How It Works.
Rentzi users have the opportunity to be an owner, a renter, or both! Rentzi isn’t a classifieds. It’s totally free to join and free to post ads. Rentzi allows people to search for items or services and book them for rent. Rentzi provides a proposed rental agreement between the owner and the renter (or allows them to upload their own), and facilitates a safe and easy payment gateway between both parties.
Here is some more information …
Owners can post an ad simply by clicking on the ‘Create new listing’ button on the homepage, or visiting ‘My Rentzi’ and adding an item. The process is simple; add in some details, upload some photos, and determine the availability of the item or service. Voila! You’ve created an ad! It’s that simple! Of course, your personal details and security are paramount. The exact location of your item will not be displayed on the Rentzi search map. A randomly generated approximate location will be displayed instead. Your details will only be made available after the item has been booked and paid for.
Once the listing has been approved by Rentzi, you’ll be notified when another user books the item.Both the owner and renter have the opportunity to add custom conditions to the Rentzi rental agreement. Both parties will need to agree on the rental agreement before the transaction is finalised. Alternatively, you may decide to upload your own custom rental agreement for the renter to agree to. Remember, custom rental agreements still need to comply with our terms and conditions.
Rentzi accepts and holds payment of the renter upon confirmation of the booking and makes the item or service unavailable to other renters for the designated rental period. Both parties confirm that the item has been picked up or delivered to the renter on the agreed date and time, and that the owner’s condition report is accurate.
During the rental period, users can communicate via the comments section on the item page. Both parties confirm when the item has been returned to the owner and the payment is released by Rentzi. The owner then rates the user and the item or service becomes available again for other renters. Owners are responsible for the payment of any GST or income tax as a result of their transactions.
Users search Rentzi for a particular item or browse by location and category. Once a renter decides to rent an item, and reviews the specific rental agreement (either Rentzi’s template or the owner’s own agreement), the item can be tentatively booked.
Renters must be logged-in to book an item and pay up front using credit card or PayPal. Your payment will be held by Rentzi until the rental agreement is agreed upon by both you and the owner otherwise your payment will be refunded in full. If there are no additional terms to be agreed upon in the rental agreement, the booking will be approved immediately after payment. If you have requested additional terms, then the owner will need to agree or modify them. If modified, then you will have the opportunity to agree or modify. This process continues until you both agree, or one party cancels the booking. At the agreed date, time, and location you need to confirm that the item has been picked up (or delivered) and that you agree to the condition report provided by the owner. Again, if either party requests to modify the condition report then it needs to be agreed upon before the item is rented. If one party cancels the booking at this stage, your payment will be refunded but the administration fee will be charged.
During the rental period, users can communicate via the comments section on the item page. Both parties confirm when the item has been returned to the owner and the payment is released by Rentzi. You then rate the owner and the item.
Fees and charges
Standard charges: Rentzi collects a fee of 10% of the total amount per transaction. The fee is taken from the total amount paid by the renter and deducted before payment is made to the owner. For example, if the total amount paid by the renter is $100, then the total amount paid to the owner will be $85. Rentzi collects $13.64 plus $1.36 GST (Total $10).By keeping our fees low, we can continue to ensure renters save money and owners make money more efficiently than commercial hire transactions.
|List an Item||Free|
|Premium listing||$1.99 (incl GST)|
|Rentzi Fee||10% of item total total (incl GST)|
Late fees are calculated by Rentzi, but not charged. For more detail, see ‘late fees’below.
As soon as the agreed rental period ends, regardless of owner and/or renter confirmation of item return, the owner's total of the transaction is paid into their account.
If there is any discrepancy in the return time (either party claims that the item has been returned later than the expected time or not at all), both parties are notified by Rentzi that late fees will be calculated. For rentals by the hour there is a 30 min grace period before late fees are calculated (from the beginning of the late period). For all other rentals there is a 60min grace period. Rentzi then calculates late fees based at 150% of the pro rata hourly rate of the item.
For example, if an item was $1000 per week, and the item was five hours late in being returned, the late fee would be $44.64 ($5.95 per hour x 1.5 x five hours). Late fees are calculated up to a maximum of the Owner's item value (identified when the owner placed the ad).
When both the owner and renter acknowledge that the item has been returned, or when the total item value has been reached, Rentzi sends both the renter and owner the total calculation. It is then the responsibility of owner and renter to finalise this payment (or come to a separate agreement) with each other. Until the issue is resolved, both owner and renter accounts will be temporarily suspended. Current rentals will remain extant, however they are prevented from entering into any other transaction.
Lost, damaged, or stolen goods
Of course, when using a peer to peer rental service, there is always a level of risk. As an owner, your item may be lost, damaged, or stolen. As a renter, the item may not live up to your expectations or needs. Rentzi simply provides a medium for owners and renters to rent things between each other. The Rental agreement and condition report are tools that can be used to facilitate and enhance the quality of the transaction, but they are not a guarantee. Users need to carefully read the terms and conditions and understand that all disputes need to be resolved directly with one another.
If an item is lost, damaged, or stolen, then it is the owner’s responsibility to take action against the renter. The renter’s account will be temporarily suspended until the issue is reported as resolved. If the renter disputes the transaction, then the owner’s account will also be temporarily suspended until the issue is resolved.