TurnKey press

March 12, 2018
TurnKey Vacation Rentals Raises $31 Million in Series D Financing
Leading U.S. vacation rental property management company brings total funding to $72 million to fuel market expansion, new technology and hospitality brand presence
AUSTIN, TX (March, 12 2018) - TurnKey Vacation Rentals, Inc.announced it has secured $31 million in Series D funding to fuel the company’s continued market expansion, development of new vacation rental technologies and positioning as a leading vacation rental hospitality brand in the U.S. In the five years since its launch, TurnKey has grown to provide full-service property management to more than 3,500 premier vacation rental homes in top U.S. travel destinations.

The funding was led by current investor Adams Street Partners, with participation from existing investor Altos Ventures and two new institutional investors. This financing round brings TurnKey’s total capital raised to $72 million since 2013.

“TurnKey is exceptional in that their rapid growth has been organic, as opposed to growing through acquisitions,” said Jeff Diehl, managing partner and head of investments at Adams Street Partners. “This is a seasoned online travel management team that knows how to scale and execute with precision in the $100 billion vacation rental industry. Our additional investment demonstrates our belief in the promise of the TurnKey brand, its leadership and its model.”

TurnKey provides full-service vacation rental property management through smart home technology combined with local teams to deliver 24/7 service. The company’s proprietary technology platform integrates its smart locks, decibel monitors, FieldSync housekeeping scheduler and HomeDroid tablets installed in every TurnKey home to automate time-consuming property management tasks, giving homeowners and guests a reliable, fine-hotel experience in a vacation rental.

This combination of technology and refined management processes enables TurnKey to charge an industry-low commission rate, typically half the 35-50 percent charged by most vacation rental property managers.

“At TurnKey, we’ve doubled our growth each year since 2013, while expanding into 55 top markets across the U.S.,” said T.J. Clark, TurnKey co-founder and CEO. “We are thrilled by the continued support of our investors to help us further establish TurnKey as the hospitality brand of choice for vacation rental guests and homeowners.”

“Our growth is validation of our hospitality brand and our ability to delight guests each and every time they book a TurnKey property,” Clark continued. “Today, the hotel industry has a high percentage of bookings going through a few major brands that consumers trust. Homeowners and travelers are looking for a brand they can trust to deliver consistency and quality in vacation rentals as well, and this is what TurnKey provides.”

According to Wells Fargo Private Equity Research, professional property management can drive more than a 20 percent improvement in net revenue for vacation rental homeowners when compared to self-management, yet fewer than half of vacation rental homes are currently property managed.

“The vacation rental industry is still in its infancy but growing rapidly – by 2020, it will represent approximately 20 percent of total worldwide accommodation bookings,” said Jen Ford, Chief Financial Officer at TurnKey. “In the U.S alone, there are well over a million vacation rentals. This capital investment will enable us to bring our proprietary technology and best-in-class management to more of those homes.”

About Adams Street Partners
Adams Street Partners is one of the largest and most established private markets investment firms in the world. Adams Street commenced its investment program in 1972, and manages $29 billion of assets across five strategies – primary and secondary private equity fund investments, co-investments, private credit investments, and direct venture/growth investments. Adams Street employs 145+ professionals in Chicago, London, Menlo Park, Munich, New York, Singapore, Beijing, Boston and Tokyo.

About TurnKey Vacation Rentals
TurnKey Vacation Rentals is a full-service vacation rental property management company for premier vacation rental homes in top U.S. travel destinations. As a leading vacation rental hospitality brand, TurnKey provides guests with the consistency and quality of a fine hotel experience, while optimizing the management, marketing and return on investment for vacation rental homeowners. Our proprietary smart home technology – digital smart locks, FieldSync housekeeping scheduler, HomeDroid tablet, noise decibel monitors and more – integrates with local, in-market teams to ensure extraordinary vacation rental experiences for every home, every stay, every time. TurnKey is based in Austin, Texas, and venture-backed by Adams Street Partners, Silverton Partners, Altos Ventures and institutional and angel investors. To learn more, visit www.turnkeyvr.com.
November 21, 2017
TurnKey Vacation Rentals Chosen as a HomeAway Premier Partner
Exclusive HomeAway program highlights partners who delight travelers the most
AUSTIN, TX (November 21, 2017) – TurnKey Vacation Rentals, Inc. has been chosen for HomeAway’s Premier Partner Program, which recognizes partners who consistently deliver outstanding traveler experiences. To qualify for the program, owners and property managers must provide an elite, consistent guest experience and have the positive customer reviews to prove it. TurnKey is one of the first partners invited to participate in HomeAway’s new program, which was publicly announced on November 8, 2017 at the HomeAway Partner Summit in Honolulu.

