How much is my SPOT worth?!?! It’s a question we get from SPOT-owners just about daily in one form or another. SPOT 2.0 makes this question obsolete with it’s new suggested pricing feature, however there’s still a lot to cover when it comes to pricing, payments, and cashing out! Here’s what you need to know regarding everything money related on SPOT:
Your SPOT, Your Price:
As mentioned SPOT 2.0 has built-in suggested pricing based around things like location and SPOT utilization in your area, but even we aren’t perfect (I know, startling news right?). If you live in an area near a festival that’s coming to town, a little off the beaten path but near the beach or other event or seasonal attraction your SPOT may be worth a little more than we think. On the flip side, your SPOT in a prime location may seem like it’s worth top dollar, but if it has a difficult point of entry or is located near other SPOTs with lower rates, lowering your price may be worth it to attract more renters. Our default rates are pretty good, but nothing beats the knowledge of a local, and who knows the area around your SPOT better than YOU?
Your Payment Details:
Whether you’re a renter, an owner or both, we’re gonna need a little info from you to complete a SPOT transaction. Simply tap in My Account from the menu to find your payment details. Tap Payment Options to add a debit or credit card for purchases (renters) or tap Payout Options to add bank account, Venmo or PayPal details to receive payments (owners). These details are kept 100% secure by SPOT and encrypted using a industry leading 3rd party service.
Fridays = Payday:
We pay SPOT owners each Friday for any rental that started that week. Most of the time this is pretty straight forward, but in the event a renter books your SPOT days or weeks ahead of time (for instance a renter who knows they’ll be in town a particular weekend for a business meeting or a concert) you will be paid out the Friday of the week when the renter starts using your SPOT. This is to allow for more accurate accounting for our owners and to enable renters to cancel a SPOT rental in advance without hassle.
Bonuses, Promotions and More:
If you’ve been a SPOTter for more than a millisecond you probably have figured out that we love giving stuff to our users. In the past we’ve given out iPads, TVs, tickets to sporting events, massage packages (Not from one of us, I promise) and more. We occasionally run promotions for new SPOT owners or to encourage owners with expired listings to activate their SPOTs and once in awhile we’ll double the payout on a given week for specific owners who’ve provided helpful feedback or who have just been rockstars with their SPOTs. For renters we’re always handing out promo codes for discounted rentals and gift packages to our extraordinary SPOTters.
Be sure to be checking your email and following us on Facebook and Twitter for the latest promotions, giveaways and deals. Owners, worry not: the use of promo codes or promotional events like #FreeParkingFridays will not affect the amount you collect whatsoever.