Austin Homeowner earns $50k and buys 2 additional vacation rental properties

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“My husband wanted to try renting our house as a vacation rental when we moved. I was intrigued by the idea but with so many things already on my plate I knew it wouldn’t be something I could do on my own. We now have two vacation rental homes with TurnKey and we enjoy seeing great guest reviews about customer service and we have seen an increase in revenue year after year.”

– Tara D.

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Client & Market

Turning a former primary residence into a vacation rental is a daunting task, and Tara D. wasn't sure what to expect. Tara lived in Austin since she and her husband graduated from Baylor and moved there. After a few years, they decided to buy a new house but wanted to keep their Lakeway property in the family. Tara sought out TurnKey Vacation Rentals to help manage her property and had a great experience. Over her first year with TurnKey, her property did so well she purchased an additional property solely to use as a vacation rental. Following continued astronomical success, Tara has purchased a third property in Dripping Springs to convert into a family resort, complete with cabins.

 
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Goals

Managing a short-term rental requires a lot of time, technology, and expertise, so Tara partnered with TurnKey as a full-service property management company to manage the rental with her goals in mind:

  • Maximize revenue to cover property tax bill to ensure continued ownership of her home
  • Feel pride in contributing monetarily to her family
  • Know that her home was being used and looked after
 
The Results

With the help of TurnKey, Tara achieves high levels of success with her homes, but her journey was not without setbacks. She had an emotional attachment to her home because it was her primary residence when her children were growing up. TurnKey guided Tara through this difficult time while advising her when it was necessary to alter her home to create an attractive environment for guests.

Initially, Tara wanted her husband to clean the pool instead of hiring a pool cleaning service. TurnKey helped Tara understand the service needs of a successful vacation rental and assured her that using an approved pool cleaning contractor was more efficient.

Our partnership continues to flourish today. TurnKey uses a dynamic pricing model to optimize the nightly rate of Tara's homes to maintain a high level of occupancy. TurnKey also takes care of the promotion of her properties in addition to fielding reservations requests. Our low commission rates allow Tara to earn revenue while TurnKey takes care of the complicated parts.

TurnKey and Tara proved to be an excellent match. Not only did the success of her home in our program generate enough revenue to cover property taxes, she was able to buy additional properties and generate more revenue for herself and her family.

Property 1: 8x revenue goal. Property 2: 13x revenue goal. Occupancy rates 40% higher than the industry average in 2015