It’s a major luxury to own a second home. But when you’re not using it, a second home can also be a source of income.
Eric Horndahl, VP of marketing for vacation rental website FlipKey, says the company’s users make an average of $US26,000 per year on their homes, with some making as much as $US100,000 annually.
He gave us some tips about how to squeeze most money from your second home.
First, and most important, is marketing, Horndahl said. He suggested hiring a photographer to take professional pictures that would really appeal to renters.
Homeowners should de-clutter their homes and stage photos with the right lighting and angles to “make people feel like this is the best place that they could stay when they’re travelling to their destination,” he said.
The next tip? Pricing. Horndahl says it’s important to price your home properly throughout the year. He recommended browsing the internet to see how much similar homes are going for.
Another important but underrated factor is how the homeowner represents himself online — always reply to renters quickly and professionally.
And the biggest mistake? Not prepping your home properly. Aside from cleaning up, he suggested storing valuables in locked closet and providing basic items that guests would get in a hotel.
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