Peerspace is hands down my favorite site right now to list all of my venues on whether it’s my short-term rentals, my flex space, or my event spaces because it has so much more flexibility.
You can make a lot more revenue with Peerspace than with competitors like Airbnb so I’ve decided to do a full detailed Peerspace review explaining just how.
What is Peerspace & how is it different from competitors like Airbnb?
The Airbnb short-term rental model is one price for a 24hr period. However, with the Peerspace model, you can price it by the hour.
And you can actually change the price depending on the use of the venue. For instance, a photoshoot where a lot of things may not be put out of place and there may not be a lot of damage, you can charge a lot less per hour than you would for a party where you know they’re going to bring food in they’re going to bring drinks in.
You know there is going to be a lot more to clean up afterward. There are actually opportunities where you can rent out individual rooms.
>> Click Here To Get Started With Peerspace <<
So, if you just have a conference room in the space that you’re in that you want to rent out for $35, $45, $100 an hour you can do that.
The pricing is not as connected to the neighborhood or area that you’re in also like Airbnb.
For instance, if you’re in an area where the average nightly rate is only $149, it’s kind of hard for you to command $400.
But however, if you have a really nice space like this you can charge $95, $195 an hour depending on your market, and make a lot more revenue in the same amount of time.
Something else I like about the difference in the pricing model is that when you think about the revenue and the cost of that booking, it’s a lot less when you don’t have a guest staying overnight.
You’re actually not running a hotel you can actually clean up in between the guests. It’s a lot lighter. And it’s a lot easier to handle and manage even though you can have multiple bookings in the same day.
Peerspace different prices for event types, custom quotes, add on services
So, in addition to the difference in the pricing model, you can also do custom quotes. So, before a guest book their actual stay you have the opportunity to review what they are asking for.
You actually have to review and add on extras if they ask for specific things. Let’s say they want audio equipment, or let’s say they want access to something special with the tv network.
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You can set all those things up and make those costs on top of the regular booking fee. Now, something else that’s important is that you have the right to customize the quote.
You can lower a quote. Say you want to give a veteran discount, say you have a friend you want to charge half price; you can actually do that as well.
So, you have a lot of flexibility with the model. And there’s also an option for an instant booking. So, if they choose instant booking it minimizes the amount of communication.
However, you will not have the flexibility to change the price point. The only thing you can do is reach out to them and maybe cancel the booking and reset if you see something out of line.
What types of venues/spaces are good to put on Peerspace?
So, you’re probably wondering what types of venue spaces are good to put on Peerspace. And I’m going to tell you literally any type of space.
Anything that anybody will want to rent for any reason. Even if it’s an old, abandoned house. Hey somebody with a movie production studio may need that space to shoot a scene.
Like I said before, it could be empty office space, it could be a restaurant that has downtime. All of these spaces have specific uses.
And I guarantee you there is somebody in your market that’s looking for an opportunity to have a space just like that, and the best platform for you to put it on is going to be Peerspace.
>> Click Here To Get Started With Peerspace <<
Like I said because it just doesn’t fit an Airbnb or VRBO type model. There aren’t really many other platforms like Peerspace that are as thorough.
For you to have detailed pictures, detailed descriptions, and have so much open communication with potential guests.
What cities are good for Peerspace vs Airbnb?
So right now, peer space is going to be best suited for the larger markets. I’m not saying it won’t work in smaller markets.
But Peerspace New York, Peerspace Atlanta, Peerspace Houston, Peerspace Chicago, Peerspace Los Angeles. These places are going to be great because there is a big demand for event venues in these locations.
I’m not saying smaller towns won’t work. You just may not have the frequency of bookings that you are going to get in a big metropolitan city like I have here in Houston.
I love Houston. There’s a lot going on. We are just now getting back from COVID, so a lot of events are beginning to get booked.
And it’s been a great, great decision for me to switch over from a strictly Airbnb model to having these Peerspace units.
>> Click Here To Get Started With Peerspace <<
Minimum & maximum amount of time for bookings on Peerspace
Another great flexible feature you have on there is you can choose the minimum and the maximum booking amount of time.
So, if you don’t want people in there 24hrs, you want to limit the amount of time they are there. Or if you don’t want to have to shuffle too many one-hour, two-hour bookings.
You can set your bookings at whatever you’d like. I set mine at 4hrs just because I like the amount of revenue, I’m going to get out of the four hours.
When you subtract the 15% service fee that Peerspace charges for using the platform and you calculate in the cleaning costs. Which is also something that you can set at whatever number you want.