TurnKey properties are now designated in HomeAway search results with an exclusive badge, so travelers will know they can expect a great stay. Inclusion in HomeAway’s Premier Partner program means that TurnKey and its properties are eligible to be featured in HomeAway’s new marketing programs, such as the Moment Makers video series, expanded social promotions, segmented traveler emails and other promotional campaigns, as well as receive priority customer support and early access to beta programs to test and give feedback on new products and features.

"The vacation rental industry will benefit tremendously from HomeAway’s program, which establishes quality and service standards that guests can rely on each time they stay at a vacation rental offered by a HomeAway Premier Partner. Ultimately, a great guest experience equates to more bookings, more positive reviews and more income for rental owners. We’re honored to be one of the first partners named to this important initiative, and we look forward to our homeowners and their guests benefitting from it as well," said John Banczak, TurnKey co-founder and executive chairman.
November 16, 2017
TurnKey Vacation Rentals Honored as a 2017 Built In Austin Top 100 Tech Company and a Top 10 Best Tech Startup in Austin by Tech Tribune
TurnKey’s proprietary technology automates the routine tasks of vacation rental property management, helping homeowners earn more in rental revenue and giving travelers an outstanding experience.
AUSTIN, TX (November 16, 2017) – TurnKey Vacation Rentals was named a Built in Austin Top 100 Tech Company for the second year in a row, jumping 23 spots to number 76 and earning the largest leap in the list ranking this year. Additionally, The Tech Tribune has named TurnKey a Top 10 Best Tech Startup in Austin, based on revenue potential, leadership team and brand/product traction.

The honor comes after a year of strong momentum for TurnKey, including:
  • A total of 350 employees, including 160 Austin-based employees, up from 221 and 80 in 2016, respectively
  • Expansion to 55 top U.S. markets from 32 markets in 2016
  • More than 2700 vacation rental properties under management, an 80 percent year-over-year increase, with nearly 200 properties being added each month
  • Secured $21 million in Series D funding, for a total of $41M in funding from Silverton Partners, Adams Street Partners, Altos Ventures and angel investors
  • Appointed Jen Ford, former HomeAway finance executive, as CFO
  • Named an inaugural HomeAway Premier Partner for consistently delivering outstanding traveler experiences

"TurnKey has had an outstanding year of achievement – our best since we launched our operations four years ago – thanks to our talented team and their dedication to providing exceptional technology and service to our homeowners and their guests. We’re passionate about offering our guests one-of-a-kind homes with the experience of staying in a fine hotel, and giving our homeowners peace of mind and better financial returns. We’re proud to be recognized alongside other exceptional companies as Austin’s best in tech," said T.J. Clark, TurnKey co-founder and CEO.

The TurnKey difference
  • TurnKey’s SaaS-based technology automates the routine tasks of property management, enabling the company to charge an industry-low homeowner commission of 18 percent, vs. 25-50 percent for traditional managers.
  • TurnKey reaches 95 percent of online travelers searching for a vacation rental home online; properties are marketed across 55+ vacation rental sites, including Expedia.com, HomeAway, Airbnb, Booking.com, FlipKey and more.
  • TurnKey has 4 and 5-star reviews on HomeAway and VRBO from 90 percent of guests who write reviews.
  • TurnKey earned an industry-leading Net Promoter Score of 61 from travelers in fall of 2017.
November 2, 2017
TurnKey Vacation Rentals, Inc. Appoints Former HomeAway Executive Jen Ford as Chief Financial Officer
AUSTIN, TX (November 2, 2017) - TurnKey Vacation Rentals, Inc., today announced the appointment of Jen Ford as chief financial officer. Jen is a seasoned executive with extensive experience overseeing finance organizations for high-growth companies, most recently serving as vice president of finance for Snap Kitchen and as senior director of investor relations at HomeAway, Inc., where she led the global investor relations program. During her tenure at HomeAway, the company successfully completed an IPO, raised over $750M in equity and debt, made several acquisitions, and ultimately was acquired by Expedia, Inc.

As CFO at TurnKey, Jen is responsible for leading the finance, business intelligence and human resources organizations in support of the company's continued success in capitalizing on the fast-growing, $100 billion global vacation rental industry.

