Are you trying to rent out your property and earn extra bucks? Don’t know how to do it right?
Event rental software can make your life easy and save you the hassle of listing, promoting, and maintaining your rental space.
In this article, you’ll discover why event renting is on the rise, why use software to rent out and manage your place, and some of the best event rental software you can use to earn a fortune from your idle equipment or space.
So let’s get started.
Why is Event Renting On a Rise, And How is it Lucrative For Venue Owners?
After taking a hit from the Covid-19 pandemic, the rental industry is bullish on growth in the upcoming times.
Events like live performances and concerts are on a steady rise across the globe. However, with technology taking center place, the demand and supply factors of rental companies have changed, resulting in an altered business model.
There are two main reasons why people opt for renting over buying certain things.
Firstly, around 55% of consumers choose to rent for temporary solutions. Whether renting a bike for a day on a holiday or furniture while staying at some place for a short duration, renting gives flexible choices.
Secondly, renting makes more sense to people because it’s less expensive and more convenient than buying the actual product.
For example, renting a venue for a function saves the hassles of customers by providing all-one solutions from online booking to marketing.
In a way, we can say that with the growing commitment of free zones across the world, renting offers you to avail of products and services with almost no obligations and commitment.
Let’s consider another example. Couples are turning away from large and traditional wedding functions and are opting for smaller and more personalized ceremonies.
They prefer small and idyllic properties for the wedding function that resonates with their personality. This is a lucrative opportunity for venue owners who own hidden and rustic venues which can host their weddings.
Cabin Creek Lodge, Easton, Washington, is a chalet owned by Patrick. Located in a picturesque setting, it’s a perfect spot for a blissful wedding ceremony.
The charges begin from over $2400 per night and go on depending on the number of guests and the type of event. Imagine how much you can make if you own a property like Patrick that can host events like weddings or boot camps.
But would you just go door to door and ask people if they’re interested in renting your place? Of course not. That’s where renting software comes into the picture.
Why Use Event Rental Software?
Event rental software helps event rental businesses in managing various business functions like inventory and order management, invoicing, CRM (customer relationship management), and many more.
Still not sure whether to use it or not?
Here are some key benefits of using event rental software.
#1. Easy Inventory Management
A proper inventory system allows the business owner to keep track of every item in the store.
With the event rental software, every item is tied to a specific number which acts as an identifier, making it easier for the manager to keep a record of what’s in there and what’s missing.
#2. Effective Order Management
Managing orders can be a tedious task, especially when you have a lot of orders. Improper management of the orders can be unhealthy for your business and brand.
The rental software is designed to track and manage rental orders effectively, keeping a record of customers’ order information and invoices.
#3. Increasing Online Presence
Event rental software helps increase your online visibility so that your customers can find out about you easily. This allows the business to grow faster by attracting more clients.
#4. Integrated Payment Options
Rental software makes payment processes easy for customers. They provide flexible paying options like credit cards, cheques, and cash, which customers can choose at their convenience.
This helps in a smooth and speedy business operation, benefitting both the client and the owner.
Features To Look For In An Event Rental Software
#1. Instant Inventory Management
A rental software must have the ability to track and visualize the inventory instantly. It gives precise information on what’s coming into and what’s going out of your inventory.
Let’s say you got an order from a client. The instant inventory management system of the rental software should alert you about the availability of a specific item the client has asked for.
In this case, it prevents you from taking a wrong order or double booking.
#2. Easier Website Integration
A neat website is the soul of an online business. This holds true for the event rental software as well.
An event rental software must have the necessary website plugins to link your website to it, where you can display relevant information about the product and services beautifully.
#3. Payment Integrations
Providing flexible payment options to customers boosts the overall experience by making the checkout process smooth.
If someone books an event, they should be able to go to your website and complete their rental checkout immediately with the integrated payment options.
It also saves you the pain of tracking your money so that you can focus on upgrading your product and services.
Additional features like automating the process of signing and sending the contracts can save time and complete the legal process quickly.
By signing the contract, both client and the owner come to an authentic legal agreement describing the rental event’s terms and conditions, which you can print later.
