A-Z Guide on Hosting Your Empty Space

Do you own an empty space, like a room or the top floor of your house or guest house or farmhouse or anything else? And is it collecting dust, due to prolonged inactivity?

Are you thinking of ways to make it fruitful instead of keeping it unutilized? You are at the right place! There are plenty of ways available for you to turn your empty space into a profit generator. Believe me, this is not only useful for newcomers but also for already existing players!

Let us look at the tips one by one to make money from renting space.

1. Determine Your Space

First, identify the space that you have for rental, whether it is an extra room in your house or a garage or a tree house that can be used for hosting guests. No matter, what kind of empty space you have, people are ready to rent it.

Identifying your space will give you a clear picture of your potential renters.

For example, you can rent your extra room, for small events like Birthday parties, Bachelorette parties or even for proposals. Renters usually look in for budget-friendly options for such events and they don’t prefer inviting guests in large amounts!

Or, if you own a tree house, you can rent it for renters looking for a perfect place to host a get-together. Tree houses are always considered a cool place to spend time with friends and family.

Or, if you own a commercial space, which is large enough to accommodate more people. Then you can consider renting it to renters, who are looking for office meetings, workshops and conferences.

2. Location Matters

Location plays a vital role when it comes to renting space, as it enhances your space’s earning potential.

You cannot change the location of the properties you already own. But, you can consider leasing spaces apart from the spaces you already have. For this, look for highly populated places as people tend to rent spaces frequently.

And try understanding the demographics of the area before you choose, like the resident’s age group and their income.

For example, you can consider choosing a location which consists of high student population. As there will be high chances for the students to rent your space for conducting various parties such as house party, themed party, birthday parties, and much more.

Similarly, you can consider choosing a location with a larger number of people between the age group of 50-70 years. These people might rent your space for conducting retirement parties and small get-togethers.

3. Preparation Of Your Space

Now you have a space ready to make money for you and the next thing you need to do is make the space clean and attractive for renters.

You can consider incorporating decorative ideas from platforms like Pinterest. Such as setting up proper lighting, as it plays a vital role in highlighting specific areas of the venue and creating a warm atmosphere.

Pro tip: Use different types of lighting such as centerpiece lighting, balloon lighting, string lights, and so on.

Try adding decors to make your space unique. Apart from the usual decorative items like flowers and centerpieces, you can consider incorporating interesting selfie booths and props that align with the event’s theme.

And a visually appealing background or centerstage to click cool pictures adds another layer of interest!

Other than these incorporations make sure your space is comfortable for your guests. Offer amenities such as enough seating arrangements, proper restroom facilities, AC, wifi connections, and so on.

4. Legal Requirements

It is very important to obtain the required permits and licenses. This ensures the smooth running of your space rental business without acquiring any penalties.

Obtain permits for smoking, serving alcohol, fire safety, and hosting events. And adhere to the guidelines provided by your local authority regarding parking regulations, noise pollutions, etc.

Make sure your space rental business follows all legal requirements such as Tax duties, Insurance coverage, and other legal aspects.

5. Utilize Online Platforms

Now, it's time for you to make listings on popular platforms like Peerspace. Let me list out the steps involved.

Step 1: Sign up for a Peerspace account and complete your profile.

Step 2: Give specific details about your space, like square feet and capacity. Indicate the type of activities that can be performed in your space like events, meetings, and production.

Step 3: List all the amenities that your space offers like AC, Wifi, drinking water and etc.

Step 4: Provide a clear and precise description and highlight the potential benefits that guests can enjoy at your place!

Step 5: Upload high-quality images of your space in your profile. Make sure it looks good, attractive, eye-catching, and captured with proper lighting.

Pro tip: Capture multiple angles of your space, to help renters get a clear picture of the space!

Step 6: Set an availability calendar and mark your available dates and times in it. And can also mention the minimum duration of booking like 2 hours, to avoid very short rentals.

Step 7: Mention the rules and regulations that guests need to follow, in case if you have any! For example, inform them about the rules to be followed with regard to noise pollution and guest capacity.

Step 8: After completing the above-mentioned steps, submit your listings for review by Peerspace. Once it is approved by Peerspace you will start receiving bookings from guests.