"TurnKey has everything I look for in a successful start-up: outstanding leadership, a scalable business model and a large addressable market. Their early investment in SaaS-based technology is a unique advantage for TurnKey, enabling them to deliver highly efficient property management services for homeowners and their guests," said Jen. "Travel is my passion, and I’m thrilled to join a team of industry veterans who are dedicated to helping vacation homeowners -- whether they have a lakeside cottage or a mountain lodge -- achieve their financial goals, and at the same time, help travelers create memories of a lifetime. Some of my favorite memories have been made in vacation homes shared with friends and family, and I'll bring this sense of purpose to my leadership at TurnKey."

"Jen is an outstanding and highly strategic addition to our team. As we approach the five-year anniversary of TurnKey's founding, Jen's leadership and experience in taking high-growth companies to their fullest potential will be a huge asset to TurnKey and our stakeholders. We are fortunate to welcome her to our team," said T.J. Clark, TurnKey co-founder and CEO.
September 14, 2017
TurnKey Honored with 2017 Travel Weekly Magellan Award for Hospitality
AUSTIN, TX (September 14, 2017) - TurnKey Vacation Rentals, Inc., has been honored with a 2017 Travel Weekly Magellan Award for Hospitality-Overall in the Vacation Rentals/Villas/Time Share category. TurnKey is the nation’s third-largest vacation rental management company with more than 2,700 vacation rental homes in 50+ markets.

The Travel Weekly Magellan Award recognizes the best companies across a broad range of travel industry segments, including Hotels and Resorts, Travel Destinations, Cruise Lines, Online Travel Services, Airlines and Airports, Travel Agents and Agencies, Tour Operators and Car Rental Companies. Established in 2013 by travel and e-commerce industry veterans, TurnKey is building the nation’s first hospitality brand for vacation rentals, providing guests with consistent, hotel-like services while retaining the authenticity of a vacation home. TurnKey was the only vacation rental property manager to have been awarded in 2017.

The panel of judges includes top travel industry professionals who seek to recognize companies that represent the highest standards of excellence in their categories.

For a list of 2017 Travel Weekly Magellan Award winners, visit https://www.travelweeklyawards.com/winners/list/?event=13&category=6&award=S.
August 10, 2017
TurnKey Opens 11 New Offices
Third-largest national vacation rental management company continues growth, offers industry-low rates for management services.

TurnKey Vacation Rentals, the third-largest vacation rental management company in the United States, has opened 11 new offices over the past several months to provide professional management services in the fast-growing vacation rental industry.

The technology-enabled company, supported by its local in-market teams, also announces it delivers its services for vacation rental owners at an 18 percent commission, much lower than traditional property managers.

TurnKey’s expansion includes these new markets: Florida Keys, Fort Myers and Naples, Fla., Asheville, N.C.; Hilton Head, S.C.; Winter Park, Colo., Central Oregon Coast; Maui and Oahu, Hawaii; and Central Coast and Monterey Bay, Calif.

The following hospitality and property management experts have joined the TurnKey team:

Julie Pond: Julie Pond is a local with 14 years of experience in the Facility Services and Vacation Rental industries. Her market expertise and industry experience, coupled with TurnKey’s leading edge technology, is sure to turn your asset into a thriving business.

Andrea Locke: Dynamic results-driven sales professional with over 18 years of hospitality experience in both sales and human resources. For the past five years, Andrea Locke has worked as National Sales Manager for both Marriott Hotels and Starwood Hotels & Resorts.

Nate Thompson: Nate Thompson has over 20 years property management experience and understands the Western North Carolina market very well. He knows how to help property owners leverage their investment to produce returns that let them enjoy their life the way that they want to.

Cindee Schirmer: Cindee Schirmer visited Hilton Head Island on vacation over 25 years ago and decided to make this beautiful beach her home. She brings over 20 years of operations and sales experience specializing in the advertising and mobile software industries.

Alicia Lesmann: Alicia Lessman is a native of Colorado and is very familiar with the Winter Park area and all it has to offer. Alicia has 15 years of experience in hospitality sales.

Brian Butler: Brian Butler is a veteran vacation rental specialist on the Oregon Coast. Having previously served as a Director of Operations, Revenue Consultant and Director of National Sales in the VR Industry, Brian brings a wealth of knowledge to the table!

Michael Van Liew: Michael Van Liew is a hospitality professional with over 15 years of experience in the industry. He received his hospitality degree from NAU and has worked for luxury brands such as Waldorf Astoria Resorts and Starwood.

