Congrats, You’re a Peerspace Host! 🎉
Now that you’re approved, it’s time to get your listing live and ready for bookings. But how do you decide what to charge?
Pricing is entirely up to you, but if you’re feeling a bit lost, don’t worry—we’ve got you covered! Here are a few tips to help you set the perfect price. And remember, you can always tweak it later!
1. Do a Little Neighborhood Research 🏘️
One of the easiest ways to find the right price is to check out what your neighbors are doing. Search Peerspace for similar spaces nearby—look for those with a similar size, style, and purpose.
What are they charging? Do they have a lot of bookings and good reviews? These factors can give you a solid starting point for your pricing. Keep in mind that spaces with lots of reviews can often charge more than brand-new ones, so it’s all about finding that sweet spot.
2. Start Low to Get Those First Bookings & Reviews 📈
Here’s a little secret: lowering your prices at the beginning might just be the smartest move you make. While it might seem counterintuitive, offering a lower rate can help attract early bookings and reviews. And those early reviews? They’re golden! Once you’ve got a few under your belt, you can confidently adjust your rates upward.
Remember, pricing isn’t set in stone—so feel free to experiment and find what works best for you!
If you’re promoting reduced rates or a limited-time discount, don’t forget to market your listing to get the word out.
3. Be Crystal Clear with 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.
Pro tip: The Amenities section should only highlight what’s included in your hourly rate. If potential guests know exactly what they’ll be paying up front, they’re more likely to book—and hopefully, book again!
4. Tailor Your Price to the Occasion 🎥🎉
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. Adjust Your Prices 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 with specific questions by clicking here.