If you're thinking about listing your property on Giggster, you're probably wondering: "How much will I make?"
The answer to that question depends on how much you charge, how many bookings your property generates, and the average size of the projects. While Giggster leaves the ultimate choice of these decisions up to you, we've compiled a list of recommendations below to help you refine your pricing strategy and maximize your earning potential.
Giggster Collects 19%
The first thing you need to know when pricing your property is that Giggster collects a standard 19% service fee from every booking. If you have a minimum rental price in mind, make sure to increase your daily rate to compensate for this standard charge.
Use a Sliding Fee Scale
Giggster recommends that you use an adaptive pricing scale to account for different production budgets and crew sizes. Entertainment projects come in all shapes and sizes - some only require a handful of people, others require several dozen. Some last a few hours, others may last for weeks.
To set your scale, start with your base booking rate. Ask yourself, what is the minimum amount you would be willing to accept for any project? For most private homes and businesses we'd recommend a starting price around $150-$250/hr to help attract short, simple projects.
You can quickly scale up your fees from there. Some television and film productions have budgets in the millions of dollars and allocate a large portion of this to cover location costs.
In addition to adjusting your pricing based on project size - we also recommend negotiating a price that factors in the time required to prepare and clean-up the shoot. While ultimately the choice to provide prep time at a 'special rate' is up to you, we recommend following the industry standard and charging productions roughly half the price of a normal film day.
Account for Your Costs
While renting your property to the entertainment industry has the potential to be a highly lucrative endeavor, it's important to keep in mind that you are providing a professional service that involves a number of costs and inconveniences.
If you are a small business, you can be compensated for lost business while your premises are closed for filming, in addition to a location fee. If you are a larger business and not necessarily put out of business for the filming day, but inconvenienced, base your price on the rate that comparable businesses in your area charge film companies for similarly requested activities. Always leave negotiating room for differing types of activity and impact.