How To

How To: Set a Rental Price for Your Guitar

A common question I get asked by instrument owners upon joining Fretish™ is, “what should I price my [guitar brand] [guitar model] at?”  Sure, there are some simple formulas one could apply:

Scenario 1 – My guitar is an unexceptional instrument.  It works properly, produces quality sound and has a standard finish.  But, there is nothing unique or special about it.  If this is the case, then consider a nightly price somewhere between 3% – 5% of the instrument’s retail value.  Example: $1,000 Retail Price for American Made Fender Stratocaster * .05 = $50/night

Scenario 2 – My guitar is an exceptional instrument.  Not only is my guitar rare, it is a beautiful sounding instrument.  A work of art with extensive purfling and magnificent detailing.  In this situation, one could charge potentially a third of the instrument’s retail value.  Example: $6,000 Retail Price for Gibson L-5 * .33 = $1,980/night

Scenario 3 – I, the instrument owner, am guitar legend Edward van Halen.  In this case, the formula is P=WTFYWTPI*  (* – Whatever The F**k You Want To Price It.)

But, for everyone else who is not a guitar legend, there are nuances to setting a rental price.  Consider the following when pricing your guitar(s):

  1. Determine your goals.  Are you a guitar builder trying to get your instruments into the hands of as many players as possible?  Consider pricing it on the lower end of the spectrum.  One guitar builder on Fretish, Peter Occhineri, takes a very aggressive approach to pricing his custom builds – listing several as low as $6/night. Or, are you interested in maximizing profit from your instrument collection?  Then price at the higher end of the market.
  2. Estimate demand for your listed instrument.  Do you live in a town where guitarists would appreciate a one-of-a-kind Rickenbacker?  You may have room to price the instrument relatively high.  Or, are you located in the heart of Nashville where Fender Telecasters practically line the streets?  Then, that tele you just listed may need to be priced more aggressively (i.e., lower).
  3. Consider the cost of renting out your instrument.  How much gas will you use to reach your pick up/drop off location?  How much profit do you want to make from renting out your instrument?  Make sure these considerations are factored into your price.
  4. Set a price.  Watch what happens.  Do you have tons of rental requests?  You probably have room to increase the rental price of your guitar.  Or, are you hearing crickets?  Consider lowering your nightly rate since you have priced yourself out of consideration by the market.
  5. Adjust your price as necessary.  The wonderful thing about being part of an online marketplace is that nothing is set in stone.  (Now, to be clear, once you have accepted a rental request at a certain price, you cannot ask for more money.  But, if you have no pending rental requests or orders to fulfill, then modify your instrument’s rental price as much and as often as you like.)

Have additional suggestions?  Let me know:

How To

How To: Set Up a Really Good Listing

You’ve heard about Fretish.  You’ve visited the site.  You’ve joined (it is free).  And now you’ve decided to list one of your musical instruments (which is also free).  So far, so good.

But, how do you maximize the quality of your listing to get the most clicks on the Rent button?  Here are some tips:

  1. List one instrument per post.  Highlighting your entire collection, or even just two pieces of gear, in a single listing is a recipe for confusion and dissatisfaction.  It’s also true that consumer response drops dramatically when people are given a choice between multiple items to pick from versus a single item.
  2. Before photographing your instrument, clean it.  Does it have finger prints on the body?  Give it a quick wipe with a cloth.  Are there any broken strings?  Replace them with new strings.  If it looks like you take good care of your gear, then other people will feel compelled to take good care of it.
  3. Post multiple high quality pictures of the instrument being offered.  Show the front of the guitar, the back of the guitar, the body, the neck, the head stock.  A separate blog post will go into greater detail on what constitutes “high quality”, but here’s a quick rule of thumb: If a picture is blurry, dark or shot from 10+ feet from your instrument, then it’s not a high quality picture.  And, as a general rule, don’t use manufacturer or stock images of your instrument.
  4. Write a succinct, accurate title.  This will typically include the year the instrument was made, the brand, the model, the country of origination and any distinctive upgrades or accessories. For example: 2018 Fender American Professional Series Telecaster with Bigsby.  The finish of the instrument (blonde, sunburst, etc.) can, of course, be included.  But, if you have decent pictures, including the finish in the title may be redundant.
  5. Describe the guitar with facts and relevant anecdotes.  What type of wood is the body made from?  What type of wood is the neck?  The fretboard?  What type of pick ups does the instrument have?  How many settings on the pick up selector switch?  Are there any mechanical or aesthetic issues with the instrument?  Be honest.  Potential renters really need to know these things.  Then, there is information that isn’t critical to know, but may draw the reader in, such as: When did you buy the guitar?  Are you the original owner?  Do you take any special care when storing the instrument?
  6. Embed a YouTube video of you playing the instrument.
  7. Don’t be afraid to detail the conditions of who you will or will not rent to.  Don’t want your instrument to be played at a gig?  Say so.  Don’t want your instrument in the home of a smoker?  Say so.  Set clear guidelines of your expectations as an owner about how and where your instrument should be played.
  8. Set a price.  The price you set for your instrument will have an obvious impact on a person’s willingness to rent.  There are many ways to approach this, so let’s tackle this topic in greater detail in a future blog post.
  9. Provide a specific, accurate pick up/drop off location.  When renting out an instrument through Fretish, it is strongly encouraged to fulfill orders through in-person pick up and drop off only.  Shipping instruments for short term rent can be costly and have other unintended consequences.  The pick up/drop off location you choose is entirely up to you.  Most people select a safe, public venue (e.g., Public Library, Police Station, etc.) for their pick up/drop off location.  Sometimes exact locations are not provided as part of a listing.  This approach has downsides.  For example, when people conduct a search by city or town (and you haven’t provided an accurate or specific pick up location), your instrument may not appear in the search results.
  10. Share your fabulous new listing to your social media accounts.  Let your network know you have gear to rent.