There are however some ways that you can increase the likelihood of renting out your space fast.  Below We have outlined some of the main factors which can influence interest in your space – along with some hints on how you can maximise your chances of a quick rental.

• Location – We have hundreds (and often thousands) of people every day, searching the site for many different types of spaces all over Australia.  The majority of these visitors tend to come from high population areas (such as capital cities), but we also get many visitors from regional and even country areas.  If your space is located in a regional or rural area, it may take a bit longer to rent out, but you are also likely to have less competition.

• Security – For most people renting private space, security is not the top priority, but they will want some assurance that the space has a reasonable level of security – and the more you can offer (and describe in the listing) the better

• Access – Although some renters may require little or no ongoing access to the space, many would require some level of access  and the more flexible you can be with this the better.

• Type of Space – Some spaces could be used in a variety of ways – for example a garage could be used for storage or parking.  You may like to consider creating separate listings for each type of usage – outlining the features and benefits (and also possibly changing the price) depending on the way the space might be used.

• Facilities – The more “advantages” or benefits you can describe in your space listing the more likely you will be to rent out your space quickly.  These might be anything that differentiates your space from others and could be all sorts of things – e.g. free use of a trailer, 24×7 access with own key, owner able to give you a hand with heavy objects, cool dry environment – ideal for wine storage, can include a regular car wash for a small extra fee (for parking space), free parking available (for office space), etc…)

• Price – We normally recommend setting a price at 50% – 70% of the “commercial” rate. If you charge an unrealistically high price you are unlikely to get many enquiries, but if you set too low a price you might be missing out on some income.  We generally suggest setting the price a little higher initially, but consider reducing it if you don’t get many enquiries.  Keep in mind though, that a faster rental at a lower rate  is likely to generate you more income than holding out for a higher price and perhaps earning nothing from the space while you are waiting.

• Demand – Some areas are very popular and spaces tend to get snapped up very quickly. In these areas, you can generally charge more for your space than in areas where demand is lower.  Sometimes (but not always) you can identify high demand areas by a higher number of “space wanted” listings. If after a month or so you do not get many enquiries, it could mean that there is relatively little demand for the type of space you are offering in your area, so you could consider changing your listing description, reducing your price slightly, or even cancelling the listing.

Because there are just so many factors that can have an impact on how quickly you rent out your space, there can of course be no guarantee when your space will be leased. However there are few more simpler methods of generating handy cash flow, and most people really enjoy the process. By all means let us know of  any other factors or strategies that you  have found to be helpful in renting out your space.

At the moment, each Space for Rent listing must be assigned to a particular Space Type (although this may change in the future). If for example you have an empty shed which may be suitable for storage, parking a car, or even for use as a office, studio or workshop, it can be tough deciding which type of space you should associate with your listing.

Our recommendation is that rather than creating a single listing, you should create multiple listings – i.e. a separate listing for each relevant space type. One of the main reasons for this is because the amount you may earn in rental is likely to vary depending on the use of the space.  Someone is likely to be willing to pay more for an office or commercial space for example than they would for a parking space or for storage space.

People may also be looking for a particular type of space, and may miss your space listing if it is associated with a different category.  Also, you are more likely to successfully rent out your space if you are able to target your description to a particular type of use – rather than providing a general description.

So, when creating a space for rent listing, if there is not a clear space type to associate it with:

• Consider creating Separate Space listings under each relevant category
• Set a price for each listing that is realistic for the expected use
• Customise the description of you space to target the space type you have associated with it

Spending a little time planning your listing and writing a description which is likely to appeal to the different types of people (and uses) that it is suitable for can have a huge difference on how quickly you rent out your space.

However, this was highlighted to me recently when I prepared an article for the SpaceOut December eNewsletter about how to improve your enquiry rate on your listings.  This article included links to some listings that I felt had pretty good descriptions.  However, between the time I found the listings, and published the newsletter (just a few days) 2 out of the three listings I had identified with “good” descriptions, had already been leased – so I had to quickly go and find a few more.  Now perhaps this was just a coincidence,  but I would like to think that the users good descriptions had a lot to do with them leasing out their space.

