform to showcase your assets. For example, you can collate all your positive guest reviews from other sites to create a testimonial page on your website. You can collect digital badges that are online certificates of your accomplishment. The more badges you have, the more users will trust your website, and the more bookings you will receive. Use your vacation rental website to display your expertise.
In the digital world, we live in, every reputable business has a website of its own. If it doesn’t, it falls behind the fierce competition in the industry. Yes, you can also advertise your vacation rental business on other platforms, but what if potential customers come looking for your business website and come up short? It might even dissuade them from making bookings with you. That is exactly why you need a vacation rental website.
For guests who want to avoid the booking fee will also search for a better deal- that’s when having a website becomes more significant. Just think of your vacation rental website as your business card. If someone is interested in checking out your properties, do you really want to send them a third-party listing? The answer would be no and that’s why a business website is essential for any vacation rental business looking to build online credibility.
Having an online presence is the first point towards building a solid brand presence for your vacation rental business. If you want the whole world to know about your business, you must have a branded platform of your own. The use of a vacation rental website extends beyond that. Building your vacation rental brand involves establishing consistency across your website and any external listings by referring your business to its brand name to support your marketing efforts. On third-party listing sites, your business is just a commodity, one among thousands of listings. However, a vacation rental website will help your business stand out from the competition and help your guests in identifying your brand as something more than just another vacation rental business.
It’s easy to accomplish
The main thing that refrains business owners from creating a vacation rental website is the efforts and costs involved behind it. Yes, building a vacation rental website for your business from scratch is an elaborate and time-consuming process that involves a lot of money as well, However, besides the elaborate ways, there are some easy ways out there. White label solutions allow you to create your own vacation rental website and accept online bookings effortlessly and cost-effectively. These solutions are 100% customizable so you can adapt each aspect to fit your business needs and goals. Creating your own stunning hospitality website allows you to synchronize your site with any external channels to manage reservations from a centralized system. Plus, you can easily integrate your website with social media platforms like Facebook, Instagram, Twitter, etc.
Having a professional vacation rental website can enhance your business. Not only does it offer the control to market your business the way you want it, but it also helps diversify your booking channels. Vacation rental websites can help businesses to expand their reach, take more bookings, save time and manage everything from a centralized platform and integrate with external applications. A carefully structured business website can help you have all the tools in place to grow your business to new levels.
If you ever thought of owning a vacation rental website for your business then check out our Airbnb clone script to get your vacation rental website.
Coworking spaces are quickly gaining momentum across the globe for a couple of years. The concept of shared office spaces has been in the market for a while, but its popularity has been rising in recent years with entrepreneurs and freelancers looking for dynamic and flexible workspaces. Coworking spaces have disrupted the traditional work environment and are emerging as a rapidly growing sector and are expected to continue in 2020 as well. According to Statista, there will be over 22,400 coworking spaces by the beginning of 2020.
Coworking spaces are shared office spaces that allow both individuals and businesses to share the office space and resources like desks, meeting rooms, and collaborative areas. With the rising demand for coworking spaces among people, more and more brands are entering into the coworking space marketplace business to make it easy for people to find and book coworking spaces. But how much does building an Airbnb for coworking cost?
If you are looking for different ways on how to start a coworking marketplace, you are at the right place. In this blog, we will discuss the cost to create a coworking marketplace, its business model, essential features, and other factors that influence the overall cost.
The business model
Basically, coworking space marketplaces work exactly like Airbnb. While Airbnb is a peer-peer marketplace that connects travelers and hosts, coworking space marketplaces connect shared office space providers and businesses looking for shared office space rentals.
Just like Airbnb, coworking management software is also made for a mass market that connects different markets- Coworking space owners and entrepreneurs or freelancers through customized user experiences. When it comes to the revenue strategy, the platform makes the money from the commission for hosting listings and renting from each booking. For example, Airbnb takes a hosting fee of 3% and a rental fee of 6%-12% for each booking. While the basic revenue model of a peer-peer coworking management software is the commission model, you can employ other monetization strategies like premium listing, in-app purchases, etc.
