Make More Money from the Sharing Economy


The Sharing Economy is a great means to make extra income; but, many people don’t realize that they could be making so much more. Here’s how to make the most

When you sign up with a collaborative consumption site like Lyft, Sidecar, Airbnb or RelayRides, you want to get the most out of it. Learning your way around can take a while, so we’ve gone ahead and made this handy guide to help you hit the ground running. Don’t worry: Getting the most out of the sharing economy by renting out your car on RelayRides is a lot easier than you might think.

Clean House

Whether you’re offering rides through Lyft and Sidecar, making extra money off your spare room through Airbnb or a renting your car through RelayRides for the weekend, taking a minute to clean things up is going to make your asset much more attractive. Remember, you’re not the only person in the sharing economy. It’s a growing trend. One of the easiest ways to set yourself apart from the pack is to make whatever it is you’ve got look as good as it can.

Get Good Pictures

There’s one reason for sprucing up your car or apartment: You want to get good pictures that can sell the place. Pictures are the thing that can really make the difference between a person renting your car on the RelayRides Marketplace or going with someone else’s. AirBnB, for example, uses professional photographers to come in and take pictures of homes to increase their “curb appeal.” Clear, bright pictures that show your asset are the best and you really can’t have too many.

Marketing

When it comes to marketing, you really don’t have to spend a lot of time to get a good result. For example, Lee Colleton found that simply by spending $50 advertising on crowd-based traffic mapping app Waze he was able to level up his rentals on RelayRides. In fact, he had to put the ad on hold because he was getting more requests for rentals than he could reasonably fulfill. Don’t forget old standbys like social media, Craigslist, email discussion groups and even fliers in the neighborhood. There are other ways to market your car, however. Think of Lyft and its iconic pink mustaches. Any time that you see one, you know that you’re looking at a Lyft car.

List Your Features

Does your car have GPS, an iPod jack, a moon roof and XM Sirius radio? Does your apartment have a sun deck and air conditioning that you’re not shy about using? Let people know! The features on your assets are a great way to separate you from the rest of the pack, but only if you let potential renters know about them. Before you list your car to make extra money on RelayRides, take a minute to take stock of what separates your car from any other car. Even little things like having candy, gum and water (techniques employed by Uber, Lyft and Sidecar) can help you to attract repeat business.

Be Up Front About the Rules

Having a list of rules about your house or car won’t send renters away. On the contrary, it will let them know where they stand. A number of power renters on RelayRides let people know up front that they don’t want anyone smoking, eating or drinking anything but water in their car. They’re still making extra money renting out their car on RelayRides.

Similarly, being up front about what type of place you live in–does it have dogs, what kind of bed is there, how walkable is it?–will ensure more repeat business for AirBnB renters by attracting only the people looking for what it is you’re selling.

Be Available

One of the easiest ways to ensure that you’re at the top of the pack in the collaborative consumption economy? Just be available. Reputation counts in the sharing economy. If you get a reputation as the guy whose car is never available, you’re not going to get as many requests as someone whose car is always up for rental. The more time that you’re willing to rent out your car, pick someone up or let them stay in your spare bedroom, the more opportunities that you have to make money in the sharing economy.

If you’re not making extra money in the sharing economy, you’re missing out. Supplementing your income is easier than you might think. With just a few simple steps, you can join the ranks of those who are getting the most out of collaborative consumption.