Travel In The Time Of Corona
- March 13, 2020
Travel In The Age Of Coronavirus
The Coronavirus crisis has taken over the globe. Countries are going into lockdown, public events are being…Read More
If you are looking to rent out your second home or any other property you may have, the use of the internet is particularly enticing. The sheer reach and efficiency is unparalleled. Although the particulars can be daunting, this guide looks into the best way to maximize revenue from your real estate investment. Having done all the research on this segment, this guide looks at the different ways to rent out your property online and includes other industry tips.
What do you need before listing your home?
Once these steps are complete, it is time to choose an online travel agency or a service provider. There are two broad types of agencies subscription based and fee deducted at booking.
Fee Deducted at Booking
Instead of requiring an upfront fee or annual subscription, you pay only if a guest books your property. This works if you plan on renting out for short duration’s of time, usually under 6 weeks a year. AirBnb has one of the smallest fees at 3% and is applicable only for short term rentals, most of which are under a week long. However given its massive scale and rampant horror stories by hosts, many owners are opting to furnish their homes and rent them out as luxury vacation rentals. More on that later.
Often touted as the world’s No.1 accommodation site, booking.com assures zero subscription cost, instant booking confirmation and a reach to over 480 million users. Owners pay 15 to 18% in commissions
This India specific site, manages your listing end to end by taking professional photos, writing fantastic copy and listing it on every possible platform. This allows for an unprecedented reach and ensures that your property will be making money every day of the week. In a short period of time, they have amassed over 300 properties spread across the subcontinent. They charge a modest fee for their services.
Instead of paying additional fees, you can choose to play a yearly subscription and get unlimited listings. The Homeaway Family by Expedia has a massive network of 50 websites. They additionally offer you a variety of tools and exposure to its network for a yearly fee of $499. Alternatively, you can choose to pay 8% per booking and get listed.
Other things to keep in mind:
Finally, I would like to offer a personal recommendation. For me, it is simply not worth my time creating and optimizing listings across multiple platforms to maximize revenue. Yet I know that if it is done half heartedly, I would be leaving money on the table. My experience with Roamhome was a positive one, they managed my operations and digital presence in a professional manner. I earned far more than I could have on my own, even after adjusting for their modest fee.