Trying to time end of season rentals. Missed it by that much...
So, I am trying to time my end of season card rentals to maximize my return on cards. My first month that I rented cards, I did not make any mid-season adjustments to prices. The next season, I made adjustments after the season ended and at the start of the new season. Both approaches did not result in maximum return.
So this season, I ended all rentals 6 days before the season expired, and then re-rented the cards after 24 hours. The results were better, but I am still not making the best returns. How do I know? Because #peakmonsters gives a great tool on its website called COMPARE YOUR RENTALS
This is located on the My Cards tab and to the right hand side. What does it tell us? It shows how our current rental compares to the current market price.
Check out the far right column. It can be sorted by Market Price. Green arrow means the market price is higher than my current rental income. Notice the first few cards are more than 6 times below market rate! I have a lot rentals that are earning 4 times below the market rate. Ouch!
So how does this happen and more importantly WHEN DOES IT HAPPEN?
Remember, I changed my rentals 6 days prior to the end of the season. These screen shots are 21 hours before the end of the season. My takeaway is I should probably end rentals closer to three days before the season ends. I will lose one day of rentals, but if the return is 4 to 8 times higher, then I make up the loss on the first day of re-renting.
I do have a few rentals in my favor. See below.
You can see I have a few rentals above market price. These are lower value cards that only spike occassionally as the season nears end. I don't list the low return cards for rent except at the end of the season.
I am new at renting cards so my strategy may not be the best. Feel free to give me some pointers in the comment section. If you don't use @peakmonsters for card purchases and rentals, I encourage you to check out the website. There's very good analytics.
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It's not that easy to time rentals well. I have tried to do it a couple of times but in the end, I had the feeling the result wasn't really worth the time invested. I believe that the best moment to cancell rentals is somewhere between 6 and 3 days before the end of the season. If you do it too late, because of the waiting time, you might miss a whole day that could give a good return.
I have picked this post on behalf of the @OurPick project and it will be highlighted in the next post!
I will try timing it a few more times. I started a spreadsheet to track the results, all though they are small. I like to see the market interaction. Overall, I have been pleased with the return on card rentals, except for my bad purchases, but that's a learning curve also. And thanks for the @ourpick selection. I didn't realize that was from you until I read your comment. I appreciate the support.
Your content has been voted as a part of Encouragement program. Keep up the good work!
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Perfectly timing the rental price increase is for sure challenging! We hope that the next season is better for you!
I have just recently started to focus on the rentals. Before I just set the price and forgot about it. I have also noticed that prices for some cards that have a smaller amount of cards available for rental seem to increase in price as the season goes on. I have the feeling that folks may be renting the lower priced cards and then raising the price on their own cards cards. Sort of cornering the market you might say.
From what I see, there's a strong demand for rentals 3 days before the season ends. The rental prices increase 8 to 10 times the prior rate in the last 3 days, then the rental prices drop to a very low point two or three days after the season ends.