When listing a new space on Pavemint, the most common Host question is, “How much can I make with my space?” Having accurate pictures, a good description and detailed instructions are all very important, but the single most important thing for Guests is your price! That’s why we created this post about pricing your Pavemint space correctly. When creating your listing, we provide recommended prices to give new Hosts a general idea based on local parking meters and lots, but no one really knows the value of your space, like you, the Host.
Flat Rate vs. Variable Rate
The first thing to decide when pricing your Pavemint space is whether you should charge a flat rate or variable rate. We recommend charging a flat rate if your space is near a venue, like Dodger Stadium, the Forum, or an airport. Think about flat rates this way: are people generally expecting to pay a flat rate? If so, you should follow that trend. Variable rates are best for areas with shopping and restaurants, where people are coming and going throughout the day and evening. Think about variable rates this way: are people generally parking at meters or paying by the hour? If so, those people will be more likely to pay a variable rate.
Setting Your Price With Pavemint
Now that you’ve decided the kind of rate you want to charge, it’s time to decide the amount. All spaces and Hosts are unique, so it’s important to give this some thought. Details like your space’s special features and distance from nearby attractions should factor into the amount you decide to charge. For example, people are often willing to pay a little more for a space that’s a 5-minute walk to Venice Beach versus a 20-minute walk. Additionally, calling out special features might increase your space’s value. If your space has a camera or an EV charger, for example, you can probably charge a little more.
How low should you go?
Lastly, do some research! A little bit of research on pricing in your area can help you decide on the ideal rate. Often, Hosts want to charge the highest price they can imagine. However, when pricing your Pavemint space, that’s usually not the best option. You’re much more likely to attract Guests with a lower, competitive price. Charging too much could wipe out your chances of getting any reservations at all, so make sure you stay competitive! If you have a brand new listing, you should also consider lowering your price even more to attract your first reservation and 5-star review. You can always raise it back up to the perfect price later.
Looking for more tips on Hosting? Check out our recent post all about the Pavemint Calendar.