Your business or organization may have an extra room, desk, or even building that sits empty for a time every day. What if those empty spaces could bring in extra money? Here's how to know if your unused spaces are rentable.
First, answer these questions:
- Do you have spaces worth renting?
- Who would be interested in renting them?
- How much revenue could they generate?
Your answers to those questions will help you know if your spaces are rentable, or simply "usable."
(If you are wondering, we think it’s worth renting nearly all your spaces.)
In fact, our philosophy at Spotz is – if it’s usable, it’s rentable. Renting your usable spaces is an incredible way to bring in extra income. You also provide a much-needed service to the community while you’re at it.
As you begin to contemplate your rentable vs usable spaces – open your mind. Offering hourly venue rentals isn’t hard, and it IS worth it. In fact, people rent facilities for so many more reasons than you can conceive of at first. (And that means more rental income for you.)
Let’s look at some of the many possibilities now - so you can go back and tell your team about all the opportunities waiting for them.
Out-of-the-box Space Rental Ideas
Each type of facility has unique things to consider when it comes to renting its spaces, as well as possibilities it’s uniquely suited for.
Recreational and Athletic Facilities
If you manage a recreational or sports facility, you probably already have a bunch of conventional rentals going on. They might include fitness classes, personal training sessions, sport practice sessions, games, and swim meets.
Go ahead and double down on those. (And make sure you’re maximizing revenue by using a highly efficient system for managing your facility rentals.)
But let’s talk about thinking outside the box here.
You may have hidden or lesser-used spaces that could be perfect for drawing in new kinds of events. There can also be novel uses for the areas you’re already making available.
Consider covering all these bases:
Those aerobics studios and basketball courts are not just for athletics. They can also host graduation parties, mommy and me groups, wedding receptions, cosplay meetups, and chess tournaments.
And don’t stop there. Hairstyling competitions, film screenings, and Bingo nights could be coming your way.
Then, consider spaces you don’t normally rent. For example, make your cafe’s kitchen available after-hours, and you may even attract cooking classes.
That basement underneath your building? If it’s a great space, market it! A filmmaker or professional photographer could find it perfect for a shoot. Or neighbors might decide it’s the ideal setting for a theme party.
Also, make the most of any unique rentable features in your space. These could include laser tag facilities, giant trampolines, obstacle courses, or dance studios. Some would-be customers may not be aware that they’re rentable for private events.
Broadcast your venue’s full availability to your community - from corner to corner - on a searchable, online database.
If you have a pool, are you renting it out to its full capacity? Think about all the scuba diving lessons, water aerobics, birthday parties, swim clubs, and lane rentals you could attract with a structure for renting in place.
On your lawn, set up a tented area for rental - or set up sturdy outdoor furniture with picnic tables. If your assets include an incredible parking garage – consider renting that as an event venue too! Finally, market your deck as a healthy cocktail party space.
Get a sense of the possibilities out to your community and they’ll surprise you with what they bring your way!
Community Centers and Places of Worship
As a community center or place of worship, it helps to approach rentals in a careful and systematic way, getting buy-in from your team at every step.
In your marketing, make your spaces available to the wider community - locally and beyond. This opens up the greatest possibility for steady rental income over time.
Don’t forget to include the grounds of your property in your rental listing, as well your facility’s interior spaces.
As you lead discussions with your team, warm them up with a sense of the possibilities as you consider your venue’s rentable vs usable space.
To get the imaginations of your team going (and get them on board with renting out your spaces) talk to them about possible:
- Birthday parties
- Baby showers
- Business meetings
- Soccer practice
- Gardening club meetups
- Cooking classes
- Theater, dance troupe, or choir rehearsals
- Foreign language meetups
- Night classes
- Film screenings
- Dog styling competitions
And the list goes on....
Then, do a thorough inventory of the usable spaces you have. Got a large storage area perfect for small meetings or co-working? Hey, if it’s usable it’s rentable!
Finally, brainstorm how you can set up each space to attract your ideal rental client. Make sure to include all spaces that might be attractive to them on a searchable online database like Spotz.
If you own or rent an office space, subletting your space out by the hour for low-key events and activities is a smart business decision. It gets you on peoples’ mental maps, provides networking opportunities, and is good for your bottom line.
- Your nicest spaces for a premium
- Barely used spaces
- Your main office areas when not in use (weekends, after hours, etc)
- Boardrooms or auditoriums
- Desk space (if it fits your company vibe and values – why not?)
Have private outdoor courtyard space or charming corporate grounds? Consider marketing those spaces as perfect for cocktail parties or even larger events with catering.
The trick is evaluating ALL the rentable vs usable space you have. Then finding the best opportunities to turn that into rentals with your company’s goals and community needs in mind.
As a small business owner in these financially challenging times, an ongoing stream of rental income can be a lifesaver.
And the benefits extend beyond income too. The social connections and word-of-mouth PR generated by hosting renters spread awareness of who you are in the community. It also helps your community flourish by giving people places to gather, exchange ideas, and be seen and heard.
Let’s say you have a retail store, coffee shop, or restaurant. No matter what’s happening in the front of the house, you can open up a backroom for community meetings, dance rehearsals, or knitting classes.
When it comes to outdoor space, market a charming backyard space as perfect for wedding receptions and author’s book readings.
As a retail store, make a striking showroom available as a venue for cocktail parties, or any other kind of meetups.
For restaurants, rent out all the usable spaces you have – and insist on providing the catering as another income stream. Then beef up your A/V systems and open up any back rooms to attract everything from academic conferences to birthday parties.
If that basement or attic is charming – set it up as an event space. Unconventional can be a unique selling point, and increase social media buzz around your space.
Rentable vs Usable – It’s The Same Thing
So there you have it – the complete vision. If it’s usable – it’s rentable to others. And in the process, your community gets served and your facility gets a revenue boost!
As great as the above ideas are – there’s no pressure to envision everything in advance. Just do a little thinking about your target customer before you begin renting. Identify some spaces they might love. List them in the right places online – and let your customers bring their big ideas to you!
The possibilities that can come your way are endless.
Inspired yet? We hope so.
The easiest way to reach your community and start renting? Spotz!