75 percent of guests said they would not travel to South Lake Tahoe if private accommodations were not available. Spending by vacation rental guests generated an estimated $65-80 million each year in the South Lake Tahoe economy.
TurnKey uses proprietary hardware, software, and processes along with highly trained local staff to prevent and quickly resolve issues that arise during high profile events to prevent incidents like those chronicled by the Austin American Statesman....Read more
The Tennessean: Bills to slow down or block Airbnb rentals in Nashville to be delayed Metro Council members are delaying consideration of legislation that seeks to slow down the business of short-term renting in Nashville as they make one last attempt for a consensus that would — seemingly against odds — appease neighborhood activists, home-sharing companies and state lawmakers....Read more
The New York Times: Palm Springs Is Hot. The Old Guard Is Hot Under the Collar. PALM SPRINGS, Calif. — Hundreds of Pucci- and pastel-wearing partygoers mingled on Feb. 16 among palm trees and model Alfa Romeo convertibles at the Bank, a renovated 1955 savings and loan in the downtown of this desert city. Looming over them were clips of Sean Connery as James Bond, in films like “Diamonds Are Forever,” projected onto a wall above the main bar....Read more
The Texas Tribune: Texas proposal would keep cities from restricting short-term home rentals A legislative proposal that would limit local government control of short-term home rentals in Texas has reawakened a fight over regulations that has already played out in cities across the state....Read more
Taking steps to enhance your second home can lead to a long list of benefits. In addition to increasing the value of the place, guests will likely appreciate the touches and leave great reviews. ...Read more
The Globe and Mail: Airbnb buys Montreal-based Luxury Retreats to bolster high-end vacation offerings Airbnb Inc. has struck a deal to buy Montreal-based Luxury Retreats International Inc. in a move that will help it bolster its high-end vacation rentals while delivering a shot in the arm to Canada’s technology sector....Read more
At TurnKey, we have 5 core values that our company and employees live by that fall under the umbrella of “always do the right thing.” Our core values are everywhere in our company, and every month we recognize a number of employees who exemplify these values.
We spoke with several tax experts who specialize in vacation rentals to uncover some of the biggest saving strategies, starting with the basics and also including some lesser known write-offs that can save you money.
Zillow, the leading real estate and rental marketplace dedicated to empowering consumers with data, recently dug into the topic on their Zillow Home Price Expectations (ZHPE) Survey and concluded that STRs do not have a large impact on housing affordability by depleting the supply of long-term rental homes and increasing rent prices.
Yahoo Finance: The big reason why Airbnb terrifies the hotel industry Airbnb may face significant legal headwinds in some cities over its repurposing of apartments as short-term rooms-for-hire, standing accused of hurting local economies and contributing to rising housing unaffordability. But the tech company’s status as a dangerous player that could dominate the hospitality industry is as strong as ever, according to a new report....Read more
Listen to T.J. Clark on the Norris Group's podcast. Aaron Norris and T.J. Clark discuss the benefits of owning and staying in a vacation rental as well as the regulatory pitfalls. Tune in to hear their engaging conversation....Read more
Skift: Airbnb’s New Pitch to Cities: We Are Serious About Working Together On December 7, Airbnb debuted a new 31-page report that summarizes the company’s four-pronged approach to working with municipalities to develop commonsense regulations of short-term rentals....Read more
At TurnKey, we are capitalizing on the latest trends lined out in the Phocuswright study with our innovative business practices, and homeowners should too. Here are 5 key takeaways from the study that homeowners should know.
John Banczak, executive chairman of TurnKey Vacation Rentals, says a good rule of thumb is for every $100,000 you spend to buy a vacation home, you should aim to make $12,000 to $14,000 of rental income per year.
If you are wondering what kind of experience compliments such a position, Francesca Watson-McFeely of TurnKey Vacation Rentals explains that her “‘real estate and marketing background helps [her] create a great guest experience and successfully price, market and manage vacation rentals.’"
The rampant problems with scams on Craigslist, including vacation rental scams, have been well publicized, and Craigslist is certainly aware of these issues. Craigslist should take steps to stop vacation rental scams and keep renters and homeowners from becoming victims of the next Craigslist scammer.
Skift: Why Short-Term Rentals Will Change the Business Travel Landscape In its State of Business Travel 2016 report, Concur reported that, amongst its business travelers, home sharing is quickly gaining popularity, with 56% growth between Q1 2015 and Q1 2016.
And Airbnb reported in July that its sales to business travelers increased threefold over the past year....Read more
Homeowners can rest assured that every time their home is rented, it will be by a responsible adult that has had their identity verified. Verification prevents fraud and damage to homes--which delivers peace of mind to our homeowners.
