• News
    • VRM Intel News
    • Latest News
    • Sponsor News
  • COVID-19
  • Marketing
  • Tech
  • OTAs
  • Customer Service
  • Regulations
  • Business
  • Housekeeping
  • Subscribe
  • More
    • Calendar of Events
    • VRM Intel Live!
    • Reports Login
    • VRM Intel Magazine
    • Advertise
    • Authors
    • About Us
    • Contact Us
VRM Intel
  • News
    • Arizonans for Responsible Tourism Pregame Prep Campaign
      Arizonans for Responsible Tourism Hosts Super Bowl Preparedness Campaign for Vacation Rental Operators
    • vacation-rentals-housing-vrm-intel
      Carrots and sticks: Vacation rentals and the creation of affordable, workforce housing
    • Woman dropping off a ballot
      2022 Election Results of Vacation Rental Ballot Measures
    • Recession-Proofing Your Vacation Rental Business
    • How to Increase Your Occupancy in a Competitive Market through Monthly Rentals
    • VRM Intel News
    • Latest News
    • Sponsor News
  • COVID-19
    • Recession-Proofing Your Vacation Rental Business
    • 2022 Vacation Rental acquisitions from AvantStay, VTrips, Vacasa, Meredith, and more
      Who Sold? Here’s What We Know: 2022 Vacation Rental Management Acquisitions
    • 2021/2022 Ski Destinations Showing Big Performance Gains in ADR and RevPAR for Vacation Homes and Condos
    • “It’s like a short-term rental regulation pandemic.” 2022 Spring Vacation Rental Regulatory Trends + Fall Outlook
    • HR 2022: Attracting Today’s New Workforce after the Resignation Tsunami and the Great Renegotiation
  • Marketing
    • Recession-Proofing Your Vacation Rental Business
    • How to Increase Your Occupancy in a Competitive Market through Monthly Rentals
    • board meeting in presentation room
      Tourism Boards and DMOs Offer Seat at the Table for Vacation Rentals
    • Geotargeting & SEM: A How-To Guide on Spending Less & Getting More
    • All About the Data: Predictive Indicators with Jason Sprenkle
  • Tech
    • Recession-Proofing Your Vacation Rental Business
    • Geotargeting & SEM: A How-To Guide on Spending Less & Getting More
    • All About the Data: Predictive Indicators with Jason Sprenkle
    • PriceLabs Announces $30 Million Investment from Summit Partners
    • Ximplifi Adds Owner Portal to Automation Suite for Short Term Rental Accounting
  • OTAs
    • How to Increase Your Occupancy in a Competitive Market through Monthly Rentals
    • Blue Star Acquires Majority Stake in TravelNet Solutions
    • Vacation Rental Data and Revenue Management Conference, DARM 2022, Nashville
      Sessions Details for Upcoming Vacation Rental Data and Revenue Management (DARM) Conference: Livestream/Video Tickets Available
    • Vacasa (VCSA) Stock Falls as Lock-up Period Expires
    • 4 Ways to Stand Out in a Crowded Market: Get Your Brand & Listings in Front of Potential Guests
  • Customer Service
    • Why Not A Hotel? A Guest and Homeowner’s Perspective: There’s No Place Like Home … Or Is There?
    • Leading Proptech Company Guesty Appoints David Aber as CFO
    • Meredith Hospitality Brands Inc. Expands to Mt Hood with Acquisition of Mt Hood Vacation Rentals
    • View of Waikiki from Diamond Head Park, Honolulu, Hawaii
      Honolulu City Council Bans Stays Under 90 Days Across Oahu
    • Are you a Visionary without an Integrator at Your Vacation Rental Management Company?
  • Regulations
    • vacation-rentals-housing-vrm-intel
      Carrots and sticks: Vacation rentals and the creation of affordable, workforce housing
    • Woman dropping off a ballot
      2022 Election Results of Vacation Rental Ballot Measures
    • voters at a polling center voting
      Dozens of Vacation Rental Ballot Measures Heading to Voters this November
    • board meeting in presentation room
      Tourism Boards and DMOs Offer Seat at the Table for Vacation Rentals
    • Arizona state flag outside the legislature buildings at the state capitol
      Arizona Legislature Passes Measure to Restore Some Power to Cities
  • Business
    • Recession-Proofing Your Vacation Rental Business
    • Geotargeting & SEM: A How-To Guide on Spending Less & Getting More
    • All About the Data: Predictive Indicators with Jason Sprenkle
    • PriceLabs Announces $30 Million Investment from Summit Partners
    • Ximplifi Adds Owner Portal to Automation Suite for Short Term Rental Accounting
  • Housekeeping
    • Why Not A Hotel? A Guest and Homeowner’s Perspective: There’s No Place Like Home … Or Is There?
    • Analysis: “Reinventing” Vacation Rental Management by Alex Nigg
    • HR 2022: Attracting Today’s New Workforce after the Resignation Tsunami and the Great Renegotiation
    • Safety First: Evaluating and Addressing Safety Risks at Your Vacation Rentals
    • The Importance of the Guest Experience within Vacation Rental Operations: From the Back of the House to the Front
  • Subscribe
  • More
    • Calendar of Events
    • VRM Intel Live!
    • Reports Login
    • VRM Intel Magazine
    • Advertise
    • Authors
    • About Us
    • Contact Us
  • RSS

