Client and Market
Many homeowners chose to manage a vacation rental on their own. Interacting with guests, handling project management, and taking care of your own property can be very rewarding. Homeowner management can also make financial sense given many property managers charge 35- 50% commission. No matter what the motivation is behind a rental by owner, it will be a lot of work. Studies show the average time spent managing a home directly is almost ten hours per week. A lot of homeowners just don’t have that time to spend week in and week out, as Mark and his wife quickly realized.
Mark and his wife live in Austin, TX. Initially, they managed their rental on their own, because the only property managers in town were charging high commission rates and didn’t offer much more than basic management. Their rental was an immediate success, and the couple did an outstanding managing the home, as many homeowners do. But the work began to add up, and soon the couple realized they were going to burn out if they had to available 24/7. They were impressed with TurnKey’s technology-based management approach, and the lower commission convinced them to give TurnKey a try.
Managing a short term rental requires a lot of time and effort, so Mark partnered with TurnKey as a full-service property management company with his family’s goals in mind:
- Reduce the workload for him and his wife, who both have full-time jobs
- Maximize the return on their investment and meet or beat their own revenue performance
- Maintain their property and neighborhood relations in a dense urban market
TurnKey took over the management of the property and has been working with Mark and his wife for over three years now. Since the first is located in a sensitive area where neighbor-relations is important, TurnKey ensures guests enjoy the property without disturbing the neighbors through advanced technology, local field operations, and private security patrols.The couple was quickly able to eliminate all the time and energy they were spending on the rental – and even have more money after TurnKey’s commissions. The property did so well that they put another home into the TurnKey program.