Homeowner earned $28,000 more when switching from traditional PM

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“I switched to TurnKey from another property manager at the beginning of 2014. By 2015, the net revenue after commission was $28,000 more than what I made in 2013 with the previous manager. And I literally changed nothing at the rental itself – no new furnishings, features, or even new paint.

They also got me over 40 guest reviews on VRBO and HomeAway, which were almost all 5-stars, while the previous manager only got a couple over two years.”

– Harold J.

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Client & Market

Switching property managers can make even the most experienced vacation rental owners nervous. But the benefits far outweigh any initial concern: conscientious maintenance of property, more bookings, happier guests, and less hassle. Harold's home in Port Aransas, TX was well taken care of and had an average amount of bookings and income, but there was vast potential for improvement. TurnKey found more ways to promote the property, reduce cleaning fees, address complaints from guests about having to check in and get a key, and generate revenue and guest reviews.

With TurnKey's lower commission and widespread marketing platform, it was easy to see how the home could generate more revenue. Keyless door entry appealed more to guests than the old system of waiting to receive a key. Advanced technology like the TurnKey Owner Dashboard, the TurnKey Home Droid, and photo inspections would all improve the rental by ensuring it was well maintained without adding etxra cost. When Harold's rental home launched with TurnKey in early 2014, the property immediately improved.

 
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Goals

Owning a short-term rental serves two purposes for most owners - a place for owners and guests to vacation and as an investment. Harold partnered with TurnKey as a full-service property management company to manage the rental with his goals in mind:

  • Increase rental revenue to maximize the investment value
  • Improve guest experience and generate more guest reviews
  • Maintain a high quality home for himself and guests
 
The Results

In Harold's first two years with TurnKey the net income from renting out his property increased by 60%! TurnKey promoted the property on over 20 top vacation rental websites to reach more guests and optimized the rental pricing to match demand. Off-peak bookings skyrocketed and bookings during the peak periods were optimized for demand. Last-minute discounts helped fill any late demand, and competitive off-peak rates attracted "Winter Texan" renters during January and February - all improving occupancy and revenue.

Guests were thrilled by the great prices and agreed that they were getting the best value. TurnKey's secure digital locks exceeded expectations. The service level improved as guests no longer had to wait to check in, and they did not have to share a key amongst a group. TurnKey's technology helped guests and the owner have a smoother vacation, including an iPhone app with all the home details and text reminders on arrival day with the unlock code and a map link.

TurnKey's organized and transparent operation processes kept Harold in the loop on all maintenance. The TurnKey Owner Dashboard allowed him to see every single guest inquiry, booking, housekeeping photo, guest review, TurnKey inspection, and maintenance item. It is an invaluable asset for any vacation rental owner!

Over 2,000 inspection photos taken! 46 guest reviews in two years. Over 60% increase in net income to owner