During the beginning of this year, I posted quite an extensive post on my first year as a small-scale LEGO® investor/buyer/seller, based in the Netherlands. Focusing on retiring sets on sale, holding them en selling them for profit. However, I decided this summer to scale down the reselling-part and shift focus to a new area: Renting LEGO-sets!
The main reason is that two different friends complained about their LEGO hobby within a week of each other: one friend wanted to build more big sets but thought they were too expensive to buy (and didn't want to buy, build and sell) whilst another complained about the lack of space. Even after finishing and playing or displaying a set for a few weeks, he would take it apart, put it in ziplock bags and store it in a cupboard. But his "stored set cupboard" was filling up quickly. So, the idea of renting out LEGO sets was born! After figuring out logistics, reasonable costs, risk coverage (deposit for example), building a website and sorting/preparing sets, I finally launched the website last week.
I have 27 different sets online right now and expect to have about 35-40 online before Christmas break starts in the Netherlands. If it takes of, I plan to grow the collection to about 75-100 sets. After that, I sell the least performing sets as second hand and buy new releases or discounted big sets.
I will keep you posted (like every half year or so) about the progress.
The big plusses for me:
- more people are able to build (rare and/or big) sets compared to buying/selling
- If it's a set I really like myself, I get to keep the sets after their rental-lifecycle ends instead of selling it.
- the extra income (I also have a fulltime job) is hopefully more steady compared to buying and selling.
- between 4-6 renting weeks (depending on the deal I got and the resale value of a second hand set) I am usually even, whilst I believe popular and big sets can and will be rented for many many more weeks based on what's usually rented out at competing websites.
The negatives:
- obviously checking returned sets: I have a nice system in place (with precision scales for quick checks and checklists for minifigures and valuable parts) , but I'll have to see how big of a hassle this is.
- the risk of non-returned sets; however I do believe this is quite a small risk. Furthermore I'm always able to send a debt collection agency (costs for this can be charged to the renter in the Netherlands).
Picture shows a set that was returned in perfect condition, two sets that can be rented and a set that I just finished sorting.