It pains me to do this but I just booked my prime space in the heart of NYC for an 11 hour day, I will receive $430 + whatever tax I will have to turn over to uncle Don. This is likely the 10th booking I have had off of Peerspace in the past 3 years. I will receive a net of $31 per hour and will have 15 strangers in my space for an entire day doing god knows what. This is so disheartening, my rent is over $7000 per month, If i use my space 7 days a week 8 hours a day I pay an average of $30 per hour. Where as I am so desperate that I will do almost anything just to keep my doors open. This is a new low, thanks to Peerspace for making it so that we all have to compete with one another to make pennies. They’ve exposed every hole in the wall irresponsible parties are willing to rent out, then they use that to compare prices and say they can get it cheaper. For all i know they are comparing apples to oranges. This is madness!
It is possible that by making your rent so low, you are making you space seem less desirable, hence less bookings. For many years I had a business selling home furnishings. Sometimes things sold better when the price was higher. I spoke to many dealers who said the same thing. “If it’s not selling, raise the price.” There is that magic price that seems that something has quality, while still being a great deal. If it’s too low, it’s associated with poor quality and if it’s too high, a rip-off. You might try playing with your price, making it a bit higher
without being extortionate. Plus, then they won’t be comparing your place with the lowest of the low. Hope that helps.
Agreed with Yvonne. I’d also suggest investing in some professional photos. Though it is a raw space, I think the listing could benefit from updated photos. Perhaps include some stills from shoots are your location.
You may also want to play with the variable pricing - why not have your first tier up to 10 guests, rather than 15.
Could you please send a link to your space?
The space is listed at $65 per hour. My point is … the client basically has us against a wall. They say the other person will give it to them for a certain price so in order to get them to book, i have to bid lower. Now if you can believe it, the client just asked me if the rental was for both of my spaces! Clearly it is not but they are actings as if that were the case all along. These people are shoddy snakes, they prey on us and peerspace opens up the platform. I dont think people should be able to haggle, our prices are what they are, cant that be all? I used to have the space listed at $75, at $125 I’ve tried it all. I understand marketing. here is my space https://www.peerspace.com/pages/listings/575861f33a13b6090077122b thanks for your help!
this is the space, I am not sure what new photos could achieve, I will adjust the number of people allowed but that would only take away from my offering.
Sometimes just having a firm stance on the pricing is the best way to proceed. They are just testing the water to see what they can get away with. Just my 2 cents.
One more thing I would suggest: I agree with Anthony that better photographs plus still from previous rentals could help. You could probably find some on the instagram accounts of previous clients. In addition, I would do something to make it stand out from similar spaces. Perhaps put some filmy curtains on the windows and paint at least one area (maybe the full wall) in a dramatic color. Stage it with some furnishings for some of the pics. colorful house Color really attracts people. Alternatively, try some pics with varieties of stick-on removable wall paper. In other words, give something the similar spaces do not offer.
I pulled up a few samples of loft spaces in L.A. that have had lots of bookings. The first one has great furnishings. The last one shows the filmy curtains I suggested.
I missed the part where Peerspace is forcing you to use your their platform?
Your complaint reminds me of people who get mad at Facebook for using their personal data. Mark Zuckerberg is not forcing anyone to use his free website.
Anyway… If you don’t want to haggle, don’t haggle! There are so many ways around this. If you have equipment or props — things that are add-ons, but don’t cost you money — stick to your rental price, but give the add-ons away.
This way you’re not undervaluing your space and the guest feels like they’re getting something out of you. And that’s all people want… they want to feel like they’re getting a deal.
As for specific things you can do:
- New photos are a must. The ones you have are blurry, way too small, and shot in a way that would not excite a photographer to work there.
- Find your unique selling proposition. You basically have a white box studio and there are dozens of them around NYC. As a result, you have nothing to leverage against guests like the one you mentioned. Get some weird/cool props. put in an espresso machine, anything to make it special.
- Diversify your advertising. Hopefully you’re not only listing here on Peerspace! There are many other sites out there. You need to be on all of them. Send out a newsletter, work Instagram, etc.
I agree about new professional photos! Coming from a pro photog your images would really look better property exposed and composed. But before you do that redecorate your space, paint a texture wall on one wall adjacent to the windows.
Also get some furniture (couch and iconic looking chairs) and couple posing stools. Have a makeup table, chair and lights around the mirror. Get a small rolling table or cart for photog to put his camera and laptop on while he shoots. A steamer and clothing rack for models. These are all additions that are not expensive and would go a long way leading to more bookings. All of the above would be a wise investment and not break your bank.
I also recommend on raising your prices to $100 - so between $75-$125 as you noted. Good luck!
You are asking for too little A, and Trump isn’t your problem in NYC. The RNC’s tax policies are far more forgiving than the left’s, I HATE with a passion to get political for even a second , but taxes and shutdowns ARE KILLING PEOPLE in New York and L.A. Peerspace just tries to make a buck like the rest of us, it’s crazy to think they would do or say anything against our collective lurch to bigger gov. in the the bluest of states. Elon tried it, look where it got him, he had to move his semi’s to Texas. Just raise you price and plant your flag in it come what may, be patient , I’ll bet you have an awesome space and it will rent. Practice relentless optimism!
Wow, I can’t believe how low the prices are on the downtown spaces in LA! Now that’s something to complain about. Things are hard here in NYC but I think they might be even harder in LA.
Best of luck to everyone on the west coast!
Anthony, my policy is I never negotiate on price and it’s worked well in NYC for me.
I have to say that if you’re paying $7000 a month for 800sf and a shared common bathroom in Manhattan you should renegotiate your lease because you could be paying half that in the current market.
Best of luck to you.
Thank you Yvonne, I will take your advice and make some changes in that direction. I appreciate your help!
Thank you for the advice, I will certainly try to update the space while i still can!
Thanks Grayson! I appreciate your input and will taek your advice!
I was thinking about your space and would have one more suggestion: I see you have 2 spaces next to each other. You might try decorating both with different colors & furnishings. That could encourage clients to take longer bookings since there would be more variety of shots they could make. Also would have more appeal in general. Then either offer a discount if they only want one studio or do 3 different postings: One for each of the separate studios and one for both of them. Obviously at different prices. My home is eclectic and I often hear guests saying that what they like is that they can make it look like different location–one stop shopping
Be sure to post the new pics once they are done. Message me so I will not miss them. Can’t wait to see them !!