Mar 15, 2024

How to build a website like Silvernest

Silvernest is an online platform that pairs baby boomers, retirees, and empty nesters with compatible long-term housemates. Discover the steps to create a similar marketplace in this guide.

Introduction: Why build a website like Silvernest

Silvernest has carved a niche for itself in the online marketplace by addressing a unique need—matching aging adults with compatible roommates for long-term home sharing. Its success can be attributed to several key factors. Firstly, it taps into the growing demographic of baby boomers and seniors seeking affordable living arrangements and companionship, a trend accelerated by rising housing costs and increased life expectancy. By leveraging technology, Silvernest simplifies the process of finding a roommate by offering a platform that not only matches users based on compatibility but also provides tools for background checks, lease agreements, and rent payments, ensuring a secure and seamless experience. Furthermore, its service responds to the broader societal shift towards shared living and community-oriented lifestyles, appealing to environmentally conscious and socially active older adults. The platform's ability to meet these diverse needs with a user-friendly interface and robust support system underpins the success of Silvernest in the competitive online marketplace.

How does a website like Silvernest work?

For buyers, Silvernest offers a unique platform to find and secure homesharing opportunities. It simplifies the search for compatible housemates by matching profiles based on lifestyle and preferences. Buyers can browse listings, communicate securely with potential housemates, and access resources for background checks, ensuring a safe and harmonious living arrangement.

For sellers, Silvernest offers a unique platform to list their available rooms or properties, targeting a specific demographic seeking long-term housing solutions. It simplifies the process of finding compatible housemates by matching profiles based on lifestyle and preferences, ensuring a harmonious living situation. Sellers benefit from additional income and companionship, enhancing their financial and social well-being.

What is Silvernest's business model?

Silvernest is an innovative online marketplace designed to address the housing needs of the aging population by facilitating homesharing. Its business model centers around connecting homeowners, typically aged 50 and above, with compatible housemates seeking affordable living options. By leveraging technology, Silvernest simplifies the process of finding and vetting potential housemates through comprehensive matching algorithms, background checks, and compatibility assessments. Homeowners can list their available space on the platform for a subscription fee, while house seekers pay to access these listings. The platform also offers additional services such as lease drafting, automated rent payments, and ongoing support, ensuring a secure and harmonious living arrangement for both parties. This model not only provides homeowners with an opportunity to earn extra income and companionship but also addresses the broader issue of affordable housing for seniors, making it a socially impactful and financially sustainable venture.

Silvernest is an online marketplace that specializes in matching homeowners with compatible roommates, focusing particularly on the 50+ age demographic. The platform generates revenue through a subscription-based model. Homeowners looking to list their properties and find potential roommates are required to pay a subscription fee to access the full suite of services offered by Silvernest. These services include listing creation, potential roommate matching based on compatibility algorithms, background checks, and lease drafting tools. By charging homeowners a fee for access to these comprehensive tools and services, Silvernest ensures a steady revenue stream while providing a valuable, secure, and user-friendly platform for those seeking shared living arrangements.

Key features of Silvernest

The most important functionality of a marketplace like Silvernest, which specializes in matching older homeowners with long-term housemates, is to facilitate safe, secure, and compatible matches between homeowners and renters. This involves several key functionalities:

  1. Matching Algorithm: A sophisticated matching algorithm is crucial for pairing homeowners with renters based on compatibility, preferences, lifestyle, and other factors. This ensures that both parties have a harmonious living arrangement.

  2. Security and Verification: Ensuring the safety and security of all users is paramount. This includes background checks, identity verification, and possibly even credit checks to foster trust and safety within the community.

  3. Communication Tools: Providing a secure and easy-to-use platform for users to communicate with each other before making any commitments. This helps both parties to get to know each other and discuss any potential living arrangements in detail.

  4. Legal and Financial Tools: Offering resources and tools for drafting rental agreements, setting up automatic rent payments, and understanding any legal obligations. This helps in creating a clear, formal arrangement that protects both the homeowner and the renter.

  5. Support and Mediation Services: Offering customer support and possibly mediation services for resolving any disputes or issues that may arise between homeowners and renters. This ensures a positive experience for all users and helps maintain the integrity of the marketplace.

  6. Educational Resources: Providing information and resources about co-housing, especially tailored for the older demographic. This could include tips on how to share space, maintain privacy, and live together harmoniously.

  7. User Experience and Accessibility: Ensuring the platform is easy to navigate and accessible, especially considering the older demographic of homeowners. This includes a user-friendly interface, clear instructions, and responsive customer service.

By focusing on these functionalities, Silvernest and similar marketplaces can effectively serve their niche market, ensuring that both homeowners and renters have a positive, secure, and fulfilling experience.

Building a platform like Silvernest, which matches homeowners with long-term renters to share home space, involves creating a sophisticated web platform and mobile application. The cost depends on various factors including feature complexity, design uniqueness, security measures, and geographic location of the development team. A basic MVP (Minimum Viable Product) could range from $50,000 to $100,000, incorporating essential features like user profiles, matching algorithms, messaging, and payment processing. However, for a more advanced version including AI-driven matching, enhanced security, and a seamless user experience, costs could escalate to $200,000 or more. Prices vary significantly based on the development team's location and expertise level.

