If you think back to all of the vehicles you’ve owned, you’d probably come up with a handful. I can remember my first car (a hand-me-down minivan), up to my fifth-and-current car, my 2003 Chevrolet Cavalier.
But that’s not the case for Joshua, who has owned between 20 and 30 cars in his 30 years on this earth. He loves almost everything automotive from fast Italian sports cars to big American diesel trucks.
So when he found Turo through Facebook, he knew he had to sign up.
From Lyft to Turo
Joshua used to earn cash on the side by being a Lyft driver. The only problem? It can take up a lot of your time.
“As a former Lyft driver,” Joshua recalls, “I invested a lot of my personal time in trying to make additional income on the side. Admittedly, I only grossed about $550. I was new to Dallas, TX, and had zero friends; it provided me the opportunity to go out to explore the city and meet new people. When I saw Turo on Facebook, I immediately saw the benefit of renting out my personal vehicles. I could make some additional income, while not investing almost any personal time.”
High-end cars that pay for themselves
Since joining Turo in July 2015, Joshua has used the extra income to “mostly pay down debt that I’ve accumulated over the years, but for everything really: paying bills, going out with friends, and taking a Valentine’s Day trip to Park City.”
But what he loves spending the money on most is his car note. “I currently offer a 2014 VW Jetta TDI and a 2013 BMW M3 in my arsenal of rentals. Turo really makes owning a $70,000 car pretty darn easy. At the price point I offer the M3, I only need to rent it for seven days to pay the monthly payment. Call it nine days to include my monthly insurance premium. “
Joshua’s Turo income has been fairly steady. “I grossed $2,100 in the month of December, and my cars were booked 81% of the month. January ‘slowed’ down to about 77% of the month.”
Tips for increasing your own rental income
Joshua’s listings are littered with glowing reviews geared mainly towards his awesome customer service skills. It doesn’t hurt that he’s a marketer during the day.
His first piece of advice: “Actually respond, as quickly as you can, to trip requests. This goes hand-in-hand with approving those requests. What’s the point of hosting your car on Turo if you’re going to give mediocre customer service and/or deny trip requests when your car showed it was available on your calendar?”
“I’ve made both of my cars available for instant booking when picking up at my place with three hours notice. I think that’s a pretty great incentive for those who may need a car in an emergency, or who don’t want to wait around for an owner to respond. Buyers in general want to make a decision almost immediately.”
His next tip is how to price your car.
“While it’s fine to jump into this blindly, you’ve got to scour the marketplace to see how cars similar to yours are being priced, and how often they’re being rented. It’s nice to charge $250/day, but you have to weigh how often it’s being rented, and if that’s practical to meet your goals.” You can also opt in to Dynamic Pricing and let Turo do the heavy lifting for you.
How to score repeat business
Joshua’s exceptional customer service has won him repeat customers, including one who booked his vehicle for two months! So how can you achieve this kind of consistent business?
He reminds us, “if folks wanted a run-of-the-mill experience, they’d be looking to conventional car rental options. You have the opportunity to stand out as an individual ‘business owner’, and hopefully that will reflect positively in your profile via feedback ratings, lead to additional and repeat customers, and establish you as a positive member of the car sharing community.”
Other extra gems include:
- Free delivery to the airport and anywhere within 25 miles of his location for long-term rentals
- Cars equipped with Texas Toll Tags for easy navigation
- The ability to leave the car in his gated parking lot
Joshua concludes, “renting my cars offers a sense of pride — nothing makes me happier than having my guests come back to me with a big smile on their face. That’s what it’s really all about — plus the extra cash is great.”
Experience Joshua’s stellar customer service the next time you’re in the Dallas/Fort Worth area, by checking out his 2014 VW Jetta TDI or 2013 BMW M3.
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