Real estate is one of the largest income-generating industries worldwide. Even at the height of the pandemic, it generated marketplace revenues of over $10.5 trillion in 2020. Many homeowners and real estate investors have opted to enter the lucrative rental marketplace business based on its profitability.
Many property owners have begun to utilize marketplace business platforms to efficiently streamline the rental process. These marketplace platforms have become indispensable tools in their rental accommodation business. Property owners appreciate that marketplace rental platforms significantly simplify their daily administrative tasks. These include advertising accommodations, booking, and collecting payments through the marketplace.
Among the most significant users of these marketplace platforms are also tenants or renters. These users prefer convenience, ease of booking, and secure payment gateways, as good reasons to use rental marketplace platforms. Based on their functionality, versatility, and added layer of security for both users, it is clear that marketplace rental platforms are here to stay.
What is a Rental Platform?
A rental platform is a virtual marketplace that connects merchants with renters. This online platform allows users to rent various items listed on a marketplace by individuals or companies for a fee. Rental marketplace items include equipment, vehicles, furniture, or real estate.
Rental platforms are popular among real estate marketplace users because of their convenience. It seamlessly connects buyers and sellers in the real estate rental marketplace and charges users a fee. Property owners pay the rental platform a listing fee to advertise their accommodations on the marketplace. These users understand that rental marketplace platforms are the most efficient and hassle-free way of meeting and screening potential renters. Online marketplaces simplify the process and are excellent platforms for property owners to rent their accommodations safely.
Rental marketplace platforms are also popular among renters seeking short- or long-term accommodations. Some marketplace platforms allow tenants or renters to search through property listings for free. However, other real estate marketplace businesses may charge a membership or 'finder's fee' to get additional details on the accommodations. This may include the property address, rental price detailed photos of the interior and exterior. Based on its steady growth, there is an opportunity to build rental marketplace platforms, to serve the needs of these users.
What are the Core Features of a Rental Platform?
During product development, the core features of a rental platform can be referred to as the minimum variable product or marketplace MVP. A marketplace MVP requires the development of a basic rental marketplace platform in its most uncomplicated version. This MVP has simple; core features sufficient to meet most users' needs. The purpose of the marketplace MVP is to gather feedback and evaluate the reaction of potential users. Based on the response of users to the marketplace MVP features, it is determined if more product development is needed. A rental marketplace business may create a basic platform with minimum variable product features that include the following:
- Signup/ Login Portal
- Search Filter Option
- Map/ Locations
- Accommodation Page
- Chat Feature
Core MVP Features
Signup/ Login Portal:
A signup/login page is a core MVP feature for most marketplace platforms. It is created for its users to start an account and log in to the rental marketplace for rental app development. The signup MVP feature allows hosts to register, log into the business portal of the platform, and manage property listings. The guest signup portal registers users to start their marketplace profile. This account profile enables guests to search for and confirm their accommodation. A rental marketplace MVP also facilitates integration with social media platforms during the signup or login process.
Rental marketplace MVP should include the development of search filters for users. Search filters are MVP marketplace features that make it easier for users to search, sort, and select the ideal candidate or accommodations for rental. Hosts may use marketplace search filters as a screening tool to find guests of a particular demographic. Renters can use search filters for accommodations in a particular location that is deemed most suitable for their commute. They can also utilize search filters based on personal preferences such as room size or facility amenities such as air conditioning.
A rental marketplace MVP includes a map feature that helps potential visitors to find the location of the property easily. During marketplace platform development, the team should ensure that the maps are accurate and up to date. Marketplace maps should be accessible and integrate well with data-driven location apps such as Google Maps on the web, android, and iOS.
Rental Marketplace MVP
The accommodation page on the MVP marketplace features photos, maps, amenities, and other information about the facilities. Specific details on the facilities and amenities of marketplace accommodations are a minimum variable product feature of rental platforms. Users can see the marketplace accommodations at a glance before confirming their booking. The marketplace MVP page features details such as the number of rooms, their availability, and the calendar booking portal.
There should be a means for the property host to communicate with the rental marketplace users. A chat feature or messaging function would allow the users to ensure that booking arrangements are adequately worked out and also allows a forum to ask questions or make complaints should any arise.
Users of rental marketplace platforms provide feedback on their accommodation experience through online reviews. Feedback can be made public for potential guests to view and leave additional comments or questions. These marketplace features are important because potential visitors to the platform read these reviews. They often base their decision to book accommodations at the location on the feedback of previous renters. Responsive hosts can also use the feedback marketplace features on the platform to respond to customers.
Rental Marketplace Custom Solutions
Secure Payment Gateway:
Payments for rentals are usually processed through the automated systems on rental marketplace apps. Secure payment gateways allow users to view billing information, complete their transactions, and select add-on options relevant to their booking. The MVP payment platform on a rental marketplace allows the use of a majority of currencies and payment processor options such as PayPal.
Rental marketplace users may also have the option of posting their accommodation experience. These photos or videos would be stored on the marketplace photo and video gallery. This marketplace gallery makes it easier for users to show other prospective renters images of the property.
Which is the Best App for Renting?
Airbnb is the most recognizable rental marketplace product worldwide. It is viewed as one of the best platforms by property owners and rental marketplace users. This platform allows persons to list and book rental property on a virtual marketplace. The Airbnb platform has many automated features, such as intuitive navigation and a user-friendly interface. Its virtual marketplace makes it easy for hosts to advertise their property to thousands of users simultaneously.
For business owners, it helps them review and select the most suitable tenants for their property. It also maintains accurate customer data for the business owner on its platform. This makes Airbnb the rental marketplace product of choice for business owners. Airbnb boasts a large database of marketplace listings, responsive customer service, and reliable accommodations. Its security features facilitate seamless payment processing and a reliable refund system for users should issues arise. Hosts can also add value to their rental property business with other add-ons such as experience tours.
Liquid Space is a popular rental marketplace product for renting out co-working space. It allows users to rent office space, equipment, furniture, and amenities at an hourly rate. This marketplace product allows individuals, digital nomads, and startup businesses to book meeting rooms on the property. It gives business owners and individuals the flexibility of having an office without the significant overheads and maintenance costs.
How Do I Create a Rental Marketplace App?
Choose Your Product Solution:
Before the product development phase, decide what type of rental marketplace platform best suits the needs of your business. A ready-made marketplace platform would be the best solution for a small-scale real estate business that requires only basic MVP. However, a larger-scale virtual marketplace requires a more giant, more scalable technology stack. Developers would need to build marketplace platform features that are custom to meet the needs of the business.
Marketplace Discovery Phase:
To evaluate the rental marketplace business feasibility, business owners need to conduct a discovery phase. Before you start to build marketplace platform solutions, the pros and cons need to be assessed during the discovery phase of development. In the discovery phase, developers examine in detail the features of the marketplace platform. The discovery phase also includes evaluating the technology stack and scalability of the marketplace MVP to arrive at the best solution type.
Implement Marketplace Solution:
How Much Does It Cost to Build a Rental Marketplace Platform?
Marketplace development costs will vary based on the desired MVP of the rental marketplace platform being built. If the best solution type is a minimum variable product rental platform with basic core features, this will affect the overall project budget. To build rental marketplace solutions, business owners may turn to ready-made MVP solutions to quickly launch their rental marketplace business.
In A Nutshell
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