The moral of this story?

The moral of this story is clear – if you want to rent out your space quickly, spend a little bit longer thinking about how best to describe your space.  This is not only likely to increase your enquiry rate, but is also likely to prevent people (for whom the space may not really be suitable) contacting you and asking for more information (and wasting your time).

Good Description Tips

I’ve outlined below a few prompts for things that you should consider including info about in your space description :

• Make an accurate and clear description of the space  (how would you describe the space to someone over the phone ?)
• What type of use would this space be ideal for ?
• Who do you see as the “perfect” Renter?
• Describe any access issues or advantages for this space  (e.g. 24 hr drive in access)
• How secure is the space ?  (locks, security systems, dogs, bars on windows, etc…)
• What “added vale” might you be able to offer ?  (e.g. can lend a trailer, or can help with moving in)

We get asked a lot about how to insure privately stored goods, so we’ve provided her some information about covering your stuff, and the crux of the Insurance question is at the end of the post.  You can also find more information on our Self Storage Insurance page.

Owner Arranged Insurance

One method of having your goods insured is by having the Space Owner arrange storage through their home insurance policy…some home policies may cover other people storing their things. If it doesn’t though, you could ask the home owner to see if they can extend their policy to cover stuff stored at their house by someone else.

Whether you as a SpaceRenter pays extra extra for this insurance cover or the SpaceOwner does is between you and the Owner. Talk to the SpaceOwner about this, as it is in their interest for your goods to be properly covered too.

Seeker Arranged Insurance

You may also be able to arrange a policy yourself though a reputable insurer. That means you can arrange cover for your items (which the insurer will ask the value of) and pay an agreed rate. In a full security facility, this rate is around $1 per month per $1,500 of value, but expect more if you organise it yourself. Call around to find the best deal.

Insured Value ?

Perhaps The BIGGEST question though that you need to ask yourself here is “What value do my goods really have?” I mean valuables items are obviously valuable, and I would certainly want to leave my irreplaceable things like family heirlooms and photos, gold, antiques etc in full security situation, but the option that private storage provides is to leave the OTHER stuff, beds, sofas, bookshelves, old clothes that you’d prefer not to throw away, etc etc into storage that is significantly cheaper than the storage facility rate.

This stuff is bulky and cumbersome, and wouldn’t be worth selling but you prefer to keep it rather than going to the trouble of buying it again at some stage. Storing this bulky stuff that takes up most of your space at ‘maximum security’ rates will chew through your cash and is just plain unnecessary. Draw a clear line between your valuable stuff and your ‘bulky’ stuff before you store.

What to Store Where ?

I guess the main point of this post is that the stuff you put into private storage is stuff that is both big, and that IS replaceable if worse comes to worst. You just want to park it some place that doesn’t cost an arm and a leg. Most SpaceRenters take this view of stuff they put in Private storage. Consider using a traditional storage facility for things that are worthy of the higher storage rates.

Separating ‘bulk’ from value items can save you big time. A bit of forethought can stretch your dollar a long way.

This is a question that we get asked a lot – many people just can’t believe that the service is Completely Free and seem to spend a good deal of time trying to work out what “the catch” is.

Well, Good News – the short answer is :  Yes,  SpaceOut IS Completely Free – There is no cost to join up as a member, no cost to create your Listing, no cost to send messages to/from members using the SpaceOut message system, and we don’t take any sort of commission whether or not you find or rent out a space via SpaceOut (we have nothing to do with the agreement or payments between Owners and Seekers).

And the Long Answer ? -  SpaceOut is free – at the moment.  Whilst we do not currently charge anything at all, this may change at some stage in the future – but if/when it does, it will not affect any existing listings, which will continue be free at least until they expire.