Depending on how much your cleaning service charges you. That allows you to have the flexibility and the control of your revenue, and the time management for each booking and in between your bookings.
How user-friendly is the Peerspace platform?
One of my favorite things about Peerspace is the platform is very user-friendly. It’s easy for you to go in there and set up a new space.
They walk you step by step through a bunch of questions that make it really easy for you to set up. You can choose what types of venus you can have in your space.
You can choose what people can and cannot do in your space. And it gives you a lot of control over the use of the space.
They also offer a great platform on the side for the people that are going to be booking. So, when a potential guest goes to the site, they can type in the city, the type of event, they select the dates.
And then it gives them plenty of options, and your goal is to be on the top page. Just like my listings stay on the top page.
Just make sure you are very responsive to the guests. Because all of those metrics are counted into the algorithm to know where you are placed.
And to know how many people they are going to put your event space, your short-term rental, your flex space in front of.
>> Click Here To Get Started With Peerspace <<
Do a booking need to be confirmed on Peerspace?
So, you have the option on the booking feature to allow an instant booking. However, if you don’t want to do that.
If you are someone that is meticulous, and you want to review the guest to see their past bookings and see what the other venue owners rated them.
Then you have the option to turn off instant booking. That also gives you the flexibility to make sure that you don’t have a pending booking that may be of higher revenue for you.
If someone does an instant booking in that time slot, it will prevent you from ever being able to get that longer booking.
So, you want to make sure that you’re comfortable with the way you do it. They give you all the flexibility in the world so that’s great.
Communicating with potential Peerspace guests before they book
Another great thing about Peerspace is they have a direct messaging feature for each potential guest.
As they put in a request for a booking you can communicate with them, they can communicate with you back and forth. Ask specific questions.
Maybe you forgot to put some type of detail in the online description. The questions I get are about parking, is there a surround sound system they can plug into?
They ask about what types of things are allowed or aren’t allowed. Can I have a DJ? How loud can I be? Can I come in before the booking time?
Can I leave after and clean up, can I take an extra 45 minutes to clean after my booking is over? These are the types of questions you get very often.
Some of them will even ask if they can stop by the venue before deciding whether they are going to book or not.
So, having the flexibility to communicate with them there makes it a lot easier and a lot more fluid for you to have a transparent, congruent booking process.
>> Click Here To Get Started With Peerspace <<
Rating Peerspace guests and seeing ratings of guests before approving their bookings
So, if you’re like me you’re very wary of having a guest that has a bad reputation. And you want to know how these guests have handled the previous venues that they have leased or booked.
And so, what’s great about Peerspace is it’s a two-way review system. So, you as the owner of the venue get to review the guest, and the guest also gets to review you.
So, what I like to do is go look at guest ratings and look at the comments from the other venue owners that they have booked before. Just to make sure this person is going to be the right fit.
How are damages handled on Peerspace?
In the unfortunate incident that there is some damage from the guest after they leave, you can go in when it’s time to rate the guest.
There is an option for you to go down, notify Peerspace that there are some damages, and they will charge the credit card that the guest has on file for those damages.
You may have to submit some invoices or receipts. They may try to dispute it, but there is a process in place for you to be able to do that.
Pros of Being a Peerspace Host
- There is absolutely no fee to list your property on Peerspace and you can choose what parts of your venue are available for booking. From a guest’s side, guests don’t have to pay a deposit.
- You’ll get more bookings in a single day than competitors like Airbnb which means with Peerspace you will get higher revenue for a single day because you can bill by the hour and by the event type.
- With Peerspace you can have no overnight guests. You choose the time available for your venue. If you do not want to have bookings past a certain time you have that option. No overnight guests mean there will be no linen to change, no extra cleaning fees for laundromats or dry cleaners.
- With Peerspace you can customize the rate to accommodate discounts or extended bookings.
- Peerspace has a very easy communication portal that has direct messaging between guests and the host. I use this a lot and find it very efficient.
- Peerspace is a relatively new platform with a lot of room to expand. By getting in early and listing your property early on Peerspace you will have tremendous exposure as the site grows.
- You can create add-on services or offerings that can increase the revenue on each booking.
- User-friendly mobile Peerspace app and an easy-to-use, user-friendly website that is also designed to accommodate for mobile.
Cons I Found Doing my Peerspace Review
- More bookings on Peerspace in a single day means more active management. This includes more management of guest check-ins and check-outs and also more daily cleaning. However, you can adjust your cleaning fees to accommodate this.
