In this article, I review Stashbee (the good, the bad, setting up a listing, my overall opinion and a referral code fof £50 for us both).
What is Stashbee?
Stashbee is a online sharing-economy platform for storage space based in Hackney, London. Since 2016, Stashbee have built a platform which connects people who have unused space with people who need it for parking or storage. They run verification checks, securely manage payments and offers 7 days a week support. Stashbee are like Airbnb, but for boxes. Stashee has 5* on Trustpilot, which is promising.
My experience with Stashbee?
I was lucky to buy a flat with a garage, however I have no car. I soon realised there was an opportunity to make some monthly income by renting it out. After researching online storage sites near my area, I found the site Stashbee and decided to give it a go. I placed my listing, within two weeks, I found a client to use my storage facility, result! After the initial meeting with the potential customer, I was contacted by Stashbee by phone and email to check if a connection had been made and clarified payment terms – I was paid as promised, one month in arrears. Overall, it was a clear process, a tight contract which both parties signed online.
What’s positive about Stashbee?
- They remove the risk of renting the garage out independently
- It takes less time and effort to find a new customer
- Their website is easy to navigate and your photos don’t take a long time to upload.
- It’s easy to make a little extra on unused space without worrying about contracts/agreements and getting paid on time
How much does Stashbee pay?
Expect Stashbee to pay you £150 – £250 a month for outer London for a standard garage. Please note Stashbee will take up to 24% of that total.
What’s are the negatives about Stashbee?
- Stashbee keep the cash for an additional month – I was paid 6 weeks after the first booking
- Stashbee know the rights of the guest (in terms of belongings insurance) but less on the host’s rights (in terms of any damage). *This may be clearer now, but wasn’t at the time.
- The commission rate is quite high fees are 24% fees of the total amount monthly. I do appreciate they have platform and employee costs.
How do you set up a listing on Stashbee?
1. Create a listing *Include lots of detail, a competitive price and clear photos of the space
2. Add your bank details
3. Start meeting guests and who show them the space
4. If you are both happy, tell Stashbee
5. Both of you sign the online contract
6. Give over the keys to the guest and that’s it
Overall Verdict
Over the year, I am making some good passive income for a space I don’t use.
Barring a slightly high commission rate, I give Stashbee 4 out of 5 star. To find out more about my experience, check out how I rented out my garage here. Check out the BBC’s verdict on Stashbee.
Thinking of renting out a spare space? Get a free £50 bonus for hosting with Stashbee. N.B. I will get £50 too.
For other articles on passive income, click here. If you have any storage rent tips, please share below. Fancy hosting an Airbnb experience, check out my article here.
