“TurnKey is setting a new standard for the private accommodations industry, and we’re excited to partner with the management team.”
TurnKey is in 40 markets, most of them popular tourist destinations such as Aspen, Colo., Palm Springs, Calif., Jackson Hole, Wyo., and Sarasota, Fla. It also offers services in a handful of larger metro areas such as Austin and Seattle.
At the end of last year, TurnKey had about 1,800 properties under management. The company plans to double the number of properties this year.
TurnKey’s service includes setting a rate, promoting the home on vacation rental sites, responding to guest inquiries and handling reservations.
When a property is booked, TurnKey oversees the visit, including checkins, cleaning and maintenance. Guests check in using a digital lock that doesn’t need a key, and they download a mobile app to get property information and to reach TurnKey staff.
This year, TurnKey will roll out virtual tours, floor plans and 3D models of all its homes.
“We’ve focused on building a technology and logistics platform combined with local hospitality that enables us to deliver the consistency you’d expect from a hotel, along with the unique flavor that makes private accommodations so appealing,” said T.J. Clark, TurnKey co-founder and CEO. Clark co-founded TurnKey with John Banczak, a former HomeAway executive who is now TurnKey’s executive chairman.
The company competes with traditional property management firms. It charges property owners 18 percent of bookings, which would mean $36 for a $200-a-night rental.
Although some cities including Austin have taken steps to limit certain types of short-term rentals, TurnKey says its focus is on vacation spots, where such rentals are popular.
The company started 2017 with about 140 employees, and said it plans to add about 100 workers this year.