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Difficult to determine the right price?
Ispick's handy rental pricing guide is here to help!
Discover how to properly price your products with Ispick’s handy pricing guide!
Deciding the right price for your product can be tricky. If you price your product too high, you might miss out on rental opportunities. Too low, and you might miss out on revenue.
But worry not! Ispick’s pricing guide is here to save the day!
Taking into account the retail price of your product, the market rent for similar products, etc, we’ve got some useful pricing strategies you can check out, which will help you decide how to set the right prices for your product!
Let’s start with the simplest pricing strategy-
Cost of product + Profit margin
Thus, your rent would be
Rent = Cost + Margin
The margin is entirely up to you as the owner. Calculating the rent using the above formula will also help you determine the optimal renting duration, where you will reach the break-even point.
Another approach would be to price your product based on what your competitor is.
If you are an established renter on the Ispick platform, you can rent at the same price as your competitor.
Rent = Competitor’s Rent
However, if you are new, it would be advisable for you to rent at a slightly lower rate.
Rent < Competitor’s Rent
Thus, when it comes to finding what pricing strategy works for you, figure out what your expenses are, the convenience and benefits of the product you’re listing, and your revenue goals.
Another important aspect of renting is the security deposit.
A security deposit provides monetary security to the product lister in case of damage to the product.
When deciding the right amount to list as your security deposit, we urge you to keep in mind that you are renting out pre-owned items.
Products that you own will typically wear out or depreciate in value overtime. However, we completely understand the value your products hold for you, thus, safeguarding them is a priority for us.
An appropriately priced security deposit will also enable you to list your product at a lower rent, attracting more customers.
Let’s take a look at how to determine a security deposit amount-
- One month’s rent:
A very common practice is to charge one month’s rent as the security deposit. This seems like a reasonable and fair amount.
You may consider collecting a slightly higher amount in case of electronics (which contain add-ons) and expensive equipment.
- Check the market rate:
You could look into what your competitors are charging for similar products, and list your own accordingly.
- Consider your customers:
A higher security deposit may strain your customers’ finances. For example, someone renting furniture might just have moved into a new apartment, in which case they might have a lot of ongoing expenses. Keeping a reasonable security deposit will protect you, but will also build goodwill with your customers.
- Low risk items:
For products that have depreciated in value (your products are pre-owned and have been in your possession for quite some time), consider a lower security deposit, because you will earn added revenue through rent, and the deposit is refundable anyway.
In case you have more queries, check out our FAQs page and feel free to reach out to Ispick Support!
Why should you use Ispick?
What does Ispick offer?
A clutter-free lifestyle and more!
• Verified product listings & users
• Wide variety & range of products
• Fulfill both long term and short term rental need
• Assurance program for your product
• No expensive commitments
• Secure online payments
• Multiple payment modes
• Easy refund of deposit
• Easy navigation to browse & select products
• Calendar assist to book rentals
• Freedom to specify different address for product drop-off
• Telephonic support
• Email/SMS based reminders & notifications
• Dashboard to track & manage rentals
• Service support during rentals
• Door step pick-up & delivery
• Fast delivery
• Nominal delivery rates
• Hassle-free delivery experience
• Easy upload & listing process
• Auto-credit of rental amount into your account
• Dashboard to track & manage your product listings and bookings
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Hodek Edge Pvt ltd, Office no 415 4th floor, Metro house, Mangaldas road, Opp Hotel Conrad, Pune Maharastra. 411001.