Jerry Cunningham: Jerry Cunningham is a tenured entrepreneur with extensive experience in customer service and vacation rental homeowner relations. His diverse experience includes business management, market launches, and plans to ensure ROI for his customers.

Kathy Kelly: Kathy Kelly has spent most of her TV, marketing, & advertising career in big cities, but escaped to wine country and has been a local Central Coast resident for 14 years. She is dedicated to providing the highest level of services to our guests & owners.

Wes Walker: Wes Walker boasts over a decade of experience in short term vacation rental management and luxury, private mega yacht operations. By age 33, Wes had generated over $50M in homeowner revenue and managed the successful vacations of over 75,000 guests.

“TurnKey continues to add offices in popular travel destinations to help owners of vacation rental homes generate more income, take care of their homes, and save time and money while also ensuring guests have a superior experience,” says TurnKey CEO T.J. Clark. “Our service is built on our high-tech and high-touch offerings – our technologies allow us to deliver better property management very cost effectively, while our general managers and local teams provide personal, high-touch service.”

Offering a better return on investment to owners, TurnKey charges 18 percent commission, while traditional property managers charge 25 percent to 50 percent commission.

By leveraging technology, TurnKey offers significant value to owners, including an Owner Dashboard that provides real-time financial information such as past and future revenue, payments, taxes, and expenses. TurnKey also provides technology that tracks maintenance and cleaning visits, professional property listings with comprehensive photos and detailed descriptions of amenities, extensive marketing of vacation rental homes on more than 50 rental websites, and local staff and licensed vendors to handle maintenance and professional cleaning.

TurnKey currently manages more than 2,300 vacation rental homes in 43 markets. Established in 2013 by vacation rental, travel and online company veterans, TurnKey employs more than 350 people.
June 22, 2017
Turnkey Vacation Rentals, Inc. Chosen as 2017 Red Herring Top 100 North America Winner
AUSTIN, TX (June 22, 2017) - Red Herring has presented TurnKey Vacation Rentals, Inc., the third-largest national vacation rental management company, with its prestigious Top 100 North America award that recognizes the most exciting and innovative private technology companies.

“We are honored to receive this award that recognizes companies having a positive impact – we believe we are creating a new and better vacation rental experience where travelers have peace of mind that they will have a great stay and owners receive more value from their investment,” said TJ Clark, TurnKey co-founder and CEO.

For more than two decades, Red Herring’s team has selected winning companies that have become industry benchmarks. Previous Top 100 winners have included Alibaba, Facebook, Google,Skype, Spotify, Twitter and YouTube.

“North America has been tech’s beating heart for years, but never have I seen such an exciting, disruptive and innovative generation as we have in 2017,” said Alex Vieux, publisher and chairman of Red Herring. “TurnKey’s innovative use of technologies and services to create a branded, consistent, hotel-like experience for travelers who rent vacation homes is setting a new hospitality benchmark in the fast-growing private accommodations travel segment.”

TurnKey was among thousands of entrants, which are judged by industry experts, insiders and journalists on a wide variety of criteria including disruptive impact, financial performance, innovation, business strategy and market penetration.

In March, TurnKey announced  $21 million in venture capital funding, bringing the company’s total capital raised to $41 million since 2013. The funding supports the company’s expansion into new markets and the continued development of its industry-leading mobile technology platform. Established in 2012 by vacation rental, travel and online company veterans, TurnKey employs more than 250 people.

For a complete list of 2017 Red Herring North America Top 100 winners, go here.
March 09, 2017
TurnKey Secures $21 Million In Venture Capital Funding For Expansion
Nation’s Third-Largest US Vacation Rental Management Company to Add New Markets and Build Upon Technology Platform
AUSTIN, TX (March 9, 2017) – TurnKey Vacation Rentals, Inc., which has become the third-largest vacation rental management company in the United States in only three years of operation, has secured $21 million in funding to support the company’s expansion into new markets and the continued development of its industry-leading mobile technology platform.

Chicago-based firm Adams Street Partners led the Series C round along with existing investors, including Altos Ventures, Silverton Partners and prominent travel industry angel investors. This funding brings the company’s total capital raised to $41 million since 2013.

“On the eve of the South by Southwest Conference in Austin, the timing couldn’t be better to fund the next stage of TurnKey,” says Jeff Diehl, managing partner and head of investments at Adams Street Partners. “TurnKey is an innovative and highly successful company that is setting a new standard for the private accommodations industry, and we’re excited to partner with the management team.”

