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Introduction

Q: Why are we here?

Finding a use for all the cool stuff in the world is a joy in and of itself, however, we're really here to get some cash. What you do with the money is your business, but I will probably be buying more stuff I don't need. This is the circle of life. Anyway, let's get into it.

Rental Rates and Replacement Value

Q: Who sets the rental rate?

The rental rate is how much, per day, you will be charged. The collector/curator sets the rental rate.

Q: What is the replacement value?

The replacement value is an agreement between the renter and the collector on what the item is worth were something to happen to it. This number is the amount you will be charged if you lose, destroy, or don't return the item. The collector/curator sets the replacement value.

Platform Fees and Payments

Q: How does PROPit make money?

PROPit takes 20% of the rental rate as a platform/finders fee. This fee funds PROPit. We're not charging subscription fees or premium services or anything like that. This is how we make our money.

Q: How are payments handled?

The renter pays the regular price, and the collector/curator gets the regular price minus the PROPit commission.

The minimum transaction size is $2.50 to cover the cost of merchant services.

The collector/curator gets paid 7-10 business days after the conclusion of the rental.

Rental Transactions

Q: When is the rental rate charged?

The renter is immediately charged the rental rate to make sure the card has enough funds to handle the rental. If there are any issues, we can manually reverse the transaction and get your money back to you.

Replacement Value in Practice

Q: How is the replacement value applied?

When you rent an item, you will see the Replacement Value on the rental receipt that gets emailed to you. This number is the amount you will be charged if you lose, destroy, or don't return the item. Ideally, this number reflects how much it would cost the collector to buy a new one.

Q: What if an item gets damaged or lost?

One of the clauses in the rental agreement contract is that you agree to have your method of payment charged the replacement value in case of catastrophe. So make sure you are aware of that number when renting - it might not make sense to rent a cheap item that has a $10,000 Replacement Value.

Handling Disputes and Issues

Q: What happens if there are disputes or issues?

The seven to ten business-day payout delay allows us all enough time to handle any disputes/issues that arise. This process is automatic, so stay on top of any item condition/rental concerns issues. You can click the DISPUTE button/page whenever you have a transaction issue.

Neutral Third-Party Role

Q: What role does PROPit play?

Ultimately, the deal is between the renter and the collector/curator, and PROPit acts as a neutral third party to ensure fairness, process payments, and maintain the platform. We will do everything in our power to recoup that Replacement Value for our collectors (e.g., charge the card on file, send messages on behalf of the collector, close accounts for bad practice, provide name/address/contact info so the collector can take the renter to small claims court).

Contact Us

Q: How can I get help or ask questions?

We want to be transparent and open with everyone so everyone can make the best decisions. If you have any questions or weird use cases/thought experiments, please feel free to use the Contact Us form (or the Dispute form if it's urgent). We'll be in touch quickly.