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In HomeAway’s current model, subscribers pay the company upfront for running its listings on its websites. Starting this summer, vacation rental owners can instead put up a rental listing for free and then pay HomeAway a percentage once the listing is booked. Property managers will be able to use the pay-per-booking service later this year.

In a client note, Chad Bartley of Pacific Crest Securities estimated that the pay-per-booking service could produce revenue from $13 million to $101 million in 2014. Annual revenue from the new offering could eventually reach $304 million, according to his analysis.