Login or Register
How to Price Your Items on BorrowMe
Item lending platforms have changed people's way of thinking about buying and owning items, and a lot of people have embraced lending. More people are now more open to sharing things at a fee instead of holding on to items they don’t use very often.
When you visit these sites, you will find many listed items as well as reviews by people who have rented these items. This shows that both renters and borrowers are willing to use lending platforms. BorrowMe.com is one of the most reliable and trustworthy websites you can use for your lending, renting, selling and buying needs.
The best part about this approach is that there are a variety of categories where you can post products on BorrowMe. You can rent anything from clothes to electronics to party items to tools to home appliances to games to just about anything! Meaning, if you look around your house, there is the real possibility that you will find more than one item to rent out. If you are the ambitious type, you can even buy things that people commonly use, rent them out, and earn money from the comfort of your home.
However, pricing your items for rent can be tricky, especially if you are just starting. This is because, unlike in situations when you bought goods purposely for reselling, you had no initial intention to make money of random things lying around your house. The random items are most likely things you purchased for personal use that have already served their purpose or things you outgrew or lost interest in.
When considering how much to charge, you should first consider the value of your item. The lending price of an item should be determined by how much you paid for it. In any case, you want to get the best deal for your item. You should therefore not price cheap and expensive items the same way. Place the prices a bit higher for the more expensive things.
Another thing you should take into consideration when setting prices are the going rates for other items. You do not want to be the odd one out among your competitors by charging too much or too little. Hence, ensure that your prices do not differ significantly from those of other people lending similar goods. If the value is the same, set your prices at par or just slightly higher or lower than your competitors’ prices. Pricing your products too low will make lenders doubt the condition of your items while pricing them too high will discourage them from renting from you.
Pricing plays a significant role in determining the number of lenders who express interest in your items. Make sure you take into consideration all the tips in this article to help you with pricing your products.
When you visit these sites, you will find many listed items as well as reviews by people who have rented these items. This shows that both renters and borrowers are willing to use lending platforms. BorrowMe.com is one of the most reliable and trustworthy websites you can use for your lending, renting, selling and buying needs.
The best part about this approach is that there are a variety of categories where you can post products on BorrowMe. You can rent anything from clothes to electronics to party items to tools to home appliances to games to just about anything! Meaning, if you look around your house, there is the real possibility that you will find more than one item to rent out. If you are the ambitious type, you can even buy things that people commonly use, rent them out, and earn money from the comfort of your home.
However, pricing your items for rent can be tricky, especially if you are just starting. This is because, unlike in situations when you bought goods purposely for reselling, you had no initial intention to make money of random things lying around your house. The random items are most likely things you purchased for personal use that have already served their purpose or things you outgrew or lost interest in.
Another thing you should take into consideration when setting prices are the going rates for other items. You do not want to be the odd one out among your competitors by charging too much or too little. Hence, ensure that your prices do not differ significantly from those of other people lending similar goods. If the value is the same, set your prices at par or just slightly higher or lower than your competitors’ prices. Pricing your products too low will make lenders doubt the condition of your items while pricing them too high will discourage them from renting from you.
Pricing plays a significant role in determining the number of lenders who express interest in your items. Make sure you take into consideration all the tips in this article to help you with pricing your products.