Instead of making your listings on some other platform, you can consider having your own space rental app. Where you can act both as a host as well as an admin and allow other hosts to make listings on your platform to reach potential guests.

How Does Having Your Platform Help?

1. Eliminating The Struggle

Having your own space rental app can avoid the struggle of attracting guests in a competitive online platform like Peerspace.

2. Cutting Down The Charges

Service fee and processing fee are charged from you on third party platforms, which can reduce your earning as a host and affect the profit that you make through renting space.

You can also make additional earnings by having an app like Peerspace, apart from just being a host.

As an admin, you can earn from the commission fee that you charge from guests upon each booking. Once the payment is directly made to hosts you can deduct the service fee.

This is how famous platforms like Peerspace make money!

By having your space rental app you can manage both hosts' and guests' activities, let me list them down.

Approval Of Listing

As an admin you can review and approve the host listing after ensuring, it meets the platform’s standards.

Offering Support And Assistance

Support and assistance can be provided to both hosts and guests by answering their queries, and fixing the technical issues they face.

Managing The Reviews

Managing the reviews left by the guests will enable you to make sure, that there are no any kind of inappropriate reviews in adherence to community guidelines.

Manage Payments

You can handle the payment process between hosts and guests and ensure timely and secured transactions of money.

Monitor Performance

Monitoring the performance of hosts on the platform, such as response time and guest satisfaction will help you to identify areas that require improvement.

Now, coming to the development of your space rental app, it can be done in two different formats!

1. Custom Development

Custom development refers to building an app from scratch, this involves designing the user experience and user interface, coding the app based on the programming language you chose and testing it thoroughly to make sure it is free of bugs and functions well before launching it on your chosen platform.

The above-mentioned process usually consumes so much of time and you need to invest a large amount of money as well. It is more expensive than readymade app solutions! But, you can personalize the app according to your wish and can even add features to make your app unique.

2. Readymade App Solutions

Whereas, Readymade app solutions is a pre-built and ready-to-use application. Here, there is no any kind of coding required so, you can directly get into the customization of your app like your brand name, logo and other features that you would like to add.

Once done with customization the app undergoes testing to make sure it is free of bugs before launching it on your chosen platform. It is less time consuming and highly cost effective compared to custom development.

Go through this to learn more about Custom development and Readymade app solutions!

In case if you are looking forward to launching your app using readymade app solutions, then here is a suggestion for you.

RentALL Space, which is our readymade space rental app solution is a perfect fit for your business.

We can customize it according to your needs and help you launch your app quickly.

We served 500+ happy clients before! Let me list RentALL space’s virtues once again, as it will enable you to make informed decisions.

1. Less time-consuming
2. Quick app launch
3. Highly cost-effective
4. Immersive UI and UX
5. 100% Customizable

Take a look at our free support !

1. Free app submission
2. Free server installation
3. Support even after app rejection
4. Free white-labelling service

6. Make Use Of Social Media

Registering in popular space rental sites alone will not guarantee, your maximum reach among the guests! Platforms like Instagram, X, Facebook and Youtube are effective in showcasing your rental space and reach your target audience.

After creating an account in the above mentioned social media platforms, you need to upload high quality photos and videos of your rental space, to showcase your property.

While uploading posts in your social media platform, try incorporating relevant hashtags as this will increase visibility and reach wide range of audience.

Don’t forget to maintain consistency as there are high chances for you to lose followers, if you fail to upload posts regularly.

Interacting with your audience is the key! Respond to the comments and messages that you receive to build good relationship with your potential clients.

Pro Tip: Try recording your renters experience as a video and upload it in your social media platform, this will help you gain maximum reach!

7. Collaborate With Friends And Family

As you have newly launched your space rental business, there will be less or zero reach for your rental business. So, starting with your friends and family is the key, they are your initial guests. By doing so you can showcase your space rental business and attract potential customers.

You can also try hosting small events as a soft opening as a part of introduction to your venue. Through this, you can highlight the features offered at your place and your ambiance.

To Sum-Up

Hosting is all about creating a wonderful experience for the guests and attaining guest's satisfaction. By following the above-mentioned tips and starting guide, you can turn your empty space into a stable source of income!