Vlog Maximise Parking Space Earnings Value And Rent Out

Feel free to watch the video above or at https://www.youtube.com/watch?v=AONjMoPLE88 about Renting Car Space For Cash, listen to the podcast here or read the transcript below. In this video, we'll teach you how to value and rent out your parking space to earn some extra cash. Learn how to compare your space to others in the area, consider its features, and establish clear guidelines for renters. Plus, we'll give you tips on how to attract renters and build up positive reviews. Don't miss out on this valuable asset! 1 00:00:00,000 --> 00:00:07,840 Hey there, if you own a parking space, you have a valuable asset that you can earn some extra 2 00:00:07,840 --> 00:00:17,120 cash with. Whether you have a rental property or a parking lot, you can rent out your parking 3 00:00:17,120 --> 00:00:27,440 space to drivers and make money. However, the question is, how do you value your parking space? 4 00:00:27,440 --> 00:00:33,360 And I'm about to tell you, first of all, you should compare your parking space to other spaces 5 00:00:34,000 --> 00:00:40,320 in the area. This will help you figure out your valuation. And the best thing you can do is check 6 00:00:40,320 --> 00:00:46,240 out Parksy's website and see how much other people are charging for similar places in 7 00:00:46,240 --> 00:00:51,760 your neighborhood, because the neighborhood really matters. This will help you determine the true 8 00:00:51,760 --> 00:00:59,520 market value of your parking space. Also, consider the features of your parking space. Is it covered 9 00:01:00,240 --> 00:01:08,560 or uncovered? Does it have lighting or security? All of these factors can impact the value of your 10 00:01:08,560 --> 00:01:16,640 space. So if your space has more and more features than other areas, you may be able to charge a 11 00:01:16,640 --> 00:01:25,920 little bit more. When you first start renting out your parking space, it's a good idea to charge 12 00:01:25,920 --> 00:01:33,840 a little less than the market rate. This can then help you attract more renters and build up 13 00:01:33,840 --> 00:01:39,920 positive reviews. Once you have some positive reviews, you can start raising your price and rates 14 00:01:39,920 --> 00:01:46,240 to be more in line with other listings in the area that you're listing in. Remember, 15 00:01:46,240 --> 00:01:54,560 it's important to find the right balance when pricing your parking space. You don't want to 16 00:01:54,560 --> 00:02:01,760 overestimate the value and scare off potential renters and customers, but you also don't want to 17 00:02:01,760 --> 00:02:08,480 underestimate, undervalue your space and miss out on potential income. So we want to find that sweet 18 00:02:08,480 --> 00:02:15,600 spot. Finally, keep in mind that there may be tax charges if you live in a capital city. So be sure 19 00:02:15,600 --> 00:02:22,000 to do your research on the area and this before you get going. Additionally, it's recommended to 20 00:02:22,000 --> 00:02:30,560 establish clear guidelines when renting out your parking space. And you can use one of our sample 21 00:02:30,560 --> 00:02:37,360 parking agreements to do so. So there you have it. By following these tips I've just mentioned in 22 00:02:37,360 --> 00:02:44,240 this video, you can now value your parking space with ease and certainty. And you can start earning 23 00:02:44,240 --> 00:02:50,640 some extra cash. Remember, parking made easy is here to help you every step of the way. So don't 24 00:02:50,640 --> 00:03:17,040 hesitate to reach out if you have any questions or concerns because we'll be very happy to help.