US News and World Report: Is Airbnb a Threat to the Hotel Industry? "Travelers with families used to skip going to cities like New York, Los Angeles, San Francisco or Chicago because of the high cost of one or more hotel room. Now, they will because they can find a vacation rental home with enough space and home amenities at affordable prices," Banczak of Turnkey Vacation Rentals says....Read more
With fraud and theft among the biggest concerns facing vacation rental owners, TurnKey's enhanced guest screening process now includes IDology positive identification technology to provide real-time, bank-level verification of guests.
Skift: Vacation Rental Owners Turn to Noise-Monitoring in Instant Booking Era With instantly confirmable vacation-rental bookings picking up momentum on sites ranging from Airbnb to HomeAway, owners and property managers are turning to noise-monitoring devices in their homes and other measures to ensure that guests aren’t throwing wild parties, conducting porn photoshoots or otherwise behaving badly....Read more
MarketPlace.org: Short-term rentals are reshaping real estate market in some cities In a few ways, the McMillin Court in Nashville, Tenn. looks like a vintage motel. It is yellow-and-gray, two stories tall, and in the shape of a horseshoe. All 16 units have their own doors to the outside.
The kicker is the neon sign in blue and yellow. It even touts “no vacancy,” although that’s kind of a joke. Since these are former apartments, there’s no front desk to inquire about a room. Guests like Luke Graham, of London, England, book online.
“It ticked all the boxes really,” said Graham, 33. “A good rate. It’s easy to book … For me, it’s like, as long as you can get in and secure, that’s all you need.”...Read more
Skift: Airbnb Vacation Rental Exec Says Instant Booking Going Mainstream The tide seems to be shifting in the vacation-rental arena as instantly confirmable bookings — as opposed to giving owners or property managers 24 hours or more to decide — is finally gaining momentum.
That’s the view of Michael Endelman, who heads Airbnb’s vacation rental efforts in North America, and others, about the burgeoning instant booking trend in vacation rentals....Read more
TurnKey Vacation Rentals was born out of a desire to address the challenges of both guests and owners. Founders, T.J. Clark and John Banczak, explain their vision for a better property management solution....Read more
Get To Know TurnKey: Revenue Management Team
TurnKey’s Revenue Management team uses technology, market knowledge, and deep statistical understanding to maximize revenue year-round. Our team finds opportunities to improve pricing and identify potential problems with pricing well in advance – with time to implement a change and make a difference before it is too late to maximize revenue.
In communities with an HOA, the line between rental and HOA management agreements is often blurred. Telling them apart can be confusing, and it’s hard to find unbiased answers to a lot of your questions.
To clearly define the difference between HOA management and property management, we're breaking down 4 commonly asked questions....Read more
Greater Media Newspapers: Profiting off other people’s sabbaticals It’s been said that the key to happiness is to live each day like you’re on vacation. Many accomplish this goal by owning a vacation home or second residence, which not only can serve as an ideal getaway spot for personal relaxation and recreation, but also as a serious income generator that can make every day feel like a holiday....Read more
Skift: Hotels vs. Airbnb: Let the Battle Begin
On Aug. 22, the U.S. Internal Revenue Service (IRS) debuted an online Sharing Economy Resource Center to help taxpayers better understand how to file taxes for income earned through ride-sharing services like Uber and Lyft, or from renting out rooms and houses on platforms like Airbnb and HomeAway....Read more
Built In Austin: Mapping Austin's top 10 most funded zip codes Any good tech scene needs plenty of funding. But what really makes a tech hub is large investments in a concentrated area, fostering growth through collaboration and drawing in talent from around the country.
