When Fenni Wang’s dad retired from his own renovation business, he brought the tools back home. These occupied much space and were unused most of the time. Fenni and Swito Yuber wondered, “Why not rent it out and make some money!”
Do you have a lot of useful but underutilized stuff idling at home because you don’t wish to throw them away? Why not rent them out, earn some extra income while reducing the clutter all at the same time?
When Rent Tycoon’s co-founder, Fenni Wang’s dad retired from his own renovation business, he brought the tools back home as they will occasionally come in handy. These occupied much space and were unused most of the time. Fenni and her other co-founder Swito Yuber then wondered, “Since we are going to keep it, why not rent it out and make some money!”. However, there wasn’t any existing avenue for such transactions and what if the person who rents the tools ran away with it!
Then there is the other side of buying expensive items. Sometimes we buy something only to realise it’s not what we wanted or we may just need it temporarily. Why not rent it too?
That’s when Swito and Fenni struck on the idea to create an online Peer-to-Peer rental portal. To increase the confidence of people renting as well as to protect the owners, Rent Tycoons came up with the innovative solution of an online rental contract plus a security deposit system.
To be officially launched in the first quarter of 2012, Rent Tycoons is an online marketplace for anyone to rent items and services to and from each other. Users can rent almost anything from small items like cameras and books to big items like automotive and blow up castles for party needs.
Personally, I feel that it is a pretty good idea for owners and renters to earn and save money respectively. An excellent service, especially for people who would like to possess an expensive item e.g. blowup water slides for a short period of time or a one- off event.
Listing items for rental on the site is free. Rent Tycoon only takes a 10 percent cut for every successful transaction. Payment is also made easy, with both PayPal and Internet bank transfer options available.
How well this ‘Airbnb for rental’ (peer-to-peer rental concept) will do depends on how receptive Singaporeans are to the idea of renting and sharing items. If the service is well received in Singapore, the company will have plans to expand their services by providing paid online advertising and e-cataloging service where Rent Tycoons can help businesses take quality images of their items, list their items and promote them to the target market based on their market intelligence.
Do you foresee Singaporeans being open to the idea of renting things out? What would be the challenges to get users to use your service?
During our beta phase, we have already seen repeated successful rental transactions in Rent Tycoons, therefore we believe people in Singapore are open to the idea of renting their things to one another. The idea of renting is not new in Singapore. Singaporeans have rented rooms, dvds, books, and cars from other individuals or businesses before. Now with Rent Tycoons, there is a peer-to-peer online platform that allows people in Singapore to rent their things to one another.
Furthermore, the Singapore government has recently launched nationwide initiatives to encourage Singaporeans to take personal responsibilities to reduce their carbon footprints – for instance, the launch of the Clean & Green Singapore (CGS) campaign that aims to inspire Singaporeans to make green practices an integral part of their daily lives. Our mission in Rent Tycoons is help people in Singapore make money, save money and be green effortlessly through renting.
How are you working on marketing RentTycoon to your potential users? How do you get the word out to hit critical mass?
Rent Tycoons has three distinctive unique selling propositions:
• We are the first peer-to-peer online renting marketplace in Singapore which provides the reach to a wide range of rental products or services. And the variety may include even items that are not purchasable in Singapore. We will maintain this competitive edge by being the fastest in growing our product and service varieties.
• Second, our innovative payment system differentiates us from other e- commerce portals – it is especially catered for the renting process which is more complicated compared to the normal purchase process of goods and service; more importantly, it offers protection for renters and assurance for owners.
• Further, we position ourselves as a leader in driving the change towards green consumption patterns. Many online marketplaces in Singapore today are commonly positioned as multipurpose web portal which targets to attract and keep a larger audience.
The company was founded by Swito Yuber and Fenni Wang in September 2011. The duo are recipients of the Yes! Start-ups grant by SPRING Singapore.
Rent Tycoons is an online peer-to-peer renting portal that allows businesses and individuals to rent items and services to or from each other. Through this online rental marketplace, Rent Tycoons aims to grow the practice of peer-to-peer renting in Singapore and build a community of individuals with the heart to adopt green practices as an integral part of their daily lives.
To mark the official launch of Rent Tycoons, the company will be launching a series of online contests to reward early adopters of Rent Tycoons Do visit the Rent Tycoons Facebook page so as not to miss out on the exciting events happening in February 2012.