- The Peerspace Platform charges a 15% fee vs a flat monthly listing fee like other platforms. However, using THIS LINK will get you 50% off Hosting fees with your first booking.
- Peerspace is a relatively new platform and this model may not create the same type of revenue in a small city as it would in a larger city like Houston, Chicago, NYC, LA.
- Some event types that you get inquiries on may not be suitable for your space if you don’t have enough parking. Therefore, you should not suggest those events or find/partner with valet parking services.
- Peerspace guests do have to pay for the full booking at the time they booked their event.
The Bottom Line About Peerspace
I know you know how overwhelming it can feel listing your property on different sites that waste your time and don’t make you any money. I’ve been there before.
That’s why listing on Peerspace is a no-brainer. It’s absolutely free to sign up and with this link, you will get 50% off Host fees on your first booking.
After you click the link and list your property for free, your space will be a few clicks away from millions of visitors per month that Peerspace already has.
Peerspace has already paid out over $140 Million to people like you and me with spaces to rent for a few hours.
Here is a screenshot of my last 6 days making over $2500 plus dollars which I want to point out the $900 in one day because of multiple bookings which I could never do with Airbnb. If you’ve made it this far in my Peerspace Review, especially if you are in bigger cities like Houston, NYC, LA, Atlanta, signup with the link below to get started and you’ll get 50% off Host Fees on your first booking.
Wow, this was very informative. My husband and I have been trying to decide if making the switch was worth it. I see the answer is clear now. I just opened my account.
Hello Susan,
How has your experience been on Peerspace since starting in March?
Extremely informative. This is taking the price elasticity of real estate and matching it to the demand for that real estate, down to the hour. This is similar to how movie theaters are higher prices on Friday and Saturday nights, compared to the prices during the week and morning times. You basically have a fixed cost (the real estate) that you want to maximize its utilization by charging at the highest prices given the higher demand (the price follows the demand curve). I’m 100% into this.
I have an economics degree with a focus in econometrics (trained to be an actuary) plus I have more than 25 years of developing and managing complex $100M+ operational and financial systems. Let’s connect as I’ve developed a Real Estate Deal Management System that identifies the appropriate investment property, manages and shifts risks while using leverage to generate at least a 25% cash on cash ROI on EVERY real estate deal. Our motto: “We don’t hit homeruns. We hit singles and doubles, and we never, ever strike out!”.
I wanted to bring attention to the dangers of renting out your home or place of business on Peerspace.com, after my fiancée and I were nearly murdered by two guests who rented our home to shoot a ‘music video’.
My fiancée and I had been hosts on Peerspace for almost 3 years and I was among the top hosts with a five star rating, hundreds of reviews and lots of bookings.
I was also the ‘chapter leader’ of Los Angeles in 2019 and was known by every host on the Peerspace platform.
I am an African American man and, after learning of this, the CEO of Peerspace, Eric Shoup, began harassing me at home with threatening phone calls and emails (I still have the emails and can share them with you).
I had been growing increasingly concerned about host safety and about some of Peerspace’ practices and lackadaisical approach towards keeping hosts safe, but was threatened with being banned from the platform several times by CEO Eric Shoup if I shared any of my negative experiences or advice on the Peerspace message board at community.peerspace.com (there are ‘hidden’ host-only message boards pertaining to host safety that you can’t see without a host account).
I had directly told Mr. Shoup that a host was going to get hurt if something didn’t change and I explained why. I was called a fear monger and was threatened again that I would be banned from the platform if I told anyone about the problems we’ve had with Peerspace and violent/felonious guests.
We would have left the platform voluntarily, but it is extremely hard for us to make money during the pandemic and I was thankful for the work we had. I am a commercial photographer by trade, but because of the children, I cannot accept clients into my home and the various shutdowns all but killed interest and inquiries.
So instead, we hosted Peerspace guests and were amazing at it. I have screenshots somewhere of all of our reviews and the lowest I’ve ever gotten is a four star. Guests (including multiple news stations such as BBC and CBS who have rented our old space or this new space for interviews) have frequently praised the cleanliness of our home, how well it was decorated and how comfortable we made them.
I have never violated a Peerspace policy or spoken ill of the company and yet the CEO himself would call my home or email me multiple times a month just to threaten and attempt to intimidate me.
On April 18th, three days after my fiancée gave birth, Kasra Shojaei and Mohsen Shojaei (https://kasrashojaeiofficial.com/our-studio/ https://www.youtube.com/c/KasraShojaeiProduction ) rented our loft (which is also our home) for a ‘music video’. Present was Kasra and Mohsen and a female singer.
