In an effort to eliminate some of the barriers to entry for vacation rental home owners and professional managers, HomeAway, Inc. (NASDAQ: AWAY), the world’s leading online marketplace for vacation rentals, today officially launches two new services: a pay-per-booking model and its new Professional Referral Network. Pay-per-booking provides owners and property managers on HomeAway.com® the opportunity to pay just 10 percent of the booking each time the home is booked, with no up-front subscription fee. In conjunction with this pay-for-performance model, HomeAway® also debuts the Professional Referral Network, which is a first-of-its kind directory connecting new HomeAway.com owners to professional property management services during the sign-up process.
The new HomeAway.com pay-per-booking model provides an alternative to the company’s existing subscription offering and is ideal for owners new to HomeAway.com or renting in general, giving them an opportunity to test the performance of the site for no up-front cost. In addition, pay-per-booking is targeted at those renting properties for six weeks or less, including owners in seasonal destinations or cities that host popular events such as the Super Bowl, South by Southwest Music Festival or the World Cup. HomeAway believes this service will also benefit large property management companies that have historically advertised only a subset of their properties due to cash constraints that preclude them from paying subscription fees in advance for all of their properties.
Unlike several performance-based companies in the industry, HomeAway continues not to charge travelers a booking fee.
“With no up-front fee, our pay-per-booking model allows new customers to try our sites before committing to an annual subscription, and it also gives short-season renters a low cost way to cover their expenses or help pay their mortgage with a few bookings,” says HomeAway CEO, Brian Sharples. “But for most customers on HomeAway, an annual subscription still remains the best value.”
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