Advancement in technology has changed the traditional business concept and has introduced us to the idea of workspaces. A proliferation and wide-spread access to mobile devices viz. smartphones, tablets, and laptops have meant that people don’t need to be work at a designated workstation to carry out their work. 

The Boom of Online Workspaces

The workspace concept has gained popularity partly due to the rise of remote work culture and partly because of the global reach of modern businesses, where an office building as the sole site of work just doesn’t cut it anymore. Workspace are equipped with all the modern utilities one can expect in a company environment and some may even offer refreshments to the guests. In the end, it’s no wonder that to see that the number of people using co-working space globally is expected to grow up to 2.26 million in 2020, which is 128 times higher than 21,000 people in 2010.

The leading names in the co-working space industry are Liquid Space, Pivot Desk, and Share desk, founded in 2010, 2011 & 2012 respectively. While each platform operates slightly differently, the one thing they all share in common is a simplified search process augmented with an array of search options all geared towards delivering elevated user experience. 

Depending on their needs, users can search for anything from meeting rooms, private offices, co-working space, virtual offices, and co-working cafeterias in a coworking space. 

Business Model of WorkSpace Marketplaces

The business model of an online workspace marketplace involves 3 entities, the marketplace owner or admin, the rentee(owner of a workspace), and the renter(person who rents out space).

A workspace marketplace consists of various listings for different locations. Users can place a rental request for a particular workplace based on their needs. The rental fee is transferred to the admin’s account once the request is generated. The workplace owner has the right to approve/deny the rental request. But once the request is approved, the rental fee is transferred to the rentee’s account after adjusting the commission charges. However, if the rentee denies the request, the rental fee is reversed to the user’s account.

Yo!Rent – A Ready-Made Solution To Build an Online Rental Marketplace 

Are you planning to kick start a peer to peer online workspace marketplace? Yo!Rent is a ready made solution to build a rental marketplace in super-quick time and affordable cost. It packs a host of useful features – multi-vendor/single vendor functionality, smart review management, advanced CMS, built-in-analytics, and affiliate marketing just to name a few. Learn more about Yo!Rent.

This is an abridged version of a blog titled – Evolve Peer to Peer Workspace Rental Marketplace- Business Model and Key Platform Features. To read the full post, click here.