The concept of renting has been around for centuries, and yet the rental industry still needs to be more advanced. The idea of rental marketplaces is not new, but it has taken some time for it to become established. Many rental marketplaces have come and gone, but none have truly been successful. Until now, with the launch of Rease.
In this blog post, we will explore the reasons why rental marketplaces have been slow to make an appearance and why there has never been a better time for them to establish a foothold in today’s market.
The Challenge of Trust
One of the main challenges in the rental industry is building trust between Owners and Renters. Renting something requires that there be trust between two parties who may be complete strangers.
In the past, this has been a significant obstacle for rental marketplaces.
Reputable platforms such as Airbnb have made strides in this area, but there is still a long way to go. With the increase in modern technology, safety, and security are becoming easier to control and manage with rentals.
There are third-party companies that verify each user’s identity by cross-matching with government databases. With the development of such services, companies like Rease have taken advantage of providing Owners and Renters a great deal of confidence when renting items.
Rease has been developed and designed with trust in mind. The platform uses a ‘Green-Id‘ verification process for both Owners and Renters, so users can be sure they are connecting with and dealing with legitimate people. The platform also offers a rating system, so owners can see the ratings and reviews of renters before they book an item.
Not only is there a review system for both owners and renters, but also for each product listed on the App. This system gives users even more confidence when deciding on a booking, as they can process all the details surrounding a rental and make an informed decision.
The Complexity of Rentals
Another challenge facing the rental industry is the complexity of the entire rental process. Renting involves more than just handing over the keys or items. There are rental agreements, security deposits, and insurance to consider.
Many rental marketplaces have struggled with managing these complexities. Not only does a transaction have to occur once, but twice. The return process needs to be accounted for, especially in dispute cases or with troubled users. There are many issues that can occur, leaving the question, “Who is accountable?”.
Rease tries to hold as much responsibility as possible but still begs its users to take certain precautions. There are bond options and insurance options that need to be considered. Each user should be careful to ask the right questions and to communicate effectively with the other party.
Rease has simplified the rental process as much as possible. The platform ensures a transparent booking process, so Owners and Renters can feel secure when renting or leasing items. The platform also offers a secure payment system, so renters can rest assured that they will receive payment for their products.
They also have staff who are always willing to help solve disputes and manage any issues that occur throughout the process. ‘Stripe Connect’ is an effective payment system and a third-party company with its own insurance. With all the complex issues renters face, Rease has managed to build a solid, user-friendly platform!
Limited Focus
Another reason why there have been only a few successful rental marketplaces until now is that many of them have had a narrow focus. They may have focused on one specific category, such as vacation rentals or tool rentals. This limited focus has made it difficult for them to gain traction and succeed.
We have seen marketplaces such as Amazon, eBay, and Facebook Marketplace succeed as they have provided platforms covering a wide range of product categories. Rease has followed suit by providing users with a broad range of categories instead of the conventionally super-focused businesses to date.
Rease provides users with products ranging from baby & children’s needs to clothing & accessories, sports equipment, electronics & computers, cars, boats & jetskis, real estate, and more. This wide coverage helps the platform interest many people and become more popular.
Lack of Innovation
Finally, the lack of innovation has been a major hurdle for rental marketplaces. Many rental marketplaces have failed to innovate and adapt to the changing needs of their users. This has resulted in a lack of growth, eventually leading to their downfall.
Rease constantly innovates and improves the App to satisfy users’ needs. The platform is always looking for ways to enhance the user experience and make renting easier and more efficient. Rease’s dedication to innovation is one of the key reasons why it has been able to succeed where others have failed.
Conclusion
The rental industry has faced many challenges over the years, including building trust, managing complexity, limited focus, and a need for more innovation. However, with the launch of Rease, the rental industry is finally seeing a platform that addresses these challenges head-on.
By focusing on these issues, the company is set to revolutionize the rental industry and finally provide users with a platform that has been long awaited! Rease connects with their users personally and takes feedback seriously, placing them on a course to success.
