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FlipKey is one of those online platforms that help many people traveling somewhere these days to get comfortable accommodation at friendly rates. It enables property owners also to make additional income.
If you have a vacation home you wish to rent out for extra cash, this review is for you. Find out whether FlipKey is a platform to consider.
What is FlipKey?
FlipKey is an online marketplace for vacation rentals. It was founded in 2007 and bought the following year by TripAdvisor to become a part of the latter’s over two dozen travel brands.
The service is available in about 190 countries across the world, boasting hundreds of thousands of property listings. Available accommodation types range from regular homes and apartrnents to beach houses and villas. Its direct competitors include Airbnb and Expedia.
How does FlipKey work?
As a vacation property owner, you start by creating an account. You then proceed to list your property, including all necessary information, and you are on your way to start making money. But FlipKey will need to review your listing before allowing it to go live online.
You can list for free or pay an annual fee to enjoy extra per., most notably the ability to display your phone number on your listing.
If your contact information is not available, guests can fill a form on your listing to get in touch with their questions or to request a quote.
What are the requirements to work for FlipKey?
We couldn’t find any specific requirements for listing your property on this platform. It appears you will learn of anything that might be required after submitting your listing.
The one thing you may need to take note of is that FlipKey expects that you have sufficient insurance coverage for your property. This is despite the fact that you are allowed to request a damage deposit from guests.
How do you earn money on FlipKey?
Individual home or property owner determines how much they want to earn from guest stays. The site requires that you indicate a rate for your listing to be visible in dated searches.
There are two types of rates:
Seasonal rates – You will need to set seasonal rates for your rental property, which you can vary according to seasons of the year. FlipKey recommends setting these rates for a minimum duration of 12-18 months at a time.
Base rates – These are the rates displayed for periods that do not have set seasonal prices. They help ensure your listing rernains visible all the time.
You can charge extra fees for things like supplies, allowing pets, and additional guests.
FlipKey charges 3 percent of every guest booking, including extra fees you require, as processing fee.
The site pays you through your PayPal or bank account within 24 hours to five working days after check-in, depending on the payout option you chose.
How much money can you make on FlipKey?
It’s left to owners to determine how much they want to charge for their property. But it is possible to earn about $300 or more, after fees, in one weekend.
Pros of working for FlipKey
Free to list your vacation rental property
A decent way to make passive income
Helps to cover costs of owning a vacation property
Can request damage deposit to cover accidental damage to your property
Cons of working for FlipKey
May need to pay more taxes and acquire a license, depending on state or city
The process requires a bit more of your time, creating listings and responding to guest questions
How do I sign up to work for FlipKey?
Look for a “List your property” link or button on the FlipKey website and click on it. Fill the form that appears. Next, click on “Continue” to provide information about your property.
Rather than leaving your vacation property idle, FlipKey gives you the option of renting it out for cash when you are not there. You don’t have to pay until you have a booking, except you wish for guests to contact you directly. The money you get to make may go a long way in taking care of mortgage and insurance on your home, plus some other expenses.
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