5 Tips on Renting Out Your Stuff and Earn Extra Cash

Building wealth could start with small side hassles. So make it happen by starting on things that you already have. Renting your stuff out for an extra cash is a good gig.

But like other cash on the side projects, it also needs thorough knowledge. To make transactions and cash flow easier on both parties.

More on the sharing-economy business nuggets.

There are companies nowadays who can assist us in achieving this venture. From car rentals to cameras and others, those are now available. All we need are some research and you’ll be ready to become a rental business rock star!

Caution!

Making money out of renting stuff is good but know the risk.

Different people from varied walks of life are now getting connected to the internet. You market is huge while the business concept is simple.

You got tools, find people who can be interested in borrowing those and show it via websites. Before getting into yourself into any transactions, learn the rules of each website. Examine if it is something doable or not for you.

These are the necessary steps that you will have done. To materialize on its prices under certain conditions. Then afterward, cash comes in for you.

Here are 5 tips that you need to take when considering this type of business

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TIP#1: Check and choose websites that gives you protection.

Shield yourself from any damages incurred during rentals.

Always on the look of what the sites are offering to protect your rented out property. This one of the most important things that you need to bear in mind to keep your business going. Damaged properties after being rented may bring losses and other underlying problems.

Shop around sites and see whose schemes are better and works best for your interest.

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TIP#2: Revisit your insurance policy with your insurer.

This initiative will protect you from unforeseen events. In cases like you might need to claim in the future. Make sure that renting a property or stuff will not lose your coverage.

Although this is more likely applicable to contents insurance. Renting any of your goods or personal belongings must be known to your insurance company.

Also, consider a different public liability insurance in renting out high-risk goods. This is a protection in events such as accidents to the borrower’s party caused by the items you let them borrowed

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Tip#3: Keep yourself on the safe side of the transaction.

Remember that you are renting out your items or properties to complete strangers. Be as vigilant as possible. If you need to meet up, choose venues that are public. And, if they must go to your place, the doorstep is the best place in the house to meet them.

Whichever comes into a plan, make sure that someone else should be with you during the exchange. Whether during the borrowing or returning of items.

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Tip #4: Consult your mortgage provider or landlord.

If you decide to rent out a property under a mortgage, let your provider be aware of it. This will save you from trouble just in case the action is a not viable according to your terms with them. It may also affect your rate which you need to be aware of. So, a little talk with your landlord or mortgage won’t hurt.

So, we hope that these tips will help you in making further steps in earning cash from items or properties you have.

Yet, the concept of “sharing” doesn’t end here. Below are some of the companies you might consider partnering with later on.

Peer Renters

This is an online avenue where renters and rentees gather to meet their needs. It is more applicable to any goods you wish to rent out.

Airbnb

If you got an extra room in your house, consider getting extra cash out of it. Backpacker travelers are now open to ideas such as this. Compared to checking in to expensive hotels during their escapade.

Renting out your rarely used car can be a brilliant idea to make money out of it. But it is more like giving them a ride than completely turning over the keys of your car for them to use. This can be an option if you are not comfortable. Or if you don’t trust that strangers can take good care of your car, so drive them to their destination instead.

Wrap Up

Renting out your stuff in a sharing economy concept is a growing industry that anyone can enjoy. If you got extra goods that might be rather useful by others in exchange for cash, then get on the bandwagon. Yet, take precautionary measures. Since the business idea looks risky, most especially for conventional entrepreneurs.

RESOURCES

All the Stuff You Can Rent Out to Earn Extra Cash
10 Things You Can Rent out for Extra Cash

 

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Sharing Economy

Understanding the Concept of Sharing Economy

List of Websites the People can Use

Sharing is loving. And that particular value has been sweeping off as a business. Sharing economy concept is gaining popularity in advanced countries. Though, it had gathered controversies and contradictions from different sectors.

Let’s dig in a little about it, to help us understand the idea (even the basic ones). As there have been a lot of vagueness and confusions which leads to doubts about the terminology. The truth of the matter is, this could be an interesting topic to tackle.

Interesting to note the different idea it conveys. As the thought of sharing in this context is a little peculiar from our cultural practices.

The Simple Definition

“Sharing economy is an economic system in which assets or services are shared between private individuals either for free or with a fee.