One of the fastest-growing start-ups in Austin, TurnKey provides vacation rental management services for thousands of private accommodations across 40 markets in the United States. TurnKey expects to nearly double the number of properties it manages in 2017 and improve on its revolutionary technology platform.

The combination of superior technology and high-performing local teams drives the company’s success and allows TurnKey to deliver the most reliable and convenient guest experience along with better property management and more revenue to owners – all at the industry’s lowest commissions. TurnKey is led by two highly seasoned start-up and travel industry executives: co-founder and Executive Chairman John Banczak (HomeAway, BedandBreakfast.com, Hotwire) and co-founder and CEO T.J. Clark (Hotwire, IAC, Limos.com).

“We believe the future growth of private accommodations will rely heavily on delivering guests a consistent, branded experience across destinations and TurnKey will be the company that delivers it,” says Clark. “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 to guests.”

This year, TurnKey will roll out virtual tours, floorplans and 3D models of all its homes, along with omni-channel communications that enable guests to communicate via phone, email, SMS or chat. TurnKey will also launch the next generation of the TurnKey HomeDroid, an in-home tablet that has extensive information for guests, from how to use the home to the location of the nearest gas station.

TurnKey’s full-service property management delivers exceptional value to homeowners by generating more revenue, saving time, and delivering peace of mind to owners who know that their properties and homes are receiving the best possible service.

“We charge about half the average industry rate, so guests get a better deal, and homeowners make more of the money,” says Clark. TurnKey’s proprietary technology platform includes sophisticated tools to help owners manage housekeeping, maintenance, inspections, and other logistics. Owners are provided with the industry’s most comprehensive Owner Dashboard that includes real-time financial information, guest reviews, maintenance, and housekeeping tracking, as well as detailed photos of every aspect of a home taken after each stay.


About Adams Street Partners

Adams Street Partners is one of the largest and most established private markets investment firms in the world. Adams Street commenced its investment program in 1972, and manages $29 billion of assets across five strategies – primary and secondary private equity fund investments, co-investments, private credit investments, and direct venture/growth investments. Adams Street employs 145+ professionals in Chicago, London, Menlo Park, Munich, New York, Singapore, Beijing, Boston, and Tokyo.

Media Contact: Denise Clarke, denise@deniseclarkepr.com, 512.587.5879

December 15, 2016
TurnKey Partners With Ski Utah to Promote More Than 100 Professionally Managed Vacation Rentals in Park City
AUSTIN, TX (December 15, 2016) –With ski season around the corner,TurnKey Vacation Rentals has teamed up with Ski Utah to showcase the number and variety of vacation homes available for rent in Park City. As one of the largest, full-service vacation rental management companies in the United States, TurnKey offers more than 100 vacation rental homes in the Park City area for ski and winter enthusiasts.

As part of the Ski Utah partnership, TurnKey will offer travelers 10 percent off their booking of a Park City vacation rental. Ski Utah will prominently feature TurnKey on its Deals page  and popular Plan Your Trip  page that includes information about Park City lodging, including condos, house/cabin and property management companies.

“This partnership is a significant investment by TurnKey to promote our xxx professionally managed vacation rental homes in this beautiful, highly popular ski destination,” says Michael Broussard, TurnKey general manager – Park City. “With a local office here, we ensure our guests have an exceptional experience so they return year after year.”

Vacation rental homes offer significant benefits over hotels, particularly for families and groups who desire more space, private bedrooms, kitchens for dining in, and open spaces for spending quality time together after a day on the slopes. Most vacation rentals also cost less per person than hotels.

With the growing popularity of Park City and surrounding ski areas, vacation homeowners can enjoy significant rental income; last year, owners earned on average $xxxxx during the ski season. TurnKey’s tech-enabled services translate into more efficient property management and less costly fees for homeowners.

Unlike other vacation property management companies, TurnKey has one of the most advanced guest screening processes to prevent fraud, uses technology to make it easier and more efficient for owners to rent their homes, and provides an exceptional level of services (online and onsite) to travelers.

Established in 2012 by vacation rental, travel and online company veterans, TurnKey represents more than 1,600 vacation rental homes in more than 30 destinations. By the end of the year, the company will have managed more than 200,000 room nights.

October 19, 2016
TurnKey Offers Most Advanced Guest Screening Process in Vacation Rental Industry With New Positive Identification Technology
AUSTIN, TEXAS (October 19, 2016) - TurnKey Vacation Rentals, Inc. , one of the largest, full-service vacation rental management companies in the United States, is enhancing its comprehensive guest screening process with new positive identification technology, making it among the most advanced in the vacation rental industry. With fraud and theft among the biggest concerns facing vacation rental owners, TurnKey’s process is designed to give owners confidence their homes will be rented to qualified guests and protected throughout the stay.

