One of the most trending businesses in today’s competitive world is the Space rental business. Space rental is a service of renting a venue space for a certain time and date to organize various events ranging from business meetings to entertainment purposes. It has come up with numerous benefits including convenience in location, affordable cost, etc.
Before starting your revenue model, there is a need to choose the business model that suits your needs and requirements. The success of the space rental business mainly depends on the business model.
Let me figure out some business models,
Gaining revenue on a popular commission-based model is swiftly growing. This model is one of the best ways to earn revenue for each and every transaction occurring.
Commission fees will be collected from both hosts and guests for each and every booking.
Setting up a fee either might be a fixed fee or a percentage fee.
A fixed fee is a particular set of the fee that remains fixed for every booking
The percentage fee is an adjustable-fee that will be calculated based on the transactions.
As we all know, the subscription business model is one of the most used models by the customers and an exponentially growing business model that makes steady revenue. This method allows the customer to pay a fixed amount of money on fixed time intervals including a monthly or yearly basis.
The main advantages of the subscription model are listed below,
- steady monthly income
- recurring revenue
- retention of the customers
- Budget-friendly model
- Stronger customer relationships
- Boost customer acquisition with better performance.
The simplest way of earning money is by listing the space. The vendors have to pay the fee to list their space in the rental marketplace. It can be collected on a regular or premium basis. There is also an option to collect revenue for promoted ads.
Some of the benefits of listing fee,
- Earn more revenue
- Attract more customers
- Drive more sales
- Increase more bookings
- Increase the high visibility
- Meet the features
- Advanced search filters
Enhance the experience of the users with the advanced search filter option. Users can easily find their desired space at the expected locations and affordable cost by filtering the results. It helps the users to get everything at a single tap.
Users have the option to save their desired space by this wishlist feature. They can also save their desired space for future bookings. This handy feature helps users save more time from searching from the first.
Offering seamless transactions through these payment gateways. Supporting payment gateway stripe as well as Paypal for secure and safe transactions within a fraction of seconds in a hassle-free manner.
Stripe connect onboarding
Providing safe and secure transactions by stripe connect onboarding and they can easily add bank details by eliminating some processes.
Instant book and request to book
Offering Instant book and request to book options for booking your favorite space. “Instant book option” allows the users to book the space immediately. The “Request to book” option allows the user to send a booking request and should wait for a response from the host.
Tech stack powering office space script
Implementing features and functionalities alone will not be achievable without advanced technologies. Beat your competitors with the most popular tech stack used that helps speed up the development process.
- React Apollo and Apollo client
Best office space script
Are you looking for the best space rental script? RentALL Space is a readymade space rental script that helps entrepreneurs in building their own space rental business with 100% customer satisfaction.