Year in Review Email from the CEO


#1

Reading the 2018 Year in Review email from the CEO I can’t help but wonder if the Peerspace that I love, (and now depend on) will get oversaturated like every other thing that is new online. To explain further, I have been an online vintage dealer for over 8 years now. I was part of One Kings Lane when it first started, it was fresh and exciting for shoppers to buy vintage goods online and it was very profitable for dealers. Eventually that site, along with other vintage online shopping sites took as many dealers that they could to grow their company and maximize profits, totally understandable. But what happens with this kind of growth for us as hosts if this were to happen on Peerspace (and if not monitored by Peerspace) is that the competition for hosting will get oversaturated with so many listing that guests will have to search thru endless pages (especially in the larger cities) and we will soon have to pay to keep our spot at the top of the page for guests to see us. It makes me sad and I hope that our CEO has a quaility VS quantity mentality when it comes to growing this business that I am so very involved with. Or a really stellar search option for guests. It may even resort back to productions using hands on location companies as they did before Peerspace existed, I say that because not everyone will pay to move their listing to the top and the production teams will only see the powerhouse spaces that can afford to pay to advertise their location thru the site. Again, I am really looking forward to growth and love what Peerspace has become, just hoping for a unique mindset from corporate in the days to come. The advertising thru Peerspace to keep your home in the loop is unfortunately when I’ll have to move on if it happens, as I did with the other saturated platforms I have sold on over the years. Peerspace please say it isn’t so??


#2

@Jennifer_M- Thanks for the note. I like your honesty.

My goal (and I think I speak for the entire team) is to build Peerspace into an enduring – and impactful! – company. My belief is that if you focus on building a quality service that people love, the profit-making part of the business will take care of itself.

I hear your concern about over-saturation. To build a successful marketplace, everything must be in balance – hosts, guests, vendors, service level, pricing, etc. A marketplace is like a plant that needs just the right combination of sunlight, air, water and soil to grow. If you overwater it (as in your One Kings Lane example), you may see some additional growth in the near-term, but eventually the plant will die.

We have no plans for a “pay to play” scheme to ensure your listing shows up at the top of search results. I have seen other sites do this and I think it is anti-customer. We succeed when our guests find the spaces (and hosts) that are best-suited for their event. Enabling hosts to buy the top slot goes against this philosophy.

Peerspace is still in its early stages but well on its way to something amazing. The service and this community will continue to need nurturing to grow to its full potential. Please continue to provide honest feedback about whether or not we are on the right track !

thanks

Eric Shoup
CEO Peerspace


#3

I couldn’t agree with you more. Peerspace seems to be following the Airbnb model. I specialize in hospitality and find it difficult to compete price wise with novice hosts looking to make some extra cash. There should be some listing criteria and personal visits to ensure spaces listed meet Peerspace standards. And there should also be a threshold/limit. I know this may fly in the face of company goals, but it you reduce inventory then you keep values and quality up. I’m seeing a lot of $30/hour listings for questionable spaces. This over saturation should be questioned as it stands to cheapen the brand and the experience.


#4

@Laura_Y- Quality vs. quantity has been a frequent topic in the halls of Peerspace these days. In the early days of the marketplace, out of necessity, our focus was on quantity. We needed to get enough hosts onboard just to get the business going!

Nowadays we are able to turn our attention more towards what we really care about – ensuring that our guests and hosts have successful events together every single time. As you can imagine, this will require higher quality, better service, more vetting, more guarantees, etc.

I don’t know all the tactics to get there or exact timeline yet but know that is the direction we are heading.

thanks

Eric


#5

Eric , thank you for your reply. I love hearing this from the top. Also, I (I’m certain all the hosts) really love how you’re hands on and sensitive to the needs/concerns of the hosts. This actually eases my worries a bit as we are thinking about an offer on another location today, your vision has been life changing for me and I’ve found my passion thru hosting and creating the perfect spaces for guests! My mind never stops with the possibilities and now I’m excited for the Peerspace tree to flourish even more!


#6

Thank you Eric. All the current hosts would really appreciate it!


#7

Eric, that is good to know. Right now a NY/Israeli company called “Splacer” (stupid name) basically tries a pay for play model (you only get the good leads if you pay a monthly fee) and quite frankly, their business SUX! Their website is Glitch-laden, their model sucks, they shop multiple properties to interested users to the point where people have no idea who they are talking to, their booking days and hours don’t match up and on and on and on and on… I have run numerous web-based businesses and I must say Splacer is the worst run business I have ever seen online! Peerspace and their reputation is great and growing nicely. Keep doing what you do and put these Splacer jerks out of business with your superior service. Thanks, Eric!