For the past several decades, the vacation rental industry has done “guest screening” in much the same manner – by phoning guests and trying to guess whether or not they are who they say they are, and if they are going to treat homes well. They have also performed “walk throughs” of the rental when the guest arrives, where the guest is rarely if ever refused entry to the rental. However, these haphazard phone calls and walk throughs don’t do enough to truly determine the identity of a traveler or assess their risk prior to arrival.

TurnKey’s guest screening process includes rejecting bookings from high risk inquiries (like bachelor parties), prohibiting many same-day bookings, a 25-year minimum age requirement, and a comprehensive guest interview for rentals with a propensity to attract parties. It also recently added bank-level identification verification of guests using IDology technology.

Used by the banking, healthcare and insurance industries, the IDology platform provides real-time technologies that verify an individual’s identity and age for anyone conducting business in a consumer-not-present environment. TurnKey uses this technology to confirm that guests inquiring about vacation rental homes are legitimate, real customers, not fraudsters, and that they meet its minimum age requirement to rent a vacation home. The positive identification process also minimizes the “stolen wallet” problem where the fraudster uses a stolen driver’s license and credit card to attempt to validate their identity.

“TurnKey is known for using technology to make it easier and efficient for owners to rent out their vacation homes and to ensure that guests have an exceptional experience,” says TurnKey Co-Founder John Banczak. “Our guest screening process combined with the IDology technology helps ensure guests are quickly confirmed, but positively identified. Most other property managers and homeowners managing their properties do little, if any, guest screening or verification, which leaves you at risk. The alternative is setting up phone screenings with guests, which take a lot of time, and isn't a great experience for the guests and doesn’t prevent much fraud or damage in the first place.”

Established in 2012 by vacation rental, travel and online company veterans, TurnKey represents more than 1,600 vacation rental homes in more than 30 destinations. By the end of the year, the company will have managed more than 200,000 room nights.

September 15, 2016
TurnKey Opens New Local Offices, Providing Premier On-Site Services for Vacation Rental Owners, Travelers
Fort Lauderdale, Big Bear, Puget Sound and Maine Offices Bring Superior Level of Property Management Expertise to These Popular Vacation Rental Markets
Via PR Web
AUSTIN, TX (September 15, 2016) – TurnKey Vacation Rentals , one of the largest, full-service property management companies in the United States, is opening local offices in Fort Lauderdale, Big Bear, Puget Sound and Maine, bringing its total number of property management offices to 32. Unlike other property management firms, TurnKey leverages industry expertise, local teams, and innovative, technology-based processes to provide superior service and more revenue at lower costs to owners as well as a consistent and reliable rental experience to guests.

TurnKey also names the following general managers for these offices:

  • Francesca Watson-McFeely in Fort Lauderdale, Fla. – McFeely is an experienced real estate professional with more than 20 years working in the South Florida residential marketplace. Fort Lauderdale, with more than 300 miles of inland waterways and an unrivaled array of water sports, is one of the country’s most popular travel destinations.
  • Kevin Knight in Big Bear, Calif. – Most recently the general manager for a large vacation rental company in southern California, Knight brings a focus on exceptional service for homeowners and guests. Big Bear, southern California’s only four-season vacation destination, is attracting local and out-of-state adventure enthusiasts year-round.
  • Briana Hallsted in Puget Sound, Wash. – Hallsted has more than 15 years’ experience in hotel and vacation rental operations and sales. Whether spending time on Whidbey Island, enjoying wineries or taking day trips to the San Juans from Anacortes, travelers are flocking to this peaceful, majestic destination.
  • Jason Schlosser in Maine – with more than 20 years of hospitality and property management experience, Schlosser has worked at Opryland Hotel in Nashville and boutique properties in Maine. With more than 3,2000 miles of coastline dotted with villages, islands, lighthouses and wildlife, Maine is a burgeoning travel destination.

“TurnKey has more than doubled the number of offices over the past 12 months to help owners of vacation rental homes save time, generate more income, take care of their homes, and provide guests with an exceptional travel experience,” says TurnKey CEO T.J. Clark. “This growth comes on the heels of building our foundation of technology, mobile applications, processes and highly experienced corporate and local teams, all of which ensure we deliver better property management and guest services than what’s currently available in the market.”

