How to Cash In on Short-Term Rentals Like Airbnb, VRBO

  • Laura McMullen
  • NerdWallet
2:36 p.m Friday, May 12, 2017 Business and Money news

Think like a small-business owner

Create an attractive listing

Make sure the price is right

“A bunch of people are kind of guessing the value of their home,” says Michael Quinn, brand manager at Wheelhouse, which makes software that analyzes data and local demand to set nightly prices automatically for hosts’ rental properties. Many of the hosts he’s talked to set their prices too low in an attempt to undercut the competition. But, Quinn says, “you should be getting what your home is worth.” Plus, a cheap listing can turn off potential guests who wonder, “What’s the catch?”

Plan to spend money

Document rental expenses, income for taxes

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