Now that you know what to look for when investing in event rental software let’s look at some of your options.
Sortly is an event rental software that provides efficient solutions for party rental businesses to keep track of their inventory.
- Intuitively designed software that can help you get started in no time without any formal training.
- QR label-backed inventory search leads to hassle-free inventory management so you can focus more on the business.
- Auto alerts and reminders save the effort of continuously monitoring the inventory, keeping you informed about what’s happening.
- Easy to generate customizable inventory reports that tell about the current status of the inventory
Sortly has a limited version for individuals and new businesses. It also provides affordable rental business solutions on upgrades to Advanced and Ultra plans. If you’re a large enterprise, you can talk to customer support and discuss what best suits them.
Event Rental System
Event Rental System is an all-in-one cloud-based party rental software that allows customers to manage various event-related operations.
- Has integrated a 24/7 working website that helps you order online with real-time inventory management
- Automated marketing and reporting tools can save time and increase your overall revenue.
- Integrated digital signature saves the hassle of paperwork
- Powerful CRM offers email and text marketing features to attract more customers and growth
Event Rental System offers basic features like digital signatures and WordPress plugins on the Standard pricing plan. You can further upgrade to Pro and Elite depending on the number of items.
Booqable is a cloud-based event rental software that helps you organize your rental business.
- Smart inventory management lets you track your orders and inventory, sharing information about the availability of the equipment.
- The online rental store enables customers to book online directly from the website.
- Accepts all major payment gateways like Paypal, credit cards, and local methods like Giropay and iDEAL
- A robust support system enhances the overall customer experience by reaching out to help them if any issue arises.
- Multi-location inventory management enables you to keep track of your inventory across all the locations.
Apart from the 14-day free trial, Booqable offers flexible price options suited for new rental companies, mid-sized teams, and large enterprises.
EZ RentOut is an equipment rental software that lets you save time with its smart perks and helps your business grow ahead.
- The order tracking feature lets you track the order status as it gets drafted, rented, and returned.
- B2B customer management provides you an idea about your potential customers, driving revenue growth.
- The sub-renting feature allows you to manage items you borrowed from your partners.
- Comprehensive POS solutions and payment tracking enable smooth payment of an order.
- Smart analytics enables you to predict future trends and understand customer preferences better.
EZ RentOut lets you choose the best pricing according to the size of your rental company. You can try out the models for free and upgrade them to avail features like GPS integration and supporting multiple sites for large construction rental companies.
Rentman is an all-in-one event rental solution that helps event companies manage their operations to increase their revenue growth.
- The project management feature enables project tracking and ensures effective communication among the team.
- Analytics report lets you analyze the data to make informed decisions and saves you from unwanted loss.
- Smart inventory management lets you organize, schedule, and track your equipment so you can always plan ahead.
- Offers seamless communication with your crew quickly and easily, saving time and bringing clarity to work
- Create a simple and accurate financial quote in seconds that your customer can approve and turn into proposals
Rentman provides smart inventory solutions in Standard and Pro price plans. You can start from the Standard and move on to Pro to get access to features like Subrental management and equipment reporting.
Good Shuffle is a powerful event rental software that provides smart solutions to companies with large inventories.
- Smart inventory tools let you manage unlimited inventory by tracking every single component to prevent double-booking.
- Customizable quotes with e-signatures and photo-driven proposals let your brand communicate effectively, thus increasing your sales.
- The auto payment system tracks and completes the remaining sum to be paid, saving you from chasing down the remaining balances.
- Bright and beautiful dashboards let you know about inventory, clients, billing, and many more in a few clicks.
- Built-in detailed tax reports let you make better financial decisions with tax and accounting.
Goodshuffle Pro pricing covers unlimited support and training, contract, and inventory features depending upon the users. However, opting for integrations with your current website can seem a little expensive.
As you can see, event rental software empowers you to take control of your event business.
The automated features save significant time for businesses from the hassles of order and inventory management to manage your order while you sleep.
This helps businesses scale at a much faster rate, ensuring customer satisfaction at the same time.