Want to Airbnb Your Luxury Home? These Companies Will Handle Everything Katy McLaughlin - WSJ.com
go to original September 22, 2016

A decade ago, websites such as HomeAway and Airbnb upended the vacation rental market by creating a cheap, do-it-yourself way to turn properties into short-term rentals. Airbnb’s model even allows homeowners to rent out a spare bedroom or just a couch.

The next frontier in short-term rentals: luxury homes with resort-style services and amenities. Right now on Airbnb and other top rental websites, only about 3% of the listings charge over $500 a night, according to estimates from Airdna, an industry analyst in Denver. But the rapid growth of third-party management services and tools is enticing more high-end homeowners to try short-term renting - for the right price.

These rental-management companies maintain the online listings, with some masquerading as the homeowner to answer questions from potential guests. They then book guests, coordinate key handoffs, schedule cleanings and - of increasing importance - help the homeowner navigate local regulations.

Airbnb and other major websites say that wealthy investors buying property specifically to rent out short term account for just a fraction of their hosts. “The overwhelming majority of our hosts occasionally share the home in which they live,” said Airbnb spokesman Nick Papas, adding that “a typical Airbnb host earns an additional $7,350 a year.” Bill Furlong, HomeAway’s vice president for North America, said that users of the site fit the same profile that vacation-home owners always have: They use short-term rental income to offset their costs in owning a second home.

Hotels are among the biggest critics of these short-term rentals, arguing that homeowners face far less regulation and often don’t pay occupancy taxes. That is starting to change in some cities.

Read the rest at WSJ.com

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!