The Cost to set up a coworking marketplace
Coworking marketplaces are complex and require a lot of work. The overall cost of starting a coworking marketplace depends on a lot of factors. Of course, the functionalities of the platform affect the overall cost. The good news is that there are cost-effective alternatives when it comes to building coworking marketplaces.
Let’s explore the factors that affect the shared office space cost.
Core features and functionalities
When you want to launch a coworking marketplace, it is important to differentiate between the core features and additional features of the platform. The coworking platform has three types of users- The coworking space owners, the renters, and the admin. The most complex part of development is in implementing the features for the service providers. Here are the common features and functionalities you must implement in your coworking marketplace.
To start using your coworking platform, both users (excluding admin) have to register and sign in. The basic option is to allow users to register using email and password registration. You can also allow social media signup to make it more convenient for users. Once the registration is done, users must be able to log into the platform.
Set up user profiles
After signing in, users must be able to create user profiles with their personal information like name, mail id, passwords, etc.
Coworking space owners must be able to list their shared office spaces in your platform with details like name, location, type, and images.
This is one of the important features of any coworking marketplace to help users find the right match. Your platform must have an advanced search system that allows users to search for coworking spaces based on location, availability, and various other factors.
The advanced booking system of the coworking space marketplace will allow users to check the availability of coworking spaces for a particular time frame. After inputting the desired date, the user must be able to see a list of suitable coworking spaces with all essential details like descriptions, photos, reviews, etc. Once a user makes a booking, the service provider will receive a notification and can choose to accept or decline the booking.
An in-app messaging system is essential to facilitate communication between service providers and renters to discuss things regarding booking a coworking space. This is an important feature that allows establishing trust between users.
If you are thinking about how to start a coworking marketplace business, this is one of the most important functions you must implement in your platform. Integrate a full-fledged online payment in your coworking space marketplace to make it easy for renters to pay for booked space and for service providers to receive payment for their rental services. The online payment system comes handy for users to make the payment on the go and for the admin to earn commissions from each transaction that happens in the marketplace.
Building a coworking platform
The most important part of launching a coworking business is to build a coworking marketplace. Building a coworking platform involves planning how to set up one. Do you want to build it from scratch or build the platform efficiently using a white label solution? These factors will play a major role in deciding the overall cost to set up a coworking marketplace.
Let’s cover the two alternatives and the cost involved.
• Building a coworking marketplace from scratch
• Building a coworking marketplace using a readymade script
Building a coworking marketplace from scratch
Creating a coworking marketplace from scratch is the most elaborate and costly method. The cost of starting a coworking marketplace depends on the unique requirements of your platform. There are a lot of aspects that influence the overall cost like the technical complexity, the number of platforms, the number of developers, standard or customized design, etc.
Each feature of your platform must be created and configured on both the client-side and server-side. The server-side tech stack is one of the significant and the most time-consuming part of the entire development process.
The overall cost to build an Airbnb for coworking space can range anywhere between $50,000-$100,000, or more depending on the average rate for a developer. Globally the price differs for an hour of developers and can range anywhere between $20-$500 per hour.
Building a coworking marketplace using a readymade script
Using a white label script to build your coworking marketplace is an efficient and cost-effective way to reduce the coworking space cost significantly. A readymade script is ready to deploy a program that helps to create a peer-peer rental marketplace with all the features and functionalities similar to Airbnb.
If you are thinking about how to start a coworking marketplace on a budget, a clone script saves you a lot of time, effort and yes, a significant amount of money as well. A good script comes with all features like powerful search, advanced filters, booking management system, communication system, online payment integration, multi-currency support, admin dashboard, and monetization features. And, all this will just cost you around $1000-$2000 alone with all the customizations you require.
Wrapping it up!
The trend of coworking space is increasing and is going to continue the same in 2020 as well. The cost of starting a coworking marketplace with a clone script is quite affordable when compared with the cost to build the marketplace from scratch. Building a peer-peer platform for your coworking space business is a better alternative as the work is already automated for you. You can customize it to incorporate any degree of personalization you require to make the final product unique.
Even with the high demand, there is a lack of an efficient coworking management software that connects two user groups to facilitate business between them. For the same reason, launching a coworking management software will always be a lucrative business.