So you’ve come to consult the Guru, have you?
Welcome to Brandon’s Best Practices! If you’re a SPOT Owner, then consider me your Personal Parking Guru (PPG).
Myself and a few other gurus continuously use magical powers (of awesomeness) to analyze activity, trends, and behaviors across the platform. Then, as your Personal Parking Guru, I’ll use my knowledge to help your SPOT get rented more. In this post, we’ll be discussing what is arguably the most important part of your listing: pricing!
Deciding on the pricing your SPOT can be daunting at times, especially when you aren’t too sure of demand in your area (because who has time to spend time researching parking demand?!). There are many different factors that influence the value of your SPOT to Renters but here are some things to consider when choosing prices:
- Refer to our Price Guidelines — The app will auto-average rates for your SPOT, based on a specific vicinity. However, we also have a guideline that gives a range of rates based on your neighborhood.
- Nearby attractions and landmarks — Consider how close major attractions are and how many of them are in your neighborhood. *Note: Fenway Park is a major attraction, the Starbucks located around the corner probably isn’t. Consider this when pricing your SPOT!
- How often is your SPOT available? — Even if you have a great SPOT, a limited availability isn’t very appealing to a Renter. Make sure you’ve got times when people would actually need to park, even overnight parking! If your SPOT isn’t available for at least 12 consecutive hours a day, you should lower your pricing.
- Seasonality — Some major attractions aren’t as major all year long (i.e. Fenway Park during the off-season). During those off-times, you should lower your prices. Although traffic is still there, Fenway in the winter doesn’t have the crazy demand for parking that happens the night of a Sox vs. Yankees game.
Now I understand that words are one thing and execution is another. Luckily for you, this Guru is thorough and came up with a couple ways to go about finding the right price for your SPOT:
- Start low and grow slow — List your SPOT on the lower range based on our Price Guidelines. As your SPOT begins to rent more consistently, gradually increase the price. I’ve seen this strategy work time and time again!
- Look at other SPOTs near you — You may have a great SPOT at $4/hour but a few blocks away another SPOT is $2/hour. Guess which one is most likely to get booked?
- Ask Us! — Owners often ask us for help with pricing and tips on when is best to raise and lower them. We have more Gurus on hand that can review your listing and give you specific feedback to get it rented more (I’ll definitely be your most favorite though)
***Rule of Thumb for ALL Owners: The longer someone books your SPOT, the better the value should be for them. I.e. if your SPOT is listed at $10/day, the weekly rate should NOT be more than $70/week. Conversely, if it’s listed at $200/month, the weekly rate should NOT be less than $50/week.
We want that concrete to make you more cash but high price tags don’t always help. Follow these tips so you can find the right prices for your SPOT!
Thanks for helping everyone #ParkEasier, Owners! Don’t forget to look our for the next issue of Brandon’s Best Practices!