I Made $1K a Week Renting Out Something I Already Owned
Looking to make some extra cash renting items you already own? It does seem sort of ideal, right? Well, Alcide Deschesnes, founder and CEO at ONE Club Trainer, managed to do exactly that.
In 2019, Deschesnes bought a camper van so he could take weekend trips. Unfortunately, he didn’t wind up taking as many trips as he thought and the van mostly sat in his driveway for three years. When he realized he was paying $180 per month in insurance alone, he couldn’t justify the expense. But he didn’t want to get rid of his van either.
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That’s when Deschesnes listed the camper van on Outdoorsy for $195 a day. Lo and behold, he received back-to-back bookings in the very first week and a whole new income stream was born — to the tune of $1,000 a week!
Find out below how he maintains this income stream.
1. Seasonal Pricing
To optimize earnings, Deschesnes takes advantage of supply and demand. During peak seasons (long weekends/holidays), Deschesnes increases the listing price to $220 per day. During slower seasons, he drops the price to $175 per day.
2. Pre-Rental Documentation
Outdoorsy collects a damage deposit from renters. However, without adequate documentation, listers can’t prove the damage was actually caused by a specific renter. And that results in side gig listers paying out of pocket for repairs to their items.
So, prior to handing over the keys to each renter, Deschesnes records videos of the exterior and takes photos of the interior. He makes sure all of his documentation has a time stamp so he can collect money for any damages that occur.
3. Solid Maintenance
After each customer returns the van, Deschesnes runs a 12-point checklist (he ensures the tires are in good shape, fluids are topped off, lights are in working order etcetera) so it is in good condition for the next customer. Deschesnes currently has a 4.96 rating — which may be the best marketing around.
4. Carefully Managed Listing
Since customers click on photos that catch their eye prior to even reading product descriptions, Deschesnes goes out of his way to post quality photos with good lighting. He also rewrites the listing description every few months tailored to each season, holiday, long weekend, etc.
5. Prompt Replies
Deschesnes automated confirmation messages, pick-up reminders and thank you notes. This makes guests feel they are in capable and attentive hands without the side gig taking up too much of his actual time.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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