Industry News for Vacation Rental Managers

Austin-based TurnKey Raises $10M in Series B Funding

Austin-based TurnKey Raises $10M in Series B Funding
mm
VRM Intel Staff
March 20, 2016

Austin-based TurnKey Vacation Rentals Raises Series B Funding in Spite of Austin’s Recent Anti-Vacation-Rental Legislation

In March, TurnKey Vacation Rentals disclosed that it has raised an additional $10 million in Series B funding from Silicon Valley-based Altos Ventures and Silverton Partners of Austin to expand its vacation rental management service. This round of funding brings the company’s total raise to $20 million. TurnKey vacation Rentals currently manages 1,000 properties over 24 markets and is home to 140 employees.

The announcement of the investment comes on the heels of what has been a volatile year, so far, for short term rentals in Austin. Last month, the Austin City Council voted to ban short-term rentals, even though an estimated 250 employees from Austin-based HomeAway marched on City Hall in support of short-term rentals. The new legislation phases out short-term rental permits over the next six years.

We reached out to TurnKey’s Chairman John Banczak to find out more about the regulatory environment in Austin and about TurnKey’s future plans.

 

Q: Just last week, Mike Maples of Floodgate, a prominent venture capitalist, tweeted about stopping investment in Austin-area sharing economy startups. Do you think the recent decisions will affect how Austin startups will grow?

JB: Mike’s got a great point. Anyone who has met him or seen him speak knows that he is a visionary in the tech space. His impression that these decisions from Austin’s city council will put a dampener on innovation and creativity is right. If you are considering locations for a startup, these actions with Uber, Airbnb, and even worse HomeAway – a company that employs over a thousand people in Austin – are going to give you pause.

 

Q: Has TurnKey’s vacation rental business been affected by these decisions made by the Austin city council?

JB: No, not really yet. The majority of our business comes from outside of Austin. In the short-term, if anything, it constrains supply of short-term rentals which helps our owners who are already licensed and renting. It has the potential to have an impact on us several years down the road. We believe at some point folks will look more closely at the recent decisions and realize they are not based on facts.  We also believe new programs being offered by HomeAway and other creative solutions will enable a fair balance to once again be brought to the Austin market.

 

Q: We recently heard Flatbook, another sharing economy company, is relocating to Silicon Valley. Do you think the Austin Council had anything to do with them relocating there, versus say Austin?

JB: I don’t know the folks at Flatbook, and I’m guessing they made their decision for a number of reasons, but it wouldn’t surprise me if this was on their radar. They decided to move to a state with much higher taxes and much more expensive housing and labor, over a place like Austin. On the one hand we have large businesses like Google, Apple, Facebook, Oracle all increasing their presence in the area. The question is do you have small, new, innovating companies relocating here as well. Of course not everyone is going to move to Austin, but no doubt a city council that appears hostile to innovative businesses can’t help.

