Every space on Peerspace has a standard hourly rate. However, we recognize that many venues, such as bars and restaurants, require the purchase of food or beverage with their rentals and may not even charge a standard venue fee. If this sounds like you, we put together the following best practices for pricing your space on Peerspace.
Step 1: Create your various food or beverage packages using the add-ons feature
- Go your Add-on Inventory page
- Create an add-on for each package you offer
- Denote in the add-on title if the package is required
- Click "Yes" to "Show on listing?"
Be sure to factor in the 15% service fee when pricing your add-on packages, but note that the fee does not apply to tax or gratuity. Once created, your add-ons will display publicly on your listing page.
Step 2: Set your hourly rate
- If you have a venue fee, your hourly rate should reflect this
- If you don't have a venue fee, we recommend choosing a rate that scales with your minimum and using it as a negotiation tool
The main goal of your hourly rate should be to set appropriate expectations. If need be, you can incorporate variations based on the day of the week, time of day, or number of attendees by using the calendar or attendee pricing tools.
Step 3: Update your listing description
- Detail any required costs in the 'About the Space' section of your listing, such as a minimum spend
- Add a note to your 'Rules" section that you expect guests to purchase add-ons marked as "required" at checkout
Because you can’t automatically require add-ons at checkout, it’s likely that guests will send booking requests without them. Use the Custom Offer feature, detailed below, to "send the final proposal."
Step 4: If adjustments to your packages or the subtotal are needed, use Custom Offer
- Locate the inquiry or request in your inbox and click "Create Custom Offer"
- Edit the space rental subtotal (your hourly rate) or attach required add-ons
- Send the offer to the guest to accept
More details on this process can be found here.