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Top 5 challenges faced by rental business owners

As per statistics, the growth rate of rental business has been expected to increase 3.4% from 2020 to 2027. Yet, entrepreneurs and small business owners are still facing numerous challenges in running their rental business. Understanding possible pitfalls will help you to avoid major challenges. The reason for the challenges depends on various factors such as improper planning, not balancing the supply and demand, technical complexity, security issues, scaling issues, and more. In this blog, I’m going to share some solutions to overcome the typical challenges faced by rental business owners.

Challenges faced by rental business owners 

Here are some of the major challenges faced by rental business owners,

  • Liquidity management
  • Under optimized customer experience
  • Availability management
  • Difficult to manage multiple bookings
  • Inconvenient payment method
  1. Liquidity management:

Liquidity is coined as supply and demand in other terms. Supply and demand play a major role in the rental business. If rental businesses won’t have enough supply or demand, then there is a chance to face a chicken-egg problem in running a rental business.   

Solutions to overcome liquidity management:

Listed below are the ways to solve the supply and demand problem, 

Start small: By starting small, there are a lot of possibilities to avoid critical mistakes.  For example: Just focus on a single area, and expand gradually after the growth. 

Focus on a single community: Just focus on a particular set of audience and offer bookings for the targeted audience. For example: Focus on grown-ups because most of the adults are using the internet actively. 

  1. Under-optimized customer experience:

The rental business owners should know the fact that providing a good customer experience will dramatically increase the growth and value of the rental business. Bad customer experience will lead to a reduction in profits as well as sales.

Let me prove to you some statistics, 

According to the report, 

  • More than $62 billion is lost each year due to poor customer experience. 
  • Nearly 91% of the customers are unhappy and leaving the brand without any complaints. 

The solution to overcome under-optimized customer experience : 

Here are some of the ways to increase customer experience, 

Meet your customers’ expectations by building a rental website to provide an easy rental booking experience. With perfect user experience on your rental website helps you to increase your customer base in all geographical areas. It also helps to know the customer’s expectation of your service.

  1. Availability management

Handling the availability management in the traditional business can be the challenging part of the rental business.

The solution to overcome availability management: 

To solve the availability management, rental software can be the right solution that helps to manage your current, and future booking easily.  It also helps you to prevent availability related problems.

  1. Difficult to manage multiple bookings

Managing multiple bookings can be big trouble for the rental business owners. 

Example of multiple booking problem: 

When a customer books the rental property at a specific date. Later, they would like to change their booking to another date and it was confirmed. But, the business owner forgot to schedule the booking in their calendar. So, it may cause multiple booking problems and affect the rental business.

The solution to overcome multiple bookings:

To prevent multiple bookings, you need to choose the perfect rental solution with calendar management features. These features can help you to manage all the upcoming rental bookings easily.

  1. Inconvenient payment method

As per research, $128  Billion forecasted value of in-store mobile payments in the US by 2021. If you are the rental business owner and still using an inconvenient payment as cash on delivery only. Then, there will be a high chance that your customer conversion rate can be decreased, and new customers’ returning rate can also be down.

A solution to overcome inconvenient payment method:

To overcome the inconvenient payment method, you need to start a multi-payment option in your rental business. Multiple payment options such as credit card, debit card, e-wallet, and other payment options. This will help rental business owners to increase the sales rate with efficient cash flow, business innovation, global reach and helps to deal with different currencies.

Want to overcome all these challenges using a one-stop solution? 

A customizable rental solution will help small business owners/startups to overcome the major challenges faced by the rental business owners.

Interested to know the benefits of the customizable rental script?

  • Offers complete source code
  • Helps in providing you a better user experience with top-notch features
  • Supports multi-language and multi-currency
  • Easily accessible across the globe
  • Use of latest technologies like ReactJs, and GraphQL 
  • Mobile-friendly
  • Fully customizable according to the kind of rental business
  • Extendable – you can extend your business globally
  • Cost-effective
  • Assured tech support

Putting it together 

We hope now you have the confidence to run the rental business without any challenges. The above-said solution would help you to overcome the major challenges. 

 

WooberlyEats

WooberlyEats is a readymade UberEats Clone solution that enables entrepreneurs to start their own business in a short span of time. It is built with a new technology called Flutter, which gives the advantage of developing the platform at a faster pace at less cost.

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