How to build a website like Peerspace

Peerspace was launched in 2014 as a way to connect individuals looking for locations to conduct business with people who are willing to rent out their underutilized productive spaces and earn money doing so.

The CEO Rony Chammas says the original idea came to him while at NYU’s Stern School of Business where he encountered trouble finding productive spaces to conduct weekly meetings for the clubs he organized.

One day he walked into art gallery that while technically open was empty for most of the day, and asked if his club could meet there. Productivity shot up as they didn’t have to conduct their business in a crowded restaurant or hotel lobby, but trying to find a similar solution for his other clubs proved a logistical nightmare. Hence he decided to create a platform that could the entire process seamless for anyone with similar needs.

A decade , over $40 million raised in funding and a $100 million valuation later, Peerspace is the leading player in the productivity space sharing market. Peerspace has achieved remarkable success as an online marketplace due to its unique and innovative approach to connecting individuals and businesses with unique spaces for various purposes.

By offering a wide range of spaces, from trendy lofts to professional studios, Peerspace has tapped into the growing demand for flexible and creative spaces for events, meetings, and productions.

The platform's user-friendly interface, transparent pricing, and reliable customer support have also contributed to its success, ensuring a seamless and trustworthy experience for both hosts and guests.

Additionally, Peerspace's ability to adapt and expand its services to different cities and countries has allowed it to reach a global audience, further solidifying its position as a leading online marketplace in the industry.

For buyers, Peerspace offers a seamless marketplace experience. They can easily browse through a wide of unique and inspiring spaces, from cozy studios to grand event venues. With detailed listings, buyers can view photos, amenities, and pricing information upfront.

They can also communicate directly with hosts, negotiate terms, and book their desired space hassle-free. Peerspace ensures a secure payment process, providing peace of mind to buyers throughout the entire transaction.

For sellers, Peerspace offers a seamless platform to monetize their unused spaces. They can create listings, showcasing their unique venues and setting their own prices. With a user-friendly interface, sellers can easily manage bookings, communicate with potential clients, and accept or decline requests.

Peerspace also provides insurance coverage and secure payment processing, ensuring a hassle-free experience for sellers.

Peerspace operates on a two-sided marketplace business model, connecting individuals and businesses in need of unique spaces for various activities with hosts who have available spaces to rent.

Peerspace generates revenue through a commission-based model. When users book a space through the platform, Peerspace charges a service fee that is a percentage of the total booking amount. This fee is collected from both the guest and the host, ensuring a sustainable revenue stream for the company. Additionally, Peerspace offers various add-on services such as catering, equipment rentals, and event planning, which further contribute to their revenue generation.

By facilitating the connection between individuals seeking unique spaces and hosts offering them, Peerspace effectively monetizes its platform and provides a valuable service to its users.

The most important functionality of a marketplace like Peerspace is to connect individuals or businesses looking for unique spaces for various purposes with hosts who have available spaces to rent. This includes features such as:

1. Search and discovery: A robust search functionality that allows users to easily find and discover suitable spaces based on their specific requirements, such as location, size, amenities, and availability.

2. Booking and scheduling: A seamless booking system that enables users to check the availability of spaces, request bookings, and manage their reservations. This should include features like instant booking, flexible scheduling options, and transparent pricing.

3. Communication and messaging: A messaging platform that facilitates communication between hosts and guests, allowing them to discuss details, negotiate terms, and ask questions before finalizing a booking.

4. Reviews and ratings: A review system that allows users to leave feedback and ratings about their experience with a particular space or host. This helps build trust and credibility within the marketplace.

5. Payment processing: A secure and reliable payment gateway that handles transactions between hosts and guests. This should include options for different payment methods, transparent pricing, and secure handling of financial information.

6. Cancellation and refund policies: Clear and fair policies that outline the cancellation and refund procedures for both hosts and guests, ensuring a smooth and transparent process in case of any changes or unforeseen circumstances.

7. Host management tools: Tools and features that assist hosts in managing their listings, including the ability to update availability, set pricing, respond to inquiries, and track bookings.

8. User verification and safety measures: Robust user verification processes, such as identity verification and background checks, to ensure the safety and security of both hosts and guests. This may also include insurance coverage for any potential damages or liabilities.

9. Mobile app and responsive design: A user-friendly mobile app and responsive website design that allows users to access the marketplace and its functionalities from various devices, enhancing convenience and accessibility.

10. Customer support: Responsive and helpful customer support channels, such as live chat, email, or phone support, to assist users with any inquiries, issues, or disputes that may arise during their experience on the marketplace.

The cost of building functionality like Peerspace from scratch would depend on various factors such as the complexity of the features, the technology stack used, the size of the development team, and the time required for development. A rough estimate for such a project could range from tens of thousands to hundreds of thousands of dollars. This would include expenses for project planning, design, development, testing, infrastructure setup, and ongoing maintenance. It is important to note that this estimate is highly subjective and can vary significantly based on specific requirements and market conditions.

Looking at everything Peerspace has achieved, it may seem daunting to try and develop a platform like peerspace and emulate their success. But the fact that Peerspace and competitors like Splacer and Spacefy are thriving in this market proves that it's possible.

The key is to find a niche, like focusing more on catering to creatives like photographers and indie filmmakers (like Spacefy did), and build a solid foundation that offers real value to space seekers and owners  alike.