Travelers who stay at a TurnKey property can expect a well-appointed home with proper amenities; 24/7 guest support to respond to inquiries promptly; an up-to-date availability calendar; secure online and offline booking options; clear cancellation policy; secure digital locks for easy keyless access; and an in-home Samsung Galaxy tablet for easy check-in and check-out and to access important information about the home.

By leveraging technology, TurnKey offers significant value to owners, including an Owner Dashboard that provides real-time financial information such as past and future revenue, payments, taxes and expenses. TurnKey also provides technology that tracks maintenance and cleaning visits; professional property listings with comprehensive photos and detailed descriptions of amenities; extensive marketing of vacation rental homes on more than 20 rental websites; and local staff and licensed vendors to handle maintenance and professional cleaning.

Established in 2012 by vacation rental, travel and online company veterans, TurnKey represents more than 1,400 vacation rental homes in 30 destinations. By the end of the year, the company will have managed more than 200,000 room nights.

March 10, 2016
TurnKey Raises $10 Million to Expand its Vacation Rentals Management Service
AUSTIN, TX (March 10, 2016) TurnKey, a company that sells technology to support vacation rental owners, has raised $10 million, bringing its total investment, to date, to $20 million.

Prior investor Silverton Partners of Texas upped its stakes by joining this round; it has two partners as board members on the startup, too. Altos Ventures of California also participated in this round. To date, TurnKey has raised $20 million from a variety of investors.

Founded in 2013 in Austin, Texas, the company offers tools for property owners to manage their listings on sites like VBRO as well as handle on-property management issues, such as check-in and cleaning, for an 18% fee.

TurnKey manages about 1,000 properties in two dozen US markets, such as Aspen, Austin, San Diego, and Seattle.

TurnKey has taken on traditional property management firms by charging lower rates of commission on bookings, something it says its more efficient software and business model allows it to do.

The startup is led by a team with prior experience in the travel industry. Its executive chairman John Banczak had leadership roles at HomeAway, BnB.com, and Hotwire; CEO TJ Clark was corporate counsel at Hotwire and CEO of Limos.com, and vp of engineering Doug Squires used to be the director of engineering at HomeAway.

January 27, 2015
An Open Letter to Austin City Council
Dear Mayor and Council,

Companies in Austin, and Austin’s overall economic vitality, will be impacted by your decision on short-term rentals.

You have seen an economic impact study which shows more than 2,500 jobs in Austin are supported by short-term rental activity and that the Austin area receives $234 million dollars per year in economic impact.

This does not include the innovative technology companies that choose to make Austin their home, including; HomeAway, TurnKey Vacation Rentals and many more. These companies employ more than 2,000 locals and are growing.

Austin has become a travel technology hub in part because of the success of HomeAway, which was recently acquired by Expedia. Because of homegrown innovators like HomeAway, other startups have moved here, or launched here such as KeyToAnywhere, BedandBreakfast.com, OnceThere, TurnKey, RideScout and Departure Lounge to name a few.

The technology eco-system which these companies created have the potential to turn Austin into a “Silicon Valley for Short-Term Rental Innovation” which will benefit tourists, homeowners, neighborhoods and businesses, both here in Austin and globally.

Your decision to turn an ordinance which was effective into an industry-killing regulation because of a small handful of problem operators will have a much larger effect; it will touch off a series of events causing employers to look elsewhere to locate, bringing their innovations, jobs and economic impact with them. You will effectively throw away the industry-leading legislative framework which the Council put in place over three years ago.

Please take time and consider the greater impact this decision will have on our community. Austin should not take our technology leadership status for granted. We are only here because our community draws great talent, and your decision will push talent and innovative businesses away.