Although we have had lots of fun getting SpaceOut up and running, it is essentially a business, so we will need to ultimately generate some income to cover  costs (and perhaps even make a profit down the line).  We have a number of ideas about how this may be achieved – not all of which necessarily involve charging members for listings.

Currently we have no firm plans  if or when fees may be applied, but we expect to be able to give existing members plenty of notice if  this happens.  So if you’d like to take advantage of our completely free service – NOW is the best time for you to create your listing.

We sometimes get asked about how members can make their listings easier to find, or more visible in Search Engines.

We have put quite a bit of effort into optimising the site, so that ALL listings can easily be found and indexed by search engines.  We already achieve excellent rankings for specific (town/suburb) based search queries, but the more listings we have in an area, the more likely it is for those listings to be found via google searches.

In short, the more popular SpaceOut becomes, the more listings we get, and the easier it is for people who don’t already know about SpaceOut to find us (and your listing) on the search engines.

The best thing you could do to help your own listing be found, is to tell as many people as you can about SpaceOut and get them to create their own listings.  You could do this via our Tell a Friend page, or simply copy and paste the following text – and email it out to people you know (substituting in your own details for the ones highlighted in red below):

Hi,

This is just a quick email to let you know that I am currently looking for someone who may be interested in renting out a storage space in Brisbane.  I have recently created a listing on www.SpaceOut.com.au  – To find the details,  go to www.spaceout.com.au/search-for-space/Brisbane-QLD

I’d much rather deal with someone I know, so if you (or someone you know) might be interested, please pass on the link above and have them contact me directly or via the SpaceOut website.

We have found that this can be a VERY effective way for you to spread the word about your space, and you might even be able to help out one of your mates in the process.  If you’ve any other, hints, tips or suggestions about promoting your listing – please feel free to add a comment.

From time to time we include “Featured Space Listings” in this blog.  So if  there is something a little unusual or special about your space – or what you are wanting to use a space for, please let us know. Tell us your story, and maybe send us a photo or two, and we may even be able to do a feature on your own Space for Rent or Space Wanted listing.

At the moment it is rarely possible for us to provide a definitive answer, because whether the listing is for storage, parking or office space, the value of the space can vary significantly depending on local influences and demand.  We plan (over time) to accumulate a database of listing rates for different types of spaces in different areas, and should then be able to provide better recommendations on pricing, but at the moment, we can offer the following advice :

Price depends on supply and demand

Pricing is really a matter of supply and demand, and you would have a much better idea than us on how scarce (or not) parking/storage/office space is in your area.  First you should try and determine what other options there are (and the prices for them) in your own local area. Take a  look at what the local alternatives cost, and base your pricing on that

Case Study 1 – Parking - If you plan to rent out your driveway for parking  -  if parking is readily available on the street it is likely that you would have difficulty renting it out, but if local parking is a big issue, then you would expect to get good rates for your space.  If you have a bus stop/railway station across the road (with quick and easy access to the CBD say), that also might add value to your space.  If metered parking is available for $15 a day, it may be reasonable for you to charge $60 a week for a guaranteed spot in your driveway.  If a  local parking station charges $35 a day ($175 a week) then $140 a week might be OK….

Case Study 2 – Storage - say you have a spare bedroom you would like to rent for storage  – if you have a self storage facility nearby, phone them up and see what they would charge for a similar sized space (we would normally recommend charging 50-70% of the facility rate).  If your space has 24/7 access you may be able to charge a little more than you would if access was by arrangement.  You may also be able to charge more for exclusive (rather than shared) access, or for higher security features.  Also see our storage space pricing guidelines for more information.

Initial Price

You could also try setting your price a little higher initially, and then reduce it if you get few enquiries… but if you are very keen to rent it out sooner, you may wish to set a reasonably low price but set a short rental term  (say 3 months) which may allow you to re-negotiate the price.

Also, to maximise your chances of renting out your space fast, make sure that you listing includes as much relevant information as possible – the better you “sell” your space, the more queries your are likely to get and the faster you are likely to rent it out.