They had said and done some concerning things before their booking, however I was forced to keep their booking, as Peerspace would threaten to close my account whenever I cancelled a booking because I didn’t feel safe.
Because they refused to wear masks, I was monitoring their booking via the security cameras while in our photography studio, which is right next door. 30 minutes into their booking they began using a smoke machine, which we don’t allow in our written rules, because it will set off our smart smoke detectors and/or cause people to believe there is a fire when the smoke billows out of the street facing windows.
I informed Kasra Shojaei and Mohsen Shojaei of this and was met with hostility and was told that they were going to use the smoke machine anyways.
I informed them that they violated house rules and that their rental was over. All three of them became hostile and told me that this was now THEIR home and that we had to get off of THEIR property (our home). This can be seen in the video from our security camera at https://youtu.be/Lqv68uYgvv0
I set off our Ring alarm system, which triggered a call with the police. Kasra began screaming ‘fuck you’ and ‘I kill you’ between strange giggling.
After several threats, we ended up calling the police (911) another 5 times and after 45 minutes, I decided to take matters into my own hands and started carrying their equipment into the hallway. I figured that the two would be concerned about their equipment and indeed, Mohsen followed me into the hallway.
I informed him that now that he was out, he was going to stay out and I began closing the door to lock it.
Mohsen threw his weight against the door and my fiancée (who had just given birth three days prior) helped me by also pushing against the door.
Kasra leapt to his feet and before we could do anything, he punched Maria three times (midsection, face and I believe her arm) and (as I was attempting to help her) Mohsen was able to get back in.
The two of them grabbed my arms and held them down while Kasra headbutted me. At some point, they broke the door handle off and we couldn’t get out of our home.
I got one arm free and punched Mohsen and then Kasra picked up a metal kitchen chair, held it over his head and attempted to kill me with it.
I managed to catch it and take it away from him and began looking for something I could use as a weapon, but could find nothing.
All of this can be seen in the video taken from our security camera at https://youtu.be/tF8iBHI_OpI
We managed to escape and shortly afterwards the police arrived and it took around a dozen to hold down Kasra and remove him from our home, while he fought the police.
They were arrested and booked on charges of trespassing (for refusing to leave), assault, battery, assault with a deadly weapon (the metal chair) and I believe some other charges.
Immediately following the incident, Maria lost consciousness (as seen here: https://youtu.be/Hz24jCpP7mk) and has dealt with months of pain, bleeding (she passes massive clots of blood) and she now may have a hernia from the trauma. Because of the babies and COVID, it is extremely dangerous and difficult for her to get to the hospital. Whenever she makes an appointment or tries to go to the emergency room, she says there is a wait of hours.
Our newborn has a coloboma in his left eye and when we went to a scheduled appointment, they told us there would be at least a five hour wait. We were so afraid of COVID that she just left.
Yesterday she was in so much pain in her belly button area that she collapsed screaming. I am afraid that she is going to die from the assault and we’ll never get her treated because of all the COVID cases.
That night of the attack I angrily emailed Peerspace about the incident and told them that I tried to warn them of the dangers of hosting, offered them numerous suggestions to improve the situation and I expressed disbelief that every time I brought up concerns, their only response was to repeatedly threaten me with being banned.
They initially seemed apologetic and concerned, but after I posted my experience on social media, they quickly banned my account, despite being one of their most celebrated hosts and never having violated their company policies.
This has been a tragedy to my family, as we have spent months attempting to rebuild our businesses and even start new ventures, all of which have not brought in the same level of income as Peerspace.
We are a family of color (African American and Hispanic) and what has happened to us is not only unfair, it has happened to many others.
Since our experience, Peerspace has set about attempting to cover up the incident and my one star yelp review, by purchasing clear and obvious fake paid reviews: https://www.yelp.com/biz/peerspace-san-francisco-2
Yelp is aware of their practices and has deleted or filtered out dozens of these bought reviews.
I know of several hosts whose property has been damaged by Peerspace guests and I almost can’t stand that the company has gotten away with this so many times.
During the start of the pandemic, Peerspace stole (refused to refund) the money for hundreds of bookings and (to my knowledge) pocketed the money when the quarantine shut down all indoor events.
This needs to be on the radar of homeowners and business owners, as we become almost desperate looking for revenue amidst a pandemic, restrictions and shutdowns.