"How much should I charge for my property?"
This is one of our most frequently asked questions here at Wrapal, and to help you answer it, we’re going to talk you through the process through the eyes of Jo.
Let’s say Jo owns both a house and bakery. Jo knows renting these properties out to filmmakers is a great way to earn passive income and be involved with the film industry, but how does he decide how to price it?
Typically, rates for one day of filming are based on an assumption of a 12-hour shoot day (the industry standard for filmmakers). Pricing your property requires first coming up with a base rate, and then considering the specific details of the prospective shoot…
So how do I calculate a base rate?
Ultimately, setting your base rate comes down to supply and demand. A luxurious mansion is certainly going to come with a much higher price tag than a typical three bedroom house in the suburbs. Also, if you think your property is particularly interesting or unusual in some way, it could merit a higher price tag if there are filmmakers searching for it. A simple fire escape, for instance, could fetch more than you’d think, simply because they’re tough to find.
If you’d like to increase the chance of receiving inquiries, a lower advertised rate will generally do so, especially given the number of indie and student filmmakers that use Wrapal. But keep in mind that each shoot is different and it’s worth factoring in the details of each inquiry when deciding on your final price.
This is also why listings on Wrapal feature price ranges instead of flat rates. If you want to have a flat rate for any reason, feel free to say so on your listing description, but we encourage you to still remain somewhat flexible.
You also have the option of specifying if you provide special student rates on your listing. We recommend doing so, as students typically work with very tight budgets.
Can you give me a good ballpark figure for my property?
We would place the base rate for an average middle-class home at $500 - $1000, and planning to settle at $750 - $1,000 or so if you’re dealing with a small studio or production company and $500 - $750 for an indie or student film. For a nicer mansion or particularly unique property, it wouldn’t be out of the ordinary to set the base rate at $1,000 to $2,000, but planning to settle at $1,000 or around $800 if it’s a student production. If this home includes more sought-after features such as long hallways, bright windows, or beachfront property, you should absolutely ask for more.
If your property is an average sized warehouse or business such as a restaurant or bar, a base rate of $1000 - $2,000 is a good starting point.
In Jo’s case, he has a pretty typical modern house which he would typically list in the $500 to $1000 range, but in his case, he has a vast beautiful garden in his backyard with a fountain. This feature makes his property more unique and sought-after, so he will probably want to charge a bit more than he would normally for a house that size.
Jo’s bakery is a pretty typical mom and pop shop, so he decides to list it in the typical $1,000 to $2,000 range.
Whatever the property, you will also want to ask for a security deposit to cover yourself, which is typically a $500 - $1000 base rate. Security deposits are not meant to be punitive; they're simply precautions agreed upon beforehand for solving the unexpected problems of production, such as unavoidable accidents or suboptimal cleaning jobs due to things like unexpected time constraints. We rarely see these types of occurrences, but it’s important to have it just in case.
Now you’re ready to list your property! Then comes the inquiry....
Upon receiving an inquiry from a filmmaker on Wrapal, you’ll be presented with several pieces of information. Here’s a brief rundown of the details you should consider when coming up with your final price:
Cast and Crew Size: This refers to the number of people that will be in your home or property including the director, camera, grips, actors, producers, etc. More people means more foot traffic and general use of your property.
Shoot Length: Shoot days are generally 12 hours long, but if they aren’t, the filmmaker should specify. As the property owner, you in turn should increase or decrease your price accordingly. You can use the calculator within the booking dashboard to help with this, as it calculates the price-per-hour equivalent of the day rate you are charging.
There are more factors that the filmmaker might not mention right away, but are worth asking when deciding on your final price.
Intrusiveness: What parts of your property do they need access to and how much will you need to work around the crew? Will furniture need to be moved?What will the noise level be? The ratio of interior to exterior shots they need will influence these things, and if they need to get on the roof, for example, you may decide it will require your supervision. If it’s a house, it may be worth charging more for the inconvenience of needing to stay in a hotel or doing outside activities with the family. If it’s a business, you will want to make sure to recoup the profits you would have made had you stayed open.
Scale and Clean-up: Chances are you’ve seen a police procedural on TV, and know that most of them open with a gruesome murder. Some shoots may require the use of effects such as fake blood, stunts, or even the use of animals on rare occasion. It’s up to the filmmaker to leave the space just as they’ve found it, but inconveniences of such things are sometimes worth factoring into your final price. Also, be sure to factor this into the security deposits!
Jo receives an inquiry from a student filmmaker who wants to shoot his action/adventure/fantasy/thriller short “Dawn of the Attack of the Garden Gnomes”, making use of Jo’s awesome garden. The filmmaker seems responsible, so Jo gives them a discounted student rate of $600 for the day, but decides to increase the deposit from $500 to $750 due to the use of stunts.
Later, Jo receives an inquiry from an indie producer looking to shoot for a 12 hour day at his bakery, and they will have 30 cast and crew members. Since they are a larger production with lots of foot traffic, he decides to charge $2,000 with a $1,000 deposit. He will need to close his bakery down to accommodate the shoot, but he typically makes a profit of about $600 per day, so he considers it well worth it.
Cool! Now Jo’s ready for...
Congrats! Similar to the notorious Pirate's’ Code, keep in mind that these factors should operate more as guidelines than actual rules. At the end of the day, what you charge is entirely up to you!
Hopefully this blog has answered all your questions about pricing. If it hasn’t, feel free to contact us!
If you're ready to list, head on over to Wrapal.com! Or if you're curious to see what else we have to offer, check out our other blogs!