How to make money off your second home

A second home is a luxury. But when you’re not using it, it can be a source of income.

Eric Horndahl, VP, marketing for vacation rental website FlipKey, says the company’s users make an average of $26,000 (Rs 1,548,903) per year on their homes, with some making as much as $100,000 (Rs 5,957,322) annually. Here are his tips to squeeze the most money from your second home:

First, and most important, is marketing. He suggests hiring a photographer to take professional pictures that would appeal to renters.

Homeowners should declutter their homes and stage photos with the right lighting and angles to “make people feel that this is the best place to stay’’. Next comes pricing.

Horndahl says it’s important to price your home properly through the year. He recommends browsing the internet to see how much similar homes are going for. Another underrated factor is how the homeowner represents himself online.

Always reply to renters quickly and professionally. Finally, Horndahl says, homeowners should market across a number of different channels. Aside from Flipkey, HomeAway and Airbnb are great avenues.

And the biggest mistake? Not prepping your home properly. Aside from cleaning up, he suggests storing valuables in locked closets and providing basic items that guests would get in a hotel.