But Austin, as with most things, is a little different. While the city’s funding is obviously strongest downtown, fundings big and small took place across the area. We rounded up all the digital tech fundings since our last list, and with more than $778 million raised between August 1, 2015 and July 31, 2016, we mapped where all that funding is going by zip code....Read more
Business Wire: 60 Percent of Guests Would Pay More for a Vacation Rental With a Smart Home Feature, August Home Study Reveals Short-term renting is a burgeoning business and global growth is projected to hit $51 billion by 2020*. August Home Inc, the leading provider of smart locks and smart home access products and services that make life more simple and secure, today released the results of a new study, Short-term Rentals: Smarter Hosting with Smart Home Technology. The study provides new insight into the growing appeal of short-term rentals and how smart technology plays an important role in delivering an experience that rivals that of hotels....Read more
TurnKey Technology Spotlight: Consistently Clean Homes Provide a Better Guest Experience Poor Housekeeping Leads to Unhappy Guests and Less Bookings. The Background Cleanliness is the number […]...Read more
Some homeowners like Harold J. choose TurnKey as their property management solution because of the technology advantage we offer. In addition to streamlining the management of his property, TurnKey’s strategies helped increase Harold’s net income by 60%....Read more
NY TImes: Hotels vs. Airbnb: Let the Battle Begin
Ever since Airbnb entered the lodging scene in 2008, the hotel industry has cast a wary eye, noting its popularity with young travelers. Despite a strong year for hotels — occupancy and rates broke records in 2015, according to the data firm STR — anxiety may be creeping into those corporate suites....Read more
Guests are seeking the upside of a traditional hotel experience while increasingly valuing privacy. So how do you deliver the ultimate guest experience at a vacation rental? Start with these 5 services:...Read more
Fortune: Airbnb Agrees To Collect Hotel Taxes In Another Huge U.S. City
Airbnb has agreed to start remitting hotel taxes to the city of Los Angeles on behalf of its hosts in the area, the company said on Monday. As part of the deal, the home-sharing company will collect lodging taxes from its Los Angeles hosts and hand the proceeds over to the city, similar to its existing agreements with San Francisco and nearly 200 other cities worldwide. ...Read more
Mark S. had a successful vacation rental but what he didn’t have was any time. When a vacation rental is booked fully, it can create a lot of work for a self-managing homeowner. When TurnKey began managing the property, we were able to increase Mark’s already robust revenue and save him 400 hours a year in management time....Read more
Think of the answers to these 10 questions before you purchase a vacation rental. Provided these conditions are met, a vacation rental can provide a fun getaway for your family and friends while also serving as a worthwhile investment...Read more
Redfin - How to Know If You’re Ready to Buy a Vacation Home.
Redfin identifies two factors to consider when your family is deciding if you are ready to buy a vacation home. But John Banczack of TurnKey Vacation Rentals reminds prospective buyers to also consider the benefits of owning a vacation rental.
Skift: The Business of Hotels Vs. Short-Term Rentals in 4 Charts
Some hoteliers still brush off the threat of Airbnb and suggest that the short-term rental company hasn’t had any impact on their own businesses. But if new projections pan out from Euromonitor International, a London-based global market research firm, Airbnb will be the world’s second largest hospitality company in 2020 in terms of total room sales. ...Read more
Skift: The Vacation Rental Industry is Reaching a Digital Tipping Point
The vacation rental industry has been seen as one of the last uncultivated frontiers for online travel. Consider that as recently as 2012, with many travelers long accustomed to Internet booking, three-quarters of vacation rentals were still not transactable online....Read more
Pricing efficiencies lead vacation rentals operated by professional property managers to earn more daily revenue and have higher occupancy rates than those managed by homeowners, according to findings by the Ross School of Business at the University of Michigan.
Skift: What Americans Really Think About Airbnb and Home-Sharing
In less than a decade Airbnb, the San Francisco-based home-sharing platform worth an estimated $25.5 billion, has become one of the biggest disruptors in the travel space....Read more
Marketwired: Hipmunk Releases 2nd Annual Summer Vacation Rental Analysis
SAN FRANCISCO, CA--(Marketwired - May 18, 2016) - Summer visitors to millennial hotspots, college communities near popular urban centers, and fancy beach towns are choosing vacation rentals, like those listed on Airbnb, over hotels. In the process, they're often cutting their vacation costs significantly and gaining access to locales whose limited hotel inventory traditionally made visiting them impossible for many....Read more
Built In Austin
Austin Travel Tech: 6 Companies You Should Know
TurnKey Vacation Rentals is honored to be named to a list of 5 travel tech companies you should know by Built In Austin. This publication is a hub for startups and tech in Austin....Read more
techcrunch: Arizona’s Governor Ducey signs SB 1350 into law, prohibiting the ban of short-term rentals
Governor Doug Ducey of Arizona has signed SB 1350, a law which prohibits cities and municipalities from banning the listing and use of short-term rentals like Airbnb, HomeAway, and others....Read more
Skift: Vacation Rental Startups Attract $100 Million in Funding So Far This Year
Vacation rental startups attracted nearly $100 million in venture capital funding during the first quarter of 2016 with most of the funding concentrated across the U.S. and Europe....Read more
Chicago Tribune: VRBO relents, eases costs for vacation rental owners
Vacation rental giant VRBO has heard angry property owners loud and clear. Starting in July, it will reverse a controversial new fee structure and instead change its business model from tiered listings that cost up to $1,500 a year to a flat fee of $349 a year. However, it will keep a new fee for renters of 5½% to 9% for those who book through the website.