How to create a successful alternative to Silvernest

Identify a unique value proposition that differentiates your platform from Silvernest. Conduct market research to understand the needs and preferences of your target audience. Develop a user-friendly website and mobile app with easy navigation and a clean design. Implement robust matching algorithms to pair homeowners with compatible housemates. Offer a wide range of customizable filters for users to specify their preferences and needs. Incorporate a secure messaging system within the platform for safe communication between users. Provide thorough background checks and verification processes for all users to ensure safety and trust. Introduce flexible pricing models and subscription plans to cater to different user segments. Create a comprehensive resource center with guides, tips, and advice on co-living arrangements. Establish a strong customer support system to assist users with any issues or questions. Implement a feedback mechanism to continuously improve the platform based on user suggestions. Partner with local communities, universities, and organizations to promote the platform and attract users. Launch targeted marketing campaigns on social media, search engines, and relevant online forums. Offer incentives for referrals and positive reviews to encourage word-of-mouth promotion. Regularly update the platform with new features and improvements based on technological advancements and user feedback.

Successful Silvernest competitors

  1. is a notable competitor to Silvernest, focusing on a broader demographic by helping individuals of all ages find roommates and shared housing opportunities. Unlike Silvernest, which targets baby boomers and empty nesters looking for long-term roommates, does not specifically cater to an older demographic or emphasize compatibility based on lifestyle and interests to the same extent. However, both platforms offer tools for background checks and secure messaging to ensure safety and privacy.

  2. SpareRoom is another strong competitor, offering room and roommate finding services in the United States and the United Kingdom, with a significant presence in major cities. While Silvernest is tailored towards an older demographic seeking stable, long-term living arrangements, SpareRoom attracts a wide range of users, including younger individuals and students, by facilitating both short-term and long-term accommodations. SpareRoom differentiates itself with live SpeedRoommating events, adding a unique in-person aspect to the roommate search process.

  3. Homeshare Alliance operates in a similar niche to Silvernest by focusing on homesharing and helping homeowners find compatible housemates, but it distinguishes itself by not exclusively targeting the older demographic. Homeshare Alliance and Silvernest both emphasize compatibility and long-term living arrangements but Homeshare Alliance takes a more general approach, appealing to homeowners and renters of various ages. Both platforms aim to create meaningful living situations but may differ in the range of services and support provided to their users.

  4. Roomi is a competitor that offers a mobile-first experience for finding roommates and rooms for rent across several major cities globally. Unlike Silvernest, which focuses on a niche market of older adults and emphasizes long-term compatibility, Roomi caters to a younger audience, including millennials and Gen Z, looking for flexible, short to medium-term housing options. Roomi stands out with its user-friendly app and a focus on safety, including background checks and in-app messaging, similar to the security measures Silvernest employs.

  5. Nesterly is a unique competitor, focusing on intergenerational living by connecting older homeowners with spare rooms to younger people looking for affordable housing, often in exchange for help around the house. This model offers a different approach compared to Silvernest’s focus on matching individuals based on compatibility and shared interests, aiming instead to foster intergenerational relationships and provide mutual benefits. Both Nesterly and Silvernest address the issue of housing affordability and social isolation but from slightly different angles, with Nesterly emphasizing the exchange of services for housing.

Options to develop a website similar to Silvernest

Creating a Silvernest-style online marketplace from the ground up is a significant, costly endeavor. However, nowadays, there are numerous methods to construct a marketplace that don't demand a large budget.

The choice you should make depends on:

  • The functionalities you believe your marketplace requires
  • Your technical abilities (or abilities present in your team)
  • Your financial plan
  • The time you have available.

The various methods to create a marketplace include:

  • Utilizing WordPress and add-ons
  • Constructing atop open-source software
  • Employing a mix of no-code instruments
  • Utilizing a specialized no-code marketplace SaaS solution
  • Developing atop an API-based marketplace SaaS solution

Besides your limitations regarding skills and finances, you should also consider the pace of learning. Launching your Silvernest-style platform swiftly means you begin to understand your audience rapidly. These insights assist you in crafting the type of platform that users prefer over any other existing option.

Sharetribe’s marketplace software is designed with this cyclical learning process in mind.

Initially, we assist you in launching a platform akin to Silvernest in one day without any programming. The construction phase is complimentary forever, and all the essential functionality is pre-configured.

Once you’ve initiated, you discover what sorts of extra features and functionality your platform needs to cater to your audience. You might wish to alter the design and workflow entirely, incorporate numerous third-party services, or develop a mobile application. With Sharetribe, you can effortlessly custom-code all these modifications and much more, either on your own or with assistance from our Expert partners.

At Sharetribe, we’ve been crafting marketplaces for over ten years. Our knowledge and proficiency are at your service through our content resources, which you can access and utilize regardless of the way you decide to build your platform.

Best of fortune with your Silvernest-style venture!

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