– Google

This is via websites that are of course run by the power of the internet.

As a touch base, “sharing” in a traditional sense, is an action we do with trusted individuals. Like our family, friends, and neighbors.

But, today’s sharing stage promotes offering partition to strangers. Hence, this is something that critics have seen loopholes because it has a greater degree of risk. Besides to that, most of the services offered are personal like car, food or even extra room in your home.

Yet, it should not end there. A technology-driven industry as such has a strong historical basis. Thus, the people behind this concept are confident in using it. It is just like you are sharing your idea or contents online.

Some good examples of these are file-sharing, music and video sharing.

Another insight from a critic’s point of view:

“Sharing does not entail any monetary involvement in the supposition.”

The term “sharing” might be a misleading ad since the right words should have been “renting”. But, they have seen the definition in a different context. Because sharing could also mean sharing the cost or expenses.

With all the arguments emerging about sharing economy, it made the idea too broad. The terminology used is more appealing.

And has a positive value which can get a higher response rate, so it has been used by the industry.

Now, why don’t we look at the bright side of the opportunity it offers?

Check this short list  of the best sharing companies that we can open an account with:

We can look at this as a way of changed and improved way of life. This gives a better and positive effect on the collaboration of ideas for all consumers

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Room Sharing

This involves an individual person who has an extra space in their home. That they are willing to offer to other people for use. This option is more economical for the renter compared as to booking to a hotel. Below are some room sharing websites:

AirBnb

A room sharing website that of course requires a monetary deal. This is for people who have an extra room or like to let their own room be rented out while they are away for vacation. Visit their website for more information.

Other similar rooms sharing sites are BedyCasa and Wimdu.

Couchsurfing

This is room sharing site that is free of charge. Interesting way to meet new friends from different part of the globe. If you wish to become a host, rather than renting out a room or space, list it to verified members on this website. Check this out now.

Ride Sharing

This is another service that we can enjoy and it comes in different fashions. It could be a company owned shared car or a personal vehicle. Check the some of them below:

Car2Go

It is a company who owns a fleet of cars that offers users to rent cars from them for a monthly fee. Want to check on them, click here.

Zipcar is another company that works similarly with Car2Go.

Lyft

An app based service that lets you drive for their company. This means you can drive individuals and send them to their destinations in exchange for money. And it is a cheaper ride for people who need to reach from one destination to another. Click here for more information.

Sidecar works just like Lyft but with its own version of the benefits offered.

There are still many sharing economy concept based companies that are existing today. For Stuff Sharing, you can visit Yerdle, Craigslist, eBay and a lot more.

If you are looking for services, you can check Vayable, TaskRabbit, Upwork, and others.

And for Park sharing, check out FightCar and Park Circa.

Wrap Up

Sharing is built from a relationship. Yet in modern times, we have evolved into something wider as compared to its basic definition.

As the sharing economy stirred the traditional way of thinking. We have opened up to a brighter idea on how we can create an earning out of it. Yes, no denial, it is another good way to generate income. With just simple steps in getting there, it is as easy as 1-2-3.

But, we need to consider and weigh things over. Before jumping into something that seems to be critical.

First, room sharing depends on your own personal value. Like renting out your own personal room takes away your privacy, more or less. So, you have to examine first on how you see and live your life. Trends should not bother your own outlook or preference.

Second, think of your safety at all times. Strangers will be strangers until you have met and knew them. Well, we don’t have to be very bleak towards the idea but it is the reality. But, in a business person’s perspective, the risk is some sort of a monochrome, you might not see but it’s there.

True, risk is there. But a good business reduces the effect of the presence of it. That is why a good calculation must be considered. So, this is where sharing economy companies take its role. They need to have a solid foundation on how to make both parties get the security high and risk at low.

Learning more about how this makes a perfect business is a good start for anybody who wants it for a living. Sharing economy has both pros and cons. But as long as both joiners are doing this in good faith, everyone gets the benefit. A brighter chance for anyone who is looking for an extra income.

 

 

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Uber, Airbnb and the consequences of the sharing economy: Research roundup

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Putting the sharing economy into perspective

Peer-to-peer rental: The rise of the sharing economy

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