Renting out your things on Peer-to-Peer renting sites is a great way to make a passive income from stuff that would usually collect rust in your garage. You can rent out almost anything including vehicles, drones, cameras, music equipment, DJ equipment, and much more.
This side hustle is safe if you do it right. It’s not like renting something out to someone random you found on craigslist. Peer-to-peer renting marketplaces have checks in place to ensure safety for both parties. For example, Fat Llama offers a cover of up to $30,000 for every item you rent out on their marketplace.
If you are in a profession where you need to buy new gear every year, you can rent out your old gear on Fat Llama. Photography is a good example. Got lots of drones that you don’t want to sell just so you have a backup? Rent it out on Fat Llama and buy your next one using the passive income you get.
If you have tech equipment such as cameras, lenses, drones, DJ equipment, or power tools that you can rent out, you can easily make a couple of hundred dollars a month passively. If you happen to have a lot of equipment that you can rent out, you can easily clear a couple of thousands every month.
Pros of using peer-to-peer renting sites
- Make money by renting out stuff you don’t use.
- You can optionally offer your equipment such as a drone or camera as a service and make a lot more money.
- Every item you rent out is covered with a guarantee of up to $30k by Fat Llama.
- If you have a lot of equipment you can rent out, you can make more than a thousand dollars every month passively.
- Every borrower on Fat Llama is verified.
- The process of getting started is really easy and doesn’t take much time.
Cons of using peer-to-peer renting sites
- If you want to turn this hustle into an income stream, you need expensive equipment that you can rent out.
- Risk of getting equipment stolen by the borrower.
- Even though Fat Llama offers cover for every item, you still lose time if your item gets stolen.
- There is a lot of competition on this site. Competition is low only for expensive equipment.
- A couple of people on the internet report that their equipment was stolen and they didn’t get any of the insurance money.
Tips on renting things out on Peer-to-Peer Renting marketplaces
- Never lend out anything that you need for your work. There’s a chance that you might get delays in getting your item back. For example, a camera you need for work.
- If you have a bunch of equipment that goes together, offer it as a package. For example, camera and lenses that go with it.
- If you can, offer a service to sweeten the deal and make more money. For example, if you are lending out DJ equipment, offer to deliver and set it up, and charge accordingly.
- Take lots of high-quality photos of the item you are listing. Open the windows and let the sun in. Photos taken in sunlight are often the best.
- Respond to queries related to your items as soon as you can. Most borrowers will only inquire a day or two before they need your items. If you don’t reply quickly, someone else will.
Rental-as-a-servics earning potential
Peer-to-peer renting sites aren’t exactly transparent about how much their renters are making. But a non-anonymous account on Fat Llama, a photographer who is almost exclusively renting out camera lenses, makes around $15-$20 a day and has earned several thousand dollars in the last month.
Sites to use to rent things out
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