 

Q: Shifting to the TurnKey business model, how do you guys measure success internally at TurnKey?

JB: For us, it starts with guest satisfaction. If we can’t deliver a quality home that is exceptionally clean, and that a guest is thrilled about, we are not going to be around long. We measure our guests’ satisfaction in several ways. Almost half of all guests engage us and with ratings or reviews which we think is an industry best. 96 to 98 percent of our feedback results in 4 to 5 star ratings. We are pretty confident we are delivering a great product to guests and we have the tracking to monitor it. This results in more bookings, and more revenue for owners, which results in happy owners.

 

TurnKey competes with traditional property management firms, charging an 18 percent commission on bookings. With the funding, TurnKey is looking hire an additional 100 employees over the next year and expand to 100 new U.S. markets over the next few years.

 

Related Items
Click to add a comment

Leave a Reply

Cancel reply

Your email address will not be published. Required fields are marked *

Industry News for Vacation Rental Managers
March 20, 2016
mm
VRM Intel Staff

Related Items

More in Industry News for Vacation Rental Managers

Arizonans for Responsible Tourism Pregame Prep Campaign

Arizonans for Responsible Tourism Hosts Super Bowl Preparedness Campaign for Vacation Rental Operators

Alexa NotaJanuary 18, 2023
Read More
vacation-rentals-housing-vrm-intel

Carrots and sticks: Vacation rentals and the creation of affordable, workforce housing

Alexa NotaDecember 6, 2022
Read More
Woman dropping off a ballot

2022 Election Results of Vacation Rental Ballot Measures

Paris AchenNovember 11, 2022
Read More

Recession-Proofing Your Vacation Rental Business

Sarah DuPreOctober 18, 2022
Read More

How to Increase Your Occupancy in a Competitive Market through Monthly Rentals

Sean BeckhamSeptember 16, 2022
Read More

Guesty Raises Additional $170 Million in Series E to Expand Internationally and to New Verticals

Amy HinoteAugust 16, 2022
Read More
Scroll for more
Tap

Sponsor News

  • Recession-Proofing Your Vacation Rental Business
    BusinessOctober 18, 2022
  • How to Increase Your Occupancy in a Competitive Market through Monthly Rentals
    Industry News for Vacation Rental ManagersSeptember 16, 2022
  • PriceLabs Announces $30 Million Investment from Summit Partners
    BusinessAugust 5, 2022
  • Ximplifi Adds Owner Portal to Automation Suite for Short Term Rental Accounting
    BusinessAugust 4, 2022
VRM Intel
Calendar of Events
Videos & Whitepapers
VRMintel Magazine
Subscribe
Advertise
About Us
Authors
Contact Us

Recent News

  • Arizonans for Responsible Tourism Pregame Prep Campaign
    Arizonans for Responsible Tourism Hosts Super Bowl Preparedness Campaign for Vacation Rental Operators
    Industry News for Vacation Rental ManagersJanuary 18, 2023
  • vacation-rentals-housing-vrm-intel
    Carrots and sticks: Vacation rentals and the creation of affordable, workforce housing
    Industry News for Vacation Rental ManagersDecember 6, 2022
  • Woman dropping off a ballot
    2022 Election Results of Vacation Rental Ballot Measures
    Industry News for Vacation Rental ManagersNovember 11, 2022
  • Recession-Proofing Your Vacation Rental Business
    BusinessOctober 18, 2022

View Current Issue

VRMintel Copyright © 2016-17 | Click HERE to Subscribe | Privacy Policy | Disclaimer | Copyright | Jobs | Facebook | Twitter | LinkedIn

Expedia on Homeway traveler fee: “We like what we see.”
VRMA Action Alert Oppose Denver’s proposed primary-residency requirement

xxx videos

  • mamadas
  • redwap
  • free porn
  • porno gratis