Great example of knowing your market. Loved what you shared about communicating with the customer even after they’ve picked up the car. It might be worth nothing that some day to day renters are floating credit cards , so there might be issues when payments aren’t going through. Also I personally request car and odometer photos for every two - four weeks, depending on car. And make my decision to approve or or reject extension.
@@CarSharingJho I would reject extensions based on seeing damages I know would not be covered, excessive mileage based and wear and tear not being worth ROI, etc. IMO the basics covers 90% of what we do day to day on Turo and works for all hosts. However the other 10 % is where we really need to understand our market and our biz plan. Based on your paid off $4800 smart car your advice / choice is sound . Might not be for someone else. :-) *Edit: i do not have unlimited miles.
I don't know how you have scheduling room for long term rentals. My car is booked up months in advance, so even if they wanted an extension chances are they wouldn't be able to extend more than a day or two before they would have to return it for the next renter. I can't make plans far enough ahead to block time to use my own car at this point. 😅
I think it's market dependent also. Our market (unless priced incredibly low or near the airport) is mostly last minute bookings. At least that has been the case for 95% of our almost 500 trips. We have almost no upcoming trips, but a lot of same day/next day bookings. Have you considered raising your prices if you're booked out months in advance?
@@CarSharingJho Yeah, I have been raising prices a little over time. According to Turo, my pricing is a little higher than the median for comparable vehicles around me already and I have a high utilization with a lot of pre-bookings so it takes a while for me to see any effect because of price changes. Anyway, it's been my experience that people who manage to book last minute in the gaps tend to almost always return the vehicle with damage of some kind, so I do last minute boost pricing to discourage them also.
Amazing video. A lot of information
Thank you. I'm glad you think so!
That wrap would be funny
But would you rent it? 😅
Great example of knowing your market. Loved what you shared about communicating with the customer even after they’ve picked up the car.
It might be worth nothing that some day to day renters are floating credit cards , so there might be issues when payments aren’t going through. Also I personally request car and odometer photos for every two - four weeks, depending on car. And make my decision to approve or or reject extension.
Why would you reject extensions? Do you have unlimited miles?
@@CarSharingJho I would reject extensions based on seeing damages I know would not be covered, excessive mileage based and wear and tear not being worth ROI, etc. IMO the basics covers 90% of what we do day to day on Turo and works for all hosts. However the other 10 % is where we really need to understand our market and our biz plan.
Based on your paid off $4800 smart car your advice / choice is sound . Might not be for someone else. :-)
*Edit: i do not have unlimited miles.
Awesome!!… longest trip I’ve had was a current trip that’s been booked for 30 days. Great Vid 👍🏼
Thanks!
That's great! Keep it going 😃
yeah- what a stunning ~ till next time- :)
Those are some good tips on how to go about "marketing" your availability for long-term rentals. I'm going to have to implement some of those🤔
Absolutely! I love when guest say yes to extending! Makes Turo so much easier.
Woooow🎉
Thank you!
This is awesome
Thank you!
I don't know how you have scheduling room for long term rentals. My car is booked up months in advance, so even if they wanted an extension chances are they wouldn't be able to extend more than a day or two before they would have to return it for the next renter.
I can't make plans far enough ahead to block time to use my own car at this point. 😅
I think it's market dependent also. Our market (unless priced incredibly low or near the airport) is mostly last minute bookings. At least that has been the case for 95% of our almost 500 trips. We have almost no upcoming trips, but a lot of same day/next day bookings. Have you considered raising your prices if you're booked out months in advance?
@@CarSharingJho Yeah, I have been raising prices a little over time. According to Turo, my pricing is a little higher than the median for comparable vehicles around me already and I have a high utilization with a lot of pre-bookings so it takes a while for me to see any effect because of price changes.
Anyway, it's been my experience that people who manage to book last minute in the gaps tend to almost always return the vehicle with damage of some kind, so I do last minute boost pricing to discourage them also.
How do you deal with vehicle maintenance? Who will be in charge of maintenance during the long term rental?
The host is in charge of all maintenance. We have accounts with shops that charge us whenever a car needs anything.
@@CarSharingJho So you ask the guest to have the vehicle serviced from time to time?
Yes about every 5k miles or so.@@MoneyFlix.