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Safety Tips While You Rent Your Products

1. DECIDING RENT

The first step is to decide the correct rent amount. It is crucial because in such a competitive market you can't ask for more than the market rate. Doing so will put off potential. However, if your products are better maintained and in good condition than that of others, you can charge premium rent from the buyer.

2. PREPARE AGREEMENT

The most important thing after the customer is interested in your product, is to make an agreement. An agreement is a legal document that binds the seller and the buyer to comply with the mutually-agreed conditions. It is the most important document in case of a dispute between the two related to the product. Utmost care should be taken in drafting the document. It should state all terms and conditions clearly to avoid any dispute in the future. One can take the help of a legal expert to draft the agreement.

The following points shall be taken into consideration while preparing agreement:

A] ALL THE PERSONAL INFORMATION OF SELLER AND BUYER SHOULD BE MENTIONED

1. Full name of the person involved in the agreement.

2. Address details.

3. Adhaar card no. for verification.

4. Sellers full information is must

B] RENT AMOUNT AND DATE SHOULD BE MENTIONED CLEARLY.

1. Rent amount

2. Starting date of purchase

3. Ending date of purchase

4. The periods of purchase ( eg. 2 days, 2 weeks,2 months,6 months, etc)

C] MODE OF PAYMENT IS IMPORTANT.

1. Cash

2. Cheque

3. An online transaction like Google pay, Paytm, Amazon pay, etc.

D] SECURITY DEPOSIT

While you are purchasing a product that is huge and has a huge transaction amount the buyer will surely ask for a security deposit. After all, he is renting his product so even he needs to be assured that it is going in right hands or no, sometimes the buyers can also bluff the seller so security deposit is a must.

The security deposit must be standardized, it should be paid via credit card or any online transaction where you have each and every detail to who you have paid. If in case of cheating or bluff you can claim your money back if you have some payment details.

3. USE A SAFE LOCATION TO MEET SELLER

If you are taking on rent any product which has a huge transaction then its better to have one meeting before you decide anything, where you can be sure of the seller and even the product.

A] Skip the shipping, stick to local deals, and meet in person.

B] Meet in a busy, public place like a cafe or bank lobby during the day and

C] Take someone with you before you make a deal

4. BEWARE OF UNREALISTIC OFFERS

If you see huge discounts and offers on big products be sure about that seller, first verify that seller is trustworthy or not, and if you feel it can be trusted then go-ahead for making a deal. Sometimes this unrealistic offers and discounts are spam where they ask you for money transactions, in that case, do make full money transfer, or ask for cash on delivery method.

5. STAY PRIVATE

Please, don’t share any sensitive and personal information that isn’t related to the sale or to the item you’re buying. And most important when you’re buying, always check out the item and make sure everything’s just as you expected. 

If it’s electronic like a computer, phone, turn it on to make sure it works. If it’s furniture like sofa, beds, and wardrobes check it that it doesn’t contain and stain or breakage. When you’re selling, take a moment to count and inspect the money. (Accept cash, don’t accept gift cards, wire transfers, or personal cheques.

Resource: http://www.ryto.in/blog/3/safety-tips-while-you-rent-your-products