It’s time to dust off those barely used items and start making money.
GroupnShop is the only buy and sell on a platform that allows you to rent out items. Our built-in Rent Its features, like Stripe pay and putting holds on Renters’ deposits, allow you to make money from the items you only use on occasion.
If you’re looking to rent out something from your shed, closet or basement – here are the five easy steps to get going.
STEP 1: Link your banking
Head to your GroupnShop profile and add your banking information. You’ll need to link your bank accounts to receive payments for items you are renting out. This is all processed securely through Stripe. In this step, you will need to provide details including:
- Name
- Birthday
- Address
- Account holder name
- Banking information including routing transit number and account number (can be found on a void cheque or by calling your bank)
STEP 2: Get your item ready
Items that are cleaned up and in good condition make for great rentals. Brush off the dust and clean your items before taking between one and six photos. It’s also a great time to make note of any damage that is already a part of the item and what accessories are included.
STEP 3: Post on GroupnShop – item details
Head to our posting option and select ‘Rent It’. You’ll start by giving it a title, adding it to a GroupnShop category and uploading some pictures.
There are some other details that help potential renters know if they want to rent your item, these include:
- When the item is available to rent
- Location (as general as a city or as specific as a neighbourhood)
- Item condition
- Item description (minimum 20 characters)
- Instructions or notes (mention any important notes or give instructions on how to use the item)
- If you offer delivery/return service
STEP 4: Set your price
On GroupnShop, you can set daily or weekly rental rates. Need help figuring out how much to rent something out for? We can help. The recommendation for rentals is to set the daily rate at between 2.5 – 5% of the total value of the item and to set the weekly rate at between 8 – 10% of the total value of the item.
When you’re setting the price, you also need to set your damage deposit. GroupnShop will place a hold on the renter’s credit card for the amount equal to the damage deposit that you set. The hold will be lifted when you confirm that the item was returned in good condition. When setting a damage deposit, you want to calculate between 15 – 25% of the total value of the item.
STEP 5: Preview and post
Once you have given the details of the item and set your prices, you are able to preview the post. When you preview your post, you should read it carefully to ensure the information is accurate and that the photos look good. Then post it and start connecting with renters.
Get started today by heading to GroupnShop. Happy renting!
