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HomeAway, Inc. (NASDAQ:
AWAY), the world’s leading online marketplace for vacation rentals, today launched its pay-per-booking model and Professional Referral Network on VRBO.com®. Having already launched both services on HomeAway.com in 2013, owners and property managers on VRBO.com now have the same opportunity to pay just 10 percent of each booking with no up-front subscription fee. The commission-based model provides an alternative to the company’s existing subscription offering. HomeAway’s Professional Referral Network, a directory connecting owners to professional property management services during the sign-up process, is now also available to new VRBO.com owners.
The pay-per-booking model is ideal for owners new to renting or with a property in a destination that's focused on a particular season or event such as the Super Bowl or World Cup. HomeAway® believes this model gives some vacation rental owners and property managers, who may be holding off due to cash constraints, a chance to start renting their vacation rentals.
"Since launching pay-per-booking on HomeAway.com in October, customers have responded positively, while our subscription business has not been adversely affected and remains our bread and butter," says Brian Sharples, HomeAway CEO and co-founder. "I'm pleased we can now offer owners and property managers even more options for distribution with pay-per-booking on VRBO.com, one of the oldest and most well-known brands in the industry."
Now, customers can either choose to list their properties personally; or through the Professional Referral Network, they can team up with a partner company to build their VRBO listing and handle all inquiries and reservations, while still overseeing on-site management or simply outsource all the work to a property manager.
Since October 2013, nearly 70 professional management companies have joined the Professional Referral Network to support new HomeAway.com and VRBO.com owners. To qualify for the network, managers must list a minimum percentage of their properties with HomeAway and guarantee all referred properties purchase annual subscriptions.