Younger generations are more concerned about the environment and their carbon footprint while also looking for cost-cutting opportunities. Renting and the sharing economy are the best solutions in this scenario for getting excellent quality at a low cost. As a result, almost 70% of millennials and Generation Z respondents choose to rent rather than own.
The market, on the other hand, is eager to adopt the latest trends. People can now rent cars, clothes, home appliances, real estate, and other items. It opens up an endless field of possibilities and encourages startup ideas to look to successful companies like Airbnb for inspiration.
For more than a decade, the barriers to living in an unfamiliar place while traveling have been removed, and the cause is undeniably an app like Airbnb. Since its inception, the Airbnb company has grown in prominence as a travel platform that allows clients to save money on trips, meet trustworthy people, and simply live like a local.
Airbnb is one of the many examples of a rental marketplace. A rental marketplace offers a plethora of services ranging from vacation rental properties to rental equipment services. All of these services are unique business propositions and they have the ability to turn a business into a fortune. This blog by RentCubo, one of the most successful software development companies for a range of rental marketplaces, describes the steps of building a unique rental marketplace.
Come Up With an Idea:
If you don’t have a strategy and a concept, you risk losing the bigger picture of rental marketplace development. As a result, the first step in developing a rental marketplace is to come up with a vision and a high-level business plan for offering booking services. As you may be aware, hundreds of industries and niches need a rental marketplace, but only a few of them are significant and have an actual impact in the real world scenario. As a result, make a list of primary goals that will help you focus on your app’s target audience.
Pick the Right Platform:
The idea that a cross-platform product will appeal to a large audience isn’t a lie, but has its own shortcomings. Truth is that when developing a new rental marketplace, it’s ideal to start with one of the platforms, either Android or iOS. A more user-friendly device environment will emerge from choosing a single platform for your app to start with.
Once you’ve assessed the market and target audience response to your product, you may design for numerous mobile app platforms based on the user experience, which accounts for about 80% of all users. Since Android has the largest market share in terms of data for Android apps for various OS versions, setting high goals is critical. The remaining 20% of iOS users are mostly wealthy folks who use the iPhone frequently. This indicates that having the app available on iOS could increase short-term trip sales.
Design the UI:
You may start building your app with the help of expert app designers and developers after your idea is ready and the platform is set up to fulfill your goals. The steps involved in this stage are Sketches, Wireframes, Mockups, Prototypes, and other design elements.
One of the most essential reasons to design the app’s user interface before coding is that it allows you to fulfill your graphic and visual goals. As indicated in the visual guide, backend development team software engineers should simply write scripts to make the various visual features useful. As a result, it helps to cut down on both development time and costs.
Integrate Best Features:
Features are what make an app enjoyable and you need to make sure that your rental marketplace has a range of best features. While some features are common across all rental marketplaces like user accounts, profile settings, payment gateways, etc., the rest of them need to be specific to the particular industry niche of the rental marketplace.
Therefore, extensive research must be carried out to take into consideration all possible features you can integrate into the particular rental marketplace. This way your users will not be deprived of essential features but rather have a pleasant experience.
Testing and Launch:
Your testing team will be able to join the phase once your development team has completed the rental marketplace. The quality assurance analyst team inspects your built rental marketplace to ensure it is operational. If any defects are detected, they must be rectified and retested so that clients have a great experience and the system functions properly. After debugging, the mobile application is now ready to be released to users. Consider keeping the app clone up to date with wants and technical learning, if you want to be in the market for a long time.
Conclusion
It takes a lot of time and effort to build a successful rental marketplace business. Building a solid marketplace website is a terrific start, but it’s only the beginning. It’s all about how quickly you can learn about your people and answer their most pressing problems.
When attempting to develop a revenue-generating rental marketplace and its website, it is critical to plan out a budget and estimate the time it will take to launch a product. In order to understand the strengths and weaknesses of competitors, a company must conduct research. Investing in a rental marketplace will almost certainly pay off for your business handsomely.
