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Would you like to make money by renting out your empty parking space? SpotHero is a platform that lets you do that conveniently. Find out in this review if the service is a decent one for making some money on the side.
What is SpotHero?
SpotHero is a marketplace that connects people having empty parking spaces with drivers who require places to park. While there are already traditional options, this service excels by making it more convenient for drivers to reserve parking and often at cheaper rates.
Founded in 2011 by Mark Lawrence and Larry Kiss, SpotHero claims to provide access to more than 5,000 parking lots, garages, and valets. The service is available in about 300 cities in the U.S. and Canada.
How does SpotHero work?
This parking space marketplace has a website and a mobile app, which is available for Android and iOS devices, to bring those with free space and those in need of such together.
Space owners list their spots and include all necessary details. SpotHero works with you to determine an ideal rate to charge for your space.
As for drivers, they make use of the service website or app to search for available spaces. The tools enable them to compare rates for available options and make reservations all from the comfort of their homes or offices.
What are the requirements to work for SpotHero?
This online marketplace for parking spots doesn’t seem to have any stringent requirements for listing. You only need to ensure that what you are offering isn’t a street parking space.
SpotHero’s sales representative will get in touch with you for any additional information after indicating your interest to list.
How do you earn money on SpotHero?
The first thing you need to do is determine what time or period you are sure your space will be free. There is an analytics team to help you decide the best rate to charge after doing that, although you are free not to accept their recommendations.
You can sell your spot for event, hourly, or monthly parking. Also, you can sell for both hourly and event parking, but not for both monthly and either of hourly or event parking.
SpotHero collects money for all reservations and sends it as a one-time payment at the end of each month via ACH or check. The service takes a commission of 15-20% plus $0.99, depending on whether parking is hourly or monthly, to cover fees and efforts it puts in.
How much money can you make on SpotHero?
We could not find information on how much you can expect to earn when renting out your space on this platform. But, obviously, the demand for and availability of parking spots around your area will determine how much you can make.
For instance, the average daily price for parking is estimated at roughly $11 for downtown Minneapolis, but it’s $38 in Midtown New York.
Pros of working for SpotHero
- Offers a great way of making money from space you aren’t using
- Takes care of marketing, driver requests, and billing
- Free to list your space
- Flexibility on space availability
Cons of working for SpotHero
- May not be a great way to make money if you aren’t in an area with high demand for parking space
- Street parking space currently not accepted
How do I sign up to work for SpotHero?
To start selling your spot, you need to fill the seller form you will find on the “Rent My Parking Space” page of the service website. SpotHero promises to get in touch within 48 hours after completing that form.
SpotHero is a marketplace worth checking out if you wish to sell parking space without having to wait in the street looking for customers. It can be a great way of earning extra cash, particularly if you are located near a major attraction or business district. It’s free to list and you can make your space unavailable if you need it for something else.
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