And then slowly expanding while maintaining quality. The list below is an easy-to-follow roadmap to guide you on your industry disrupting journey. 

• Conduct thorough market research to identify the target audience and their specific needs and pain points.

• Develop a user-friendly and visually appealing website or mobile application with a seamless booking system.

• Offer a wide range of unique and diverse spaces for various purposes such as meetings, events, photoshoots, workshops, etc.

• Implement a comprehensive search and filtering system to allow users to easily find spaces based on location, size, amenities, and price.

• Provide detailed and accurate information about each space, including high-quality photos, descriptions, availability, and pricing.

• Incorporate a review and rating system to build trust and credibility among users.

• Offer competitive pricing options for both space owners and renters, ensuring a fair and transparent fee structure.

• Provide excellent customer support through various channels such as live chat, email, and phone to address any inquiries or issues promptly.

• Implement a secure payment system to facilitate seamless transactions between space owners and renters.

• Develop a strong marketing strategy to increase brand awareness and attract a large user base, including targeted online advertising, social media campaigns, and partnerships with relevant industry influencers.

• Continuously update and improve the platform based on user feedback and market trends to stay ahead of the competition.

• Foster a sense of community by organizing networking events, workshops, or forums for space owners and renters to connect and collaborate.

• Establish partnerships with local businesses or organizations to offer exclusive discounts or additional services to users.

• Expand the platform to different cities or countries to cater to a wider audience and increase market reach.

• Emphasize sustainability by encouraging space owners to adopt eco-friendly practices and offering green spaces as a unique selling point.

• Collaborate with professional photographers or videographers to provide optional services for users who require high-quality visuals for their listings.

• Develop a mobile app with additional features such as real-time notifications, GPS-based search, and instant booking options for added convenience.

• Implement a referral program to incentivize users to invite their friends or colleagues to join the platform.

• Establish strategic partnerships with event planning companies, production studios, or other relevant businesses to cross-promote services and expand the customer base.

• Regularly analyze data and metrics to track user behavior, identify trends, and make data-driven decisions to optimize the platform's performance.

1. Airbnb: As a global leader in the online marketplace for accommodations, Airbnb offers a wide range of spaces for rent, including unique venues for events and meetings. While Peerspace focuses solely on providing spaces for creative and professional events, Airbnb offers a broader selection of accommodations, making it a more versatile option for travelers and those seeking event spaces. However, Peerspace's specialization allows for a more curated and tailored experience for event planners.

2. Splacer: Similar to Peerspace, Splacer is an online marketplace that connects individuals and businesses with unique event spaces. Both platforms emphasize the importance of creativity and offer a variety of spaces for different types of events. However, Splacer primarily operates in major cities in the United States, while Peerspace has a broader reach, making it more accessible for users in different locations.

3. Eventup: Eventup is another competitor in the online marketplace for event spaces, offering a wide range of venues for various occasions. While Peerspace focuses on providing spaces for creative events, Eventup caters to a broader range of events, including weddings, corporate gatherings, and social functions. This difference in focus allows Eventup to attract a wider audience, while Peerspace maintains its niche in the creative industry.

4. Venuelust: Venuelust is a platform that specializes in luxury event spaces and unique travel experiences. While Peerspace offers a diverse range of spaces, Venuelust focuses on providing high-end venues for exclusive events and destination weddings. This specialization sets Venuelust apart from Peerspace, as it caters to a more affluent clientele seeking luxurious and exclusive event experiences.

5. Spacebase: Spacebase is an online marketplace that connects individuals and businesses with meeting and workshop spaces worldwide. While Peerspace offers a broader range of event spaces, Spacebase focuses specifically on meeting and workshop venues, providing a more targeted solution for corporate clients. Peerspace's versatility makes it suitable for a wider range of events, while Spacebase caters specifically to the needs of businesses and professionals.

Launching a Peerspace-style online marketplace from the ground up is a significant, costly endeavor. However, nowadays, there are numerous methods to establish a marketplace that don't necessitate a large budget.

The choice you should make depends on:

• The functionalities you believe your marketplace requires
• Your technical abilities (or those present in your team)
• Your financial plan
• The time you have available.

The various methods to establish a marketplace include:

• Utilizing WordPress and plugins
• Constructing atop open-source software
• Employing a mix of no-code instruments
• Utilizing a specialized no-code marketplace SaaS solution
• Creating atop an API-based marketplace SaaS solution

In addition to your limitations regarding skills and finances, you should also consider the pace of learning. Initiating your Peerspace-style platform swiftly means you begin to comprehend your audience rapidly. These insights assist you in crafting the type of platform that users adore more than any competing solution.

Sharetribe's marketplace software is crafted with this cyclic learning process in mind.

Initially, we assist you in debuting a platform akin to Peerspace in a single day without requiring any programming. The creation phase is complimentary indefinitely, and all the essential functionality comes pre-configured.

Once you've initiated, you start to identify what sorts of extra features and functionalities your platform needs to cater to your audience. You might desire to alter the design and workflow drastically, incorporate numerous third-party services, or develop a mobile application. With Sharetribe, you can effortlessly custom-code all these modifications and much more, either on your own or with assistance from our Expert partners.

At Sharetribe, we've been fabricating marketplaces for over ten years. Our knowledge and expertise are at your service through our content resources, which are available for you to tap into and leverage, irrespective of the path you choose to develop your platform.

Wishing you the best with your Peerspace-style venture!

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