5 Tips On How To Price Your Space
So, you’ve decided to become a Host–awesome! Listing your Space is the first step towards making some extra cash with PeerSpace. So how much should you list your Space for?
Deciding how to price a one-of-a-kind workspace is completely up to the Host, but we understand that this might be a tricky new territory for a lot of users. We came up with five tips to help you through that process.
1. Keep Your Space Competitive
There are many ways to make your listing stand out on the PeerSpace marketplace and pricing is definitely one of the most effective. Guests are looking for a fair price, so browse other listings in your category to get an understanding of the general cost of a Space like yours. Take into account other factors such as amenities and location to help determine the ideal listing price. If you are new to PeerSpace, we recommend setting a fairly competitive price so that you can jump start your initial bookings and get some great reviews from Guests.
2. Price Based on Space Use
How will Guests be using your Space? Do you own a fitness studio that will transform itself into an event space for guests? If there’s additional work required to get your space set up for a specific use this may influence the price. Conversely, if there is minimal effort required to get your Space ready for a Guest you may want to reduce your listing price.
3. Include Cleaning Fees, Staff Fees, or Other Extra Fees if Required
Your listing price should reflect the total cost for a guest to use your Space including cleaning and staffing fees. Listing an all-inclusive price will remove any uncertainties and reduce the back and forth with guests. We suggest including a cleaning fee for all events or bookings with over 40 people. If you require a staff member to be present, include that within the listed price. Finally, be sure to include what additional services are included for those extra fees in your Space description.
4. Set Different Rates
PeerSpace offers the flexibility for hosts to create hourly, daily, weekly, or monthly rates for a Space. You may choose to offer a discount to a guest who wishes to book your Space for an extended period of time. An office desk, for example, may be more conducive to a monthly booking rate, while an event venue is best listed as an hourly rate. Additionally, a Host may want to consider various rates based on the number of Guests that will be accommodated for a specific use. Consider how your Space is being used and the length of time you are offering to share it for and factor that into your pricing.
5. Describe Fees that Cannot Be Included In the Rate
If you would like to incorporate a fee that cannot be included in your rate, such as a security deposit, extra charges for bringing your own food or for serving alcohol, you must disclose this information prior to booking. An easy way to do this is to use the “Description” or “Host Rules” fields while creating your listing, although we recommend limiting additional fees as much as possible. Guests are looking for a hassle-free booking arrangement and are most likely to request a reservation from a Host who works closely to accommodate their needs.
Check out our FAQ for more details about pricing. If you’re still unsure, the PeerSpace team is happy to give suggestions on how to price your Space. Contact us at [email protected] with your specific questions.