Busy business owner earns over $130,000 with TurnKey

Homeowner and Market

Larry built his Florida beachfront bungalow in 2015 as a relaxing retreat for his retirement. However, Larry was running his own business away from the vacation home, and he wasn’t close to retirement just yet. In order to help offset the costs of vacation homeownership and generate additional revenue until he retired, Larry decided to rent the home out to travelers seeking a beach getaway.

When Larry first started renting out his home to Florida vacationers, he managed everything himself. From the maintenance to the housekeeping to the advertising, Larry was a one-man rental property manager. But as a business owner who lived in a city a few hours from his rental, he soon realized that he didn’t have enough time to run a vacation rental in addition to his existing business. Larry needed to bring in a team of professionals to help him out.

After researching the options available to him, Larry decided to partner with TurnKey Vacation Rentals. Over the course of our partnership, TurnKey helped Larry get valuable time back, while also helping him make more money from his property.


The Challenges

While managing the property by himself, Larry ran into issues that many DIY property managers do – struggling to keep up with vendor relationships, maximizing revenue, and marketing his home.

His primary issue was with housekeeping, which lead to scheduling conflicts. The housekeeper Larry found would come every Saturday, but that meant if he wanted his home clean before guest arrival, he was limited to weekly, Saturday-to-Saturday rentals. The inability to accept 3-, 4-, and 5-day bookings affected his home’s revenue potential.

Finding quality vendors and building strong relationships took a lot of time and effort, and Larry struggled to find a housekeeper that was better suited to his rental frequency. He also had problems keeping track of upkeep and minor repairs around the property.

Finally, he wanted the lucrative benefit of repeat guests, but he found it difficult to advertise his property to even get first-time visitors in the door.



Goals

Managing his beachfront property was taking up more of Larry’s time than he’d hoped. He partnered with TurnKey as a full-service property management company to manage his vacation rental home with these goals in mind:

  • Decrease the amount of time he spent managing the property
  • Maximize his revenue
  • Maintain high occupancy at his property year-round


Performance Snapshot

Total Revenue: $133,465

Peak Season Occupancy: 83%, reaching as high as 97%

HomeAway/VRBO Review Rating: 4.8 out of 5 stars



The Full Results

TurnKey’s expert local and national teams helped Larry go from DIY property manager to relaxed homeowner. He’s increased his income from the property, boosted occupancy, and has reduced the amount of time he spends driving back and forth to manage the rental.

“TurnKey is doing exactly what I wanted to have happen, which was to increase my income, and reduce the dependency on me to take care of things on the house,” says Larry.

With TurnKey’s local team managing the housekeeping and restocking of the home, Larry is no longer limited to 7-day rentals. He often has guests that stay for 3, 4, and 5 nights. Combined with TurnKey’s dynamic rate management program, this has helped increase Larry’s bookings and overall revenue.

Our local team also ensures that Larry’s property is in tip-top shape for every traveler that walks through the doors. For example, Larry’s home has a storage room full of beach furniture and toys that wasn’t very organized. After bringing it to TurnKey’s attention, our local team made sure the room is organized and clean for every new guest. Personalized service like this is a hallmark of TurnKey Vacation Rentals property management.

“I’ve been pleased that the housekeeping’s always been very good,” says Larry. “I see it from the reviews, that people think the housekeeping is good, and I agree. I think that’s been a positive, probably even more so than when I had my own housekeeper. While I thought she did a pretty good job, I think TurnKey does even a better job.”

Larry has also spent much less time traveling back and forth from his hometown to his rental home. With TurnKey managing all aspects of the property, he only visits when he needs his own vacation, freeing up valuable time to run his business or relax knowing his rental home is taken care of.

TurnKey’s expert marketing and creative teams also took on the costly and time-consuming job of advertising his rental property. The teams optimized his listing across 50+ top vacation rental booking sites, implemented PPC and retargeting ad campaigns, and continues to drive potential guests with email campaigns to its database of hundreds of thousands of vacation rental travelers. This has helped get Larry’s home in front of a lot more potential guests, and has dramatically increased his occupancy and revenue.

Simultaneously managing a business and a vacation rental is a lot of work for just one person. And when Larry realized that he needed a little bit of extra help, TurnKey was able to handle all of the management responsibilities for the vacation home, while also making more revenue for Larry. This means that Larry can focus on running his business and only spending time at his beachfront home when he needs a vacation.


Want to learn how TurnKey can earn you more money and increase your occupancy rate? Schedule a consultation with us here.

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