Skift: Expedia Hits Pause on Direct Booking Goals for HomeAway Division
Expedia Inc. is having its HomeAway vacation rental unit back off from the previously stated goal of making 100 percent of its property listings online bookable by the end of 2016....Read more
It only takes 7 seconds to make a first impression, and the photos of your vacation rental determine if travelers decide to read the rest of your listing. You may never live down that photo day when you forgot to comb your hair but here’s how to make sure your home is picture-perfect....Read more
As home-sharing and vacation rentals become more popular than ever, most owners know the benefits of and take great pride in providing a comfortable home for guests, crafting a great looking listing on sites like Airbnb and HomeAway, and truly caring about their guests’ experience. However, very few owners take the security of their homes seriously. ...Read more
When thinking about how best to manage your property, you are likely to need to select an owner service provider to assist you. An owner service provider may provide a few focused services to owners, or they may provide a wide range enabling an owner a single point of contact for most of their needs....Read more
Tnooz: TurnKey raises $10 million to expand its vacation rentals management service.
TurnKey, a company that sells technology to support vacation rental owners, has raised $10 million, bringing its total investment, to date, to $20 million....Read more
While renting out your property requires a lot of management, this effort is often worth it if you can make enough income. Read this article discussing the most important factors to successfully renting out your vacation home and maximizing the revenue it generates....Read more
Bloomberg: Goldman Sachs: More and More People Who Use Airbnb Don't Want to Go Back to Hotels Airbnb is less than eight years old, but it has already caused massive changes in the way people travel. While consumers may have initially been hesitant to try the service, a new survey from Goldman Sachs Group Inc. shows that once they switch, they don't go back to hotels. ...Read more
A challenge many vacation rental owners and property managers face is how to get their listing to stand out from the crowd, since there are more than one million vacation rental listings on both the HomeAway family of websites and Airbnb. Successfully differentiating your property will lead to more inquires, bookings, and revenue....Read more
Skift: Expedia’s HomeAway to Follow Airbnb’s Lead and Add a Booking Fee for Travelers
HomeAway, which announced it will be acquired by Expedia Inc. for $3.9 billion, has been sitting on a potentially very lucrative asset in a traveler booking fee, and has now decided it will introduce one for all online bookings starting in the second quarter of 2016....Read more
We’ve created a list of nine questions owners should ask their property manager – see what they have to say and decide if your property manager provides the best service at the lowest cost!...Read more
Breaking Travel News: Why the vacation apartment sector is booming
Over the past decade, while the vacation sector as a whole has gone through a lot of ups and downs, one area has shown remarkable resilience and consistent growth. Vacation apartments doubled as a proportion of travel accommodation between 2007 and 2012, and they have proven popular with budget travelers and affluent travelers alike. So what’s going on?...Read more
Vacation Nest: Thinking About Turning Your Second Home Into a Vacation Rental? If you own a second home or are thinking about buying one, chances are you’ve probably thought about renting it out to offset some of your costs. And who can blame you? With the growing popularity of sites like HomeAway, FlipKey and VRBO, it seems easier than ever to market your home to potential renters....Read more
Skift: Will Booking.com Alter Its Vacation Rental Business Model in 2016?
Rest assured that when Priceline Group officials review the company’s 2015 earnings with financial analysts next year, someone will ask how long its Booking.com unit can hold off and ignore the financial opportunity in charging travelers a booking fee for vacation rental bookings....Read more
USA Today: Expedia to buy HomeAway for $3.9B SAN FRANCISCO - Expedia is deepening its travel-company bench with a $3.9 billion purchase of vacation rental site HomeAway. Bellevue, Wash-based Expedia announced the deal Wednesday, which adds the Austin, Texas, company to a portfolio that also includes booking sites Orbitz and Travelocity....Read more
tnooz: Airbnb, HomeAway, TripAdvisor, Booking, and Rented talk vacation rentals
The mainstreaming of vacation rentals, regional consolidation, regulation and technology-driven operational efficiency were themes at the closing session of the annual Vacation Rental Managers Association conference.
Panelists from TripAdvisor (which owns FlipKey), Airbnb, HomeAway and Booking.com spoke on the theme of “The Next 30 Years.”...Read more
Skift: The Vacation Rental Marketing Edge of the Big Booking Sites A big value proposition for partnering with a vacation rental distribution partner is reaping the benefits of a modern, fast and content-rich website. The best sites are evolving their search engines to best match guests and hosts based on their respective needs. They’re giving searchers more accurate results that are close to exactly what they’re looking for; and conversely ensuring hosts are receiving requests from guests that fit their wants....Read more