Sharespace Review
In this sharing-economy era, people are being super creative in sharing whatever they have. Some works and makes it big like Uber (car sharing), Airbnb (house sharing), and Rent You Runway (clothes sharing) while others do not make much sense like umbrellas sharing and basketball sharing. Here I want to review my experience working with another company - Sharespace (storage sharing) with you.
What does Sharespace do?
Sharespace is a community of neighbors who earn money by renting out extra space in their garages and homes. It helps homeowners earn passive income by taking advantage of unused space to provide storage for neighbors who are traveling for school, downsizing, expecting a child, or just need a bit of extra room.
My Experience
1. Signup
Describe your space to them and they give you a basic estimation of how much you can make each year. (this will change as you provide them with more details in later stage of the signup; it is still an estimation as this stage)
Here is some basic pricing based on generic storage type you select
Attic or Close: $960/year
Storage Room: $2520/year
Garage: $5400/year
How many renters visits are you able to facilitate each month? Flexibility and # of renter visits are taken into their pricing model. For example if we are doing a storage room as above then based on your choice of # of rent visits you can accommodate they will adjust the estimation (normally an increase of $120/visit)
1 visit: $2520+$120=$2640
2 vistis: $2520+$240=$2760
4 visits: $2520+$480=$3000
5+ visits: $2520+$600=$3120+
How many neighbors can you invite? Here they try to evaluate your referral ability. Currently you can choose to take $150 or 10% your referee’s revenue. To me, the second option without the time strict seems like a hazard for them.
Then they will ask you to fill your basic info such as email and phones (lead info), address, lead generation info (for marketing attribution) and then ask you to upload photos of your space. This will become your profile for renters to choose. Note: the order of this signup procedure is well designed. They show you how much you can make to hook you in then when you on step 3 they start to ask information about you, so it is pain free.
2. Screening
Then your place will be shown as under review. Then they will call you for a phone screening and you also need to finish a self-onboard training, which only takes about 10 mins. This process is pretty straight-forward. The rep will go through some basic info with you and confirm that you have uploaded photos then you can text them and they will list your place on their platform.
3. Scheduling
Renters will reach out to you based on your uploaded portfolio. They will list the following details for your consideration on your dashboard as well as sending you a text message.
Date they want to store their stuff: From…To… & Move-in Date
Space they needed: e.g. 25 sqft
Your estimated monthly payment
In addition, you can ask renters to send you photos of the stuff they want to store and their photo ID for verification. Then if you agree on the terms, the move-in is scheduled
4. Hosting
The renters will take care of the moving, you just need to be there at the agreed time
For every additional visits during the storiation period, they need to schedule with you in the system and you get paid accordingly
5. Financials
For a 25 sqft space, you can roughly make $1 a day for storage thus financially it is not that lucrative however it is almost 100% passive.
