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Do You Know The Actual Cost Of Building An Online Marketplace?

Many entrepreneurs are struggling to build the perfect online rental marketplace. The website is the soul of any online rental company. It has to be fast-loading, efficient and appealing to the masses.

You can build your website in 3 ways:

  • Code it from scratch.
  • Build it yourself by hosting software as a solution (SaaS).
  • Build it on top of the existing ready-made rental marketplace software/script.

Now let’s break it down into parts and examine it.

Coding it from scratch

You need to code it from scratch. If you have rudimentary programming knowledge about the design and the internal function of the website, you can design and build it from scratch, or else you need to hire developers to build it. The pro would be that your website would be of your own vision and designed in your own way.

The cons would be that it takes time to build a functioning website. If you hire developers, it will cost more than $50,000.

Building it yourself by using a hosted software solution (SaaS)

This case is advantageous for people who lack the technical knowledge required to code a website. The SaaS software comes with predefined features and the vendor subscribes to them. The features are updated automatically and the background testing of the software is done regularly.

In the market, it costs between USD $79 and $300 per month, and it is billed either annually or monthly. The pros are that you barely need to code; features get updated automatically; a suggestion of improvement areas; and it is quick to setup your website. The cons are that the vendor has access to all users’ data and that heavy investment takes place to launch your website.

It could be built on top of existing rental marketplace software

This case is similar to the previous one. It helps people who don’t have any coding knowledge, and the website can be launched on the market soon.

It is a premade rental marketplace software available on the market, which allows you to customize features according to your needs. You need to specify the requirements to be incorporated into your website.

It would cost around USD $400—$900, depending upon the type of rental marketplace and the features to be incorporated. Once you buy the software, you can either modify it on your own or use it as is.

The pros are that your website would be ready at the earliest and you could collect validated feedback from your customers to understand what to improve or change.

The con is that it works with the developers remotely and manages the projects and communication through email, chat, or phone calls.

After reading about three cases and their respective pros and cons, you should have a better idea of which one best suits your needs and business model.

If you have an idea to set up a business quickly, to build with quality attuned to your vision, and at a lower cost, case 3 sounds more suitable. If you come across the same thing, you can look up RentALL (Airbnb clone), a company that creates online rental marketplace software.

I hope the information given answers your queries.

Written By

I'm a blogger who loves to explore new tech things. I usually review products, services and gadgets in depth for better understanding. I usually write about business insights, marketing tips and entrepreneurs news.

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