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Are you familiar with the concept of sub-renting? Before knowing the sub-renting concept, you have to understand the concept of the rental business. Do you have any rental business? If so, the sub-renting concept will bring additional advantages to your rental business. Curious to know how the sub-renting concept works?
Okay, just relax! You are in the right place. Just go through this article and learn about the concept of sub-renting. This article will assist you to understand the core concept and working process of sub-renting for your rental business.
The sub-rental system refers to the process of renting any equipment or property from another rental service provider. This process allows a rental service provider to rent their required equipment from another rental service provider.
In most cities, there are at least a few equipment rental companies that serve the community, ranging from construction equipment to party supplies and more. In some larger towns, there may be more than one of each type of rental company who sometimes help each other out to supply everything on a customer’s order.
This activity is called “coop-petition” (companies who cooperate can also compete for business). All we need a rental software for small businesses to automate the sub-renting process.
If you have a party rental business, customers can place an order to rent 120 chairs. Let’s say that you have 100 folding chairs in stock, but a customer places an order for 120 chairs. The business can decide to buy the additional chairs to fulfill the order (with hopes that the costs haven’t risen too much, or that the new chairs will arrive in time for the customer’s event).
Another option is to “sub rent” the needed items from another party rental company in town, saving the business the full purchase cost of the new chairs. Also, as members of the same industry, there may be a “preferred pricing” agreement, so that the first business can source the chairs and still make money on the order.
To conduct the entire process, you just need rental software. In this regard, you can choose RentMy rental business software which will provide a complete package to conduct the entire rental business.
The RentMy sub-rental portal makes it easy for businesses to offer share real-time availability of items and (if desired), offer a preferred price to select businesses, all without the time-consuming phone calls & emails to make the arrangement.
Here, you will get the step-by-step process of this rental software that will assist to understand the sub-renting system.
Business A adds its inventory to the RentMy system to offer online (or back-office only) rental management, along with “public” pricing. Customers can browse inventory, check availability and pricing and place their orders online.
Business A can also share availability and preferred pricing with Business B, who is permitted special access to Business A’s inventory. Business B can now check availability and reserve items (don’t worry – RentMy ensures that the items Business B reserves will not disrupt/overbook other Business A bookings).
If Business A decides to reject Business B’s booking, it can easily cancel and refund the new reservation.
So, the sub-rental system mainly works in the process of the rental system. To get the facilities of a sub-rental system, you need to integrate rental software.
If you have a rental business, you can integrate a sub-rental system with your business. You will get the double benefits by integrating a sub-rental system. There are numerous benefits of the sub-renting system. These are:
The sub-rental software provides you with a convenient way to serve your customers. Suppose your customer has ordered an item that you do not have in stock. If you have a sub-rental system, you can keep a continuous flow of orders. It will assist you to maintain a continuous flow of your entire process. So, you can coordinate and maintain an uninterrupted operation of your rental business by adopting a sub-rental system.
Sometimes it might be overwhelming for you to keep a lot of resources in your inventory. But if you have a sub-rental system, you can serve the demand of your customers. If you do not have this particular product that you need to rent, you can sub-rent it from another rental service provider, and then you can rent it to your customers. This process helps to save your cost and you can easily maximize your business revenue.
This one is another significant benefit of a sub-rental system. If you are connected with the sub-rental system, you can definitely serve your customers which one your customers want. In this regard, you can adopt the sub-renting system that will allow you to sub-rent any equipment or property from another rental provider. As a result, you can easily rent the product or equipment your customer needs if you don’t have this product or equipment in your inventory.
Though the concept of the rental business is one of the trendy business ideas in the present market, the sub-rental system is also interconnected with the rental business. You will get 10x more extra benefits if you adopt the sub-renting system with your rental business.
So, it is time to make something new and exceptional to build the automation of your business and grab the maximum revenue.
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