Guide To Odoo Rental Management

By Author: Kuldeep Singh Tomar
Total Articles: 23
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Odoo Rental Management is one feature that Odoo offers its users or customers. Rental management allows customers or business owners to rent products on their Odoo website. This feature permits businesses to earn recurring income.

Odoo didn’t have a rental feature, but in the newly released version, the company has included the feature in its software. But if you have earlier versions and want Odoo rental features, connect with Webkul to get the rental management feature for your business.
However, this topic will let you understand the need, where to get Odoo rental, and how it can boost your business.
How Does Rental Management Boost your Business?
You must be wondering how Odoo rental Management will boost your business! To elaborate, let me tell you how it helps you achieve an income boost from it.

• The Odoo rental will allow you to sell your products as rental means you can rent the products instead of selling them. Along with that, use this feature to lease office space or any other property.
• Odoo rental management enables you to earn recurring income as you rent ...
... products or properties conveniently and use the same product for renting several times instead of selling it once for a pre-defined amount.
• Customers can rent or lease the products for a defined period and not more. However, they can get the period extended by renewing the rental agreement or contract.

• Create contracts and agreements for rental/lease products or properties. It will also allow you to add various conditions and usage instructions in the contracts or agreements so your customers can know everything and the requirements for rental usage.
• With Odoo rental management, you can efficiently manage product renting, delivery, and return and timely process the bill receipts. With rental modules, everything is processed on time, and you don’t have to manage everything manually.

Odoo rental management helps boost business as it authorizes you to rent products or properties from the same website. You can rent and sell the same products or properties without any issues. It also lets you manage different rules for selling and renting/leasing.

Why Do You Need Rental Management?
You need rental management to avail multiple benefits listed below. Also, it makes things convenient and efficient for your business. You need rental management to have a running/continuous source of income.

Benefits of Odoo Rental Management
1. Efficient Rentals
Odoo has a very unique and stylish design with every information you require. Also, you can view and comprehend the data via charts and graphs of your rental sale. Also, you can track upcoming rentals and check products that are available in which time slots.

Further, you can add padding time in-between to double-check the quality of the product before making them available to the customers for re-order. You can create orders and invoices with just a few clicks. Manage deliveries and returns directly from there, so you can enjoy a streamlined workflow. Overall, it's a simplified process to make things efficient.

2. Manage Your Product and Pricing
Since they are not for sale, you can set the rental price accordingly as per the product or property price and estimated life. Also, you can keep an eye on the whole inventory interface through the Odoo interface. You can rent products based on serial numbers or in bulk.
You can set time-bound, quantity-wise, or discounted rentals when certain conditions are met. Further, adapt the price according to the unit of time, days, weeks, or months. You can do the same for the delayed costs.

3. Track Sales Orders
Configure and rent products efficiently by selecting product attributes. Rental orders assist your company to maximize revenue by offering more options. Depending upon the product context, they can include insurance, delivery, and many more.
Getting order confirmation and signs from customers also is easier because of the latest updates.

4. Easier Follow-Ups
Track the exact status of orders from within the Odoo interface. Further, check whether they are reserved, delivered, invoiced, or returned.
As per the corresponding order, you can track the emails. Track and view to see the detailed discussions and negotiations with the customers. Manage payment terms via invoice or customer.

5. Quick and Timely processing
The admin manages each step of the process. Hence, they can monitor the entire process to be timely and swiftly. Each email and invoice is generated on time. You can also make changes if required at any step at any time.
You can punctually update or change the contract or agreement terms and inform the customers about the same.

Where to Get Odoo Rental?
As told earlier, Odoo doesn’t have a rental module or feature earlier. Customers have to depend on third-party platforms such as Webkul to get those. Webkul offers many odoo rental modules for different businesses having different needs, which allows them to avail the benefits of the rental sale.

Conclusion
Odoo rental management offers several benefits and features. Among them, recurring income is the most prominent one. It also permits you to check how much profit you are getting from it and what decision to take for the odoo rental products.
However, if you are working on the Older Odoo version, you can get rental modules from third-party providers like Webkul. Still, if you want any features customized in the older or newer version, they can do that too.

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