Once you’ve been approved as a Peerspace host, the first order of business is getting your listing up and running. But how should you price it?
Deciding on how to price is completely up to you, but if you’re not sure where to start, these tips will guide you. Consider the following pricing strategies while you’re getting set up, and remember that you can always make changes as needed.
1. Look at listings nearby to see how your pricing compares
One of the best ways to guarantee accurate pricing is to consider how your neighbors have priced their listings. Search around Peerspace for similar spaces—find ones of similar sizes and use cases—to see what kind of range is out there.
What are these places charging? Do they have a lot of bookings and reviews? These are helpful factors that can help you determine what’s accurate and fair for your new listing. Remember that spaces with more social proof (thanks to lots of reviews) can often demand more than those that are brand new with no reviews.
2. Consider pricing down to drive early bookings and earn reviews
To that end, you may find it worthwhile to drive your prices down after you launch. It may seem counterproductive, but lower prices can lead to more early bookings and more reviews, which in turn allow you to increase your prices a few months down the line.
If you’re promoting reduced rates or a limited-time discount, don’t forget to market your listing [link to new marketing tactics blog post] to get the word out.
3. Be up front about your pricing
No one likes hidden fees. Be transparent about your hourly pricing and everything that could contribute to the final cost, including any cleaning fees, processing fees, or add-ons that guests can choose. Add-ons include options like A/V equipment, staffing, food and drink, or furniture. You can even create custom add-ons, and guests who’ve inquired will be notified of the additional services; they’ll have seven days to accept or decline the booking.
Remember, the Amenities section of your listing should only show features that are included in your hourly rate. If potential guests can calculate the exact cost with no surprises, they’re more likely to book your space (and rebook it in the future).
4. Price based on space use
Not all spaces are created equal. Although parties and events are the top driver of booking inquiries on Peerspace, productions like film and video shoots are a close second.
In terms of length, video shoots and formal events tend to receive the longest bookings. Keep this in mind if your space is listed for production and special events so that you can make the most out of your hourly rate.
If your space is better suited for shorter events, like corporate meetings or podcast recordings, consider upping the hourly rate and maximizing your number of short-window bookings.
No matter what your space is designed for, remember to include the minimum number of hours required to book.
5. Consider changing up your pricing throughout the week
In a similar vein, different days of the week often correspond to different pricing. It’s no surprise that fun events like birthday parties and baby showers are more in demand during the weekends, so having higher prices makes sense.
However, work-related events, production shoots, or offsites are not reserved for the weekends. Your space may perform better if you decrease your prices early in the week (Monday through Wednesday, for example) and reserve higher prices for Thursday through Sunday.
Check out this article 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@example.com with your specific questions.