TurnKey Vacation Rentals
 | |
Type of site | Private |
|---|---|
| Founded | 2012 |
| Headquarters | , |
| Founder(s) | T.J. Clark (CEO) John Banczak (Chairman) |
| Industry | Travel |
| Products | Vacation rentals |
| Services | Property management |
| Website | Official website |
TurnKey Vacation Rentals is a property management services company that offers services for short-term vacation rentals.[1][2] The company developed a rental property management web application that allows homeowners to monitor and offer services to their short-term rental properties.[3][4] Their website also allows guests to book a home at properties in cities like Austin, Texas; Santa Barbara, California; Seattle, Washington; and others.[5][6][7] The company was founded in 2012 by former Hotwire.com and HomeAway executives.[4][8]
History[edit]
TurnKey Vacation Rentals was founded in 2012[4] by CEO T.J. Clark (formerly an executive at Hotwire and Limos.com) and Executive Chairman John Banczak (formerly an executive at HomeAway) in Austin, Texas and began operating in January 2013.[3][8][9] At the outset, the company managed around 40 properties in Austin.[1] It raised $1.5 million in seed funding from a group of angel investors, including Orbitz CEO Barney Harford, Hotwire and TripIt co-founder Gregg Brockway, and BnB.com founder Eric Goldreyer.[8]
By June 2014, TurnKey had expanded the number of properties to 200 and had entered markets like Santa Barbara, California, Park City, Utah, and Port Aransas, Texas.[4][7] Also in June, TurnKey secured an additional $3 million in seed funding from Silverton Partners. The goal of the added funding was to expand into beach, ski, and other niche markets.[9]
In March 2016, TurnKey announced another round of funding led by Silverton Partners and Altos Partners. The company raised an additional $10 million which brought their total amount of funding to $20 million.[10][11] At that time, TurnKey was managing over 1,000 properties in around 24 markets in the United States including new additions like San Diego, Seattle, Nashville, and others.[2][11] At the time, the company had 180 employees and was looking to expand to around 100 more US markets by 2018.[2]
In March 2017, TurnKey Vacation Rentals announced that they raised $21 million in a Series C investment round. The round was led by venture capital firm Adams Street Partners.[12] By the end of 2017, TurnKey had 400 employees and managed properties in over 55 U.S. markets.
Business model[edit]
TurnKey Vacation Rentals offers property management services to homeowners who use their properties for vacation rentals. TurnKey manages requests, booking, schedules, inspections, and security similar to a property management firm. The company contracts with local third-party firms for repairs, maintenance, cleaning, restocking, security, and other services. Property owners use the Owner Dashboard to request services and monitor itineraries.[1][2][8] An Android tablet is placed in each property to monitor decibel level, as well.[2]
TurnKey Vacation Rentals also takes professional photos of the property, fields inquiries from guests, and posts listings on sites like HomeAway and TripAdvisor.[7] TurnKey typically charges 18% of the booking fee for all of the above services. The company also calculates taxes and handles any required legal filings.[2]
In addition to their homeowner-centric services, TurnKey offers vacation rentals directly on their website.[5] Guests are required to download an app (on either iOS or Android smartphones) to receive the door code and entry instructions via email which allows them entry into the property.[2][8] The app also gives guests directions, restaurant options, hospital locations, area attractions, and other relevant information. A tablet is installed in each property that guests can use to find all of this information as well.[8][6]
References[edit]
- ↑ 1.0 1.1 1.2 Shah, Angela (25 September 2013). "Austin Travel Startup Digitizes Holiday Rentals For a Hotel Alternative". Xconomy. Retrieved 22 July 2016.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 Hawkins, Lori (10 March 2016). "Austin vacation-home startup lands $10 million for expansion". Austin American-Statesman. Retrieved 22 July 2016.
- ↑ 3.0 3.1 Calnan, Christopher (14 August 2013). "Limos.com founder taps former HomeAway exec for new vacation-home venture". Austin Business Journal. Retrieved 22 July 2016.
- ↑ 4.0 4.1 4.2 4.3 Calnan, Christopher (13 June 2014). "TurnKey Vacation Rentals raises millions to expand". Austin Business Journal. Retrieved 22 July 2016.
- ↑ 5.0 5.1 Peltier, Dan (4 May 2016). "Vacation Rental Startups Attract $100 Million in Funding So Far This Year". Skift. Retrieved 22 July 2016.
- ↑ 6.0 6.1 Beathard, Jill (2 December 2015). "Business as Usual: Snowmass resident opens property management office". Snowmass Sun. Retrieved 22 July 2016.
- ↑ 7.0 7.1 7.2 Hayden, Tyler (16 June 2014). "Vacation Rental Trend Takes Root in Santa Barbara". Santa Barbara Independent. Retrieved 22 July 2016.
- ↑ 8.0 8.1 8.2 8.3 8.4 8.5 Schaal, Dennis (13 August 2013). "Vacation Rental Startup Gets $1.5 Million in Funding from All-Star Investors". Skift. Retrieved 22 July 2016.
- ↑ 9.0 9.1 Schaal, Dennis (10 June 2014). "Turnkey Vacation Rentals Secures Additional $3 Million in Funding". Skift. Retrieved 22 July 2016.
- ↑ O'Neill, Sean (10 March 2016). "TurnKey raises $10 million to expand its vacation rentals management service". Tnooz. Retrieved 22 July 2016.
- ↑ 11.0 11.1 Utt, Billy (10 March 2016). "TurnKey Adds $10M in Austin, the City That Banned Short-Term Rentals". AustinInno. Retrieved 22 July 2016.
- ↑ "Vacation Rental Company TurnKey Raises $21 Million". Skift. 2017-03-09. Retrieved 2017-03-10.
External links[edit]
This article "TurnKey Vacation Rentals" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:TurnKey Vacation Rentals. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
