Are you sitting on an unused parking spot wondering what to do with it? Believe it or not that small piece of concrete could pay for your next trip to Mexico! Privately listing rental parking is a great way to make some extra cash, though it can sound like a daunting task. That’s why we’ve composted these helpful step-by-step instructions on how to find a renter for your space.
Step 1 – Deciding to Rent Your Spot
Look outside your window or in your underground parking garage and notice the cash you are sitting on in the form of an unused parking space! Renting out a spot downtown can earn you up to $300 a month if you know where and how to post it effectively.
Step 2 – Finding the Right Listing Site
Visit a free local classified site (like Kijiji or Craigslist) and make sure they have a “Parking” section, sometimes they lump parking together with Storage. You don’t want to post on a site that is not already associated with cars and or parking rentals.
Step 3 – Posting Your Parking Spot
How you post your spot online is important. You want to effectively communicate all the necessary information upfront so you don’t waste any time answering many emails with questions about the space. Some things to consider when posting are … Where is the spot located? What features does it have? Is it available 24 hours a day or only during office hours? How do you access it? Do you need a fob? Is it monitored by security? Is it on street level or underground? How many months are you renting it out for? It is also encouraged to post a picture of your space and a Google Map image of its exact location.
Step 4 – Post. And wait.......
Step 5 – Making Sure Your Post is Seen
This is where the process can get complicated. We all know classifieds work in chronological order so listings of the day will quickly pile up against your spot. At this point you might consider sharing your post with friends on Facebook or Twitter to ensure it gets more traction. After a few days however, your rental can be lost to page 6, 10 or 20 of these classified sites, making it much harder to find prospective renters. (Imagine trying to sell a product from the storage room of a busy shop...) Timing is very important when it comes to buying and selling online so after a few days you might want to consider reposting it to bring it back to the top of the list.
Step 6 – Protecting Yourself
You’ve found a parking match! Someone in your neighbourhood is looking to rent and they have contacted you about your spot! PERFECT! Now you have to ask yourself some questions. Is this person real or a spam account? Is this person safe? Will their cheques actually cash? Will I need to continuously remind them and chase them for more cheques? We’ve all heard the Kijiji and Craigslist horror stories so, if possible, do some research into your potential renter online with a quick Google or Facebook search and stick to the buddy system when you meet them for the first time.
Step 7 – Closing the Deal. Quickly.
Once someone has reached out and accepted your asking price you don’t want to waste anymore time. Try to meet your potential renter in person as soon as possible to show them the space, give them any security passwords or fobs that might be necessary and collect payment, usually post-dated cheques. You don’t know when the next spot in your area is going to go on the market (possibly at a lower price) so you want to move quickly. It is also encouraged at this point to negotiate and sign a contract for the duration of your rental period, keeping both parties committed (torontolivings.com has some great contract templates to work with.)
When you’re posting a parking spot online you always want to move quickly, efficiently and make sure you are protected. This is exactly why we started WhereiPark, based on our own experiences finding and renting parking privately. We simplify the process and minimize the time and energy it takes to rent a space by making sure your spot is featured prominently on our easy to use map. This makes it simple to collect and receive payment by credit card (no more cheques!) and we will deposit the funds directly into your bank account. Like Craigslist or Kijiji we don’t charge to list or book a spot. You also don’t have to worry about your rental being condemned to page 20 because our user-friendly site shows a full map of what spots are available in and around the areas people are looking to rent.
But don’t take our word for it! Check out www.whereipark.com and see for yourself.