When Andy Steggles and his wife, Fran, bought a vacation home in Pennsylvania’s Pocono Mountains to periodically escape their Manhattan studio apartment, they didn’t intend to rent it out. Soon, however, it seemed like a waste to have the house sitting vacant in such a perennially popular hotspot.

“We decided we were going to recoup some of the money we put out,” says Steggles. After a slow start working with local real estate agents, he took charge of marketing his own rental, building a website and listing it on other websites, and says he quintupled his earlier bookings of about four weekends and four weeks per year. Rates for his house vary from $2,000 for a weekend stay to $4,600 for a peak-season week, plus security deposit, cleaning fee and, if desired, temporary access to the community’s swimming pool, golf course and clubhouse.

Homeowners like the Steggles — as well as those who purchased some 740,000 vacation homes last year — can cash in on these getaways, often earning more per year from short-term vacation rentals than with annual leases, says Marie R. Ferguson, author of Breaking All the Rules: How to Rent Your Vacation Home. Homeowners in popular areas may get the same rent in a week that an annual rental gets in a month, she says, depending on location and nearby attractions.

Harcourt S. “Paul” Ward, owner of Ward Realty in Point Pleasant Beach, N.J., says the rise of sites like VRBO (Vacation Rentals by Owner), HomeAway, GreatRentals, BeachHouse and even Craigslist give homeowners effective ways to capture tenant interest and leads. His agency, which handles rentals on the New Jersey shore, uses them to list properties. “Finding tenants is relatively easy. Finding qualified and compatible tenants for any given homeowner is another matter, he says.

Steggles agrees. Although the house can accommodate up to 16 people, he doesn’t want to host bachelor weekends or rowdy college students who may damage the house or cause issues in the private community. To ensure that he finds the right tenants, he asks the occasion for the rental and the maximum number of people who will be at the home at any time. Family vacations are fine. Weddings are not.

Homeowners should check out other area rentals to get a sense of market rates, and collect a deposit to reserve the property upon signing the lease, Ferguson advises. Collect the balance of your rent and any other fees, such as cleaning fee, far enough ahead of time for the check to clear before the tenant arrives. Don’t forget to confirm and collect any state or local taxes. Steggles also takes a copy of the driver’s license of the renter to verify the identity of the responsible party.

Vacation rental properties are typically fully furnished, but other amenities vary. It’s a good idea to have pots, pans, dishes, flatware and other items that guests would not bring on vacation. Convenience items, such as spices in the kitchen and even toiletries, can go a long way toward giving the guest a positive experience, says Ferguson. She also puts out a bottle of wine, a goody basket and a selection of brochures from restaurants and attractions before guests arrive for their stay.

Check with your insurer to see if any change in coverage is suggested to protect you from liability from personal injury or other tenant mishaps. If you have many short-term rentals, the wear and tear on the house may be more significant than longer-term rentals, he says, so it is imperative to have the house cleaned and checked for damage after tenants depart. Renting your vacation home can bring in a welcome revenue stream, but it’s not without headaches. The experts recommend screening tenants carefully, getting your money upfront, and inspecting the property between guests to help you keep your rental — and your cash flow — in good shape.