Diligent first-time investor chooses TurnKey and earns 50K on Park City property

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Client & Market

Vega wanted to enter the vacation rental industry, so she started by researching her options. First, she narrowed her search by focusing on locations that she would enjoy visiting and knew would generate income based on their popularity as a vacation destination. She chose Park City, Utah, and began the search for the perfect property. After one viewing, she bought her current property; when it's right, it's right.

Next, she needed to find the perfect property management solution. After an exhaustive search, Vega chose TurnKey Vacation Rentals because she knew she didn't want her revenue to be eaten up by exorbitant property management fees. She also needed a full-service property manager because she lives in Northern California and cannot visit her Park City property regularly. As a first time investor, Vega made a lot of right choices after careful research. She knew she made the right choice when she partnered with TurnKey.

 
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Goals

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

  • Have a quick rental set-up so her property could earn revenue as soon as possible
  • Generate $50k in revenue
  • Have the flexibility to enjoy her own property
  • Maintain high occupancy year round - a difficult feat in a ski market
 
The Results

Vega has generated significant revenue since she purchased her property and TurnKey started managing it in January 2015. She's only experienced success in our program.

While her home was well furnished, we recommended certain additions such as adding small appliances and upscale decor that guests value. Vega appreciated our input and followed our advice. The additions made her home appealing to more renters and helped drive more off season bookings.

TurnKey was able to guide her through the onboarding process seamlessly. Her home was on-boarded quickly to begin generating revenue as soon as possible. TurnKey took care of all the rental set-up, including scheduling the professional photoshoot, which Vega loved. Following on-boarding, we worked with Vega to highlight the most desirable aspects of her home on her listing. We wanted her input as we value our partnership with homeowners.

Most importantly, Vega has positive cash flow on her first investment property. Her revenue has been astronomical compared to similar properties in Park City. We exceeded her revenue expectations: her property generated $51,482 in its first year with TurnKey.

Vega's other priority was to be able to have family and friends spend time at the property whenever convenient. TurnKey doesn't have any owner stay restrictions, so Vega can use her own property as much as she would like.

Vega's diligence in entering the vacation market paid off and TurnKey has helped her reach all her goals.

Ready to be rented in less than 2 weeks. Achieved 103% of revenue goal