Brent Bellm, Former President & COO HomeAway
Carl Shepherd, Co-Founder HomeAway
Chris Loughlin, Former CEO Travelzoo
Eric Goldreyer, Founder BedandBreakfast.com
John Banczak, Co-Founder TurnKey Vacation Rentals
John Weimer, Founder OnceThere
Kim Shrum, Founder KeyToAnywhere
T.J. Clark, Co-Founder TurnKey Vacation Rentals
June 10, 2014
TurnKey Vacation Rentals Secures $3 Million in Seed Financing from Silverton Partners and Industry Angels for Market Expansion
Former executives of Hotwire.com and HomeAway are expanding their technology-enabled vacation rental management service that improves the vacation rental experience for rental owners and guests.
Via PR Newswire
Austin-based vacation rental management startup TurnKey Vacation Rentals (TurnKeyVR.com) has raised $3 million in seed funding fromSilverton Partnersand an impressive group of online travel executives. These include:Rich Barton (co-founder Expedia, Zillow, Benchmark partner), Gregg Brockway (co-founder Hotwire, TripIt, Chairish), Alexis de Belloy (HomeAway, Accel executive in residence), Rob Greyber (President Egencia), Eric Goldreyer (BedandBreakfast.com founder), Joey Levin (CEO IAC Search & Applications), Karl Peterson (co-founder Hotwire, TPG partner), Spencer Rascoff (co-founder Hotwire, CEO Zillow), Russ Sach (Expedia) and Greg Slyngstad (co-founder Expedia, VacationSpot, Kayak board). The new funding brings TurnKey’s total seed funding to $4.8 million.

TurnKey empowers owners of vacation rental properties by managing the entire rental process – listing and booking the rental via the major guest sites such as HomeAway/VRBO, AirBnB and TripAdvisor; providing hotel-style rate management; handling guest support; and arranging cleaning and maintenance via mobile apps. Launched last year, TurnKey has grown to almost 200 rentals in three markets (Austin, TX, Port Aransas, TX and Santa Barbara, CA). It plans to use the new funds to launch ten new markets in ski, beach and metro locations.

Bill Wood, the founder of Silverton Partners who is joining TurnKey’s board stated, "This management team is unusually deep and experienced and we really like the market because it’s an opportunity to apply leading edge technology to an industry that has lagged in technology uptake.” TurnKey’s co-founder and Chairman John Banczak stated that, „We see a huge opportunity in delivering a better tech-enabled guest and owner solution, combined with lower fees, to this high-growth market.” Banczak added that, „Vacation rental homes are valuable income opportunities for millions of owners - and we believe that the owner can maximize their rental opportunity by taking advantage of leading edge technology and best practices.” To TurnKey this means that guests need to see a professional online listing, market rates, secure online checkout and receive immediate responses both on the booking side and when they are staying in the property. Co-founder and CEO T.J. Clark stated, it’s a full-time job and most owners either have a full-time job already or don’t live close to their rental.”

TurnKey’s solutions professionalize the management of the owner’s vacation rental starting at 10-14% commissions vs. traditional property managers that charge between 20-50% commissions. "We have the analytics and technology platforms to help our owners get more rental nights and often generate 30-50% more revenue than they were before - while we provide the key services and amenities that guests would expect from a luxury hotel” stated Clark. "We drive cost out of the rental process while increasing the quality of service - to offer an experience that’s better for everyone.” TurnKey will reach more of these owners by expanding their service to many new markets over the next year.


About Silverton Partners:
Silverton Partners is an early stage venture capital firm based in Austin, Texas. Silverton collaborates with exceptional entrepreneurs who are committed to attacking growth markets with proprietary products or services. The principals of Silverton Partners have over five decades of venture experience, having been the start-up investors in Tivoli Systems (IPO), Silicon Labs (IPO), Motive Communications (IPO), Waveset (acquired by Sun Microsystems) and BlackLocus (acquired by The Home Depot). More information on Silverton Partners can be found at www.silvertonpartners.com.
August 8, 2013
Travel industry angels back TurnKey Vacation Rentals, a new service which helps people listing on HomeAway and AirBnB make more money, with less work.
Austin, Texas

Austin-based startup TurnKey Vacation Rentals (TurnKeyVR.com) today announced $1.5 million in seed funding from travel industry angel investors. “At TurnKey we help vacation rental homeowners make more money, while taking over the work of renting and managing their rental home,” stated T.J. Clark, Co-Founder and CEO. “Our goal is to improve financial returns to vacation rental owners, provide a better booking and experience for guests, by using technology to revolutionize the management of rentals across many rental markets.” TurnKey is developing mobile technology based marketing, management and logistics systems to deliver industry-lowest costs to homeowners and the highest quality of service to guests.

“Vacation rental homeowners have long asked for a better, more affordable management option and guests want their experience to be just as easy and reliable as booking and staying at hotel,” states John Banczak, Co-Founder and Executive Chairman. “We are building a modern technology infrastructure that enables us to deliver better value and a better guest experience at the same time.”

TurnKey launched its service in Austin, Texas in January 2013. Clark states that “we had our first guests for SXSW in March. We now have dozens of homes in our service and we're gearing up to launch new markets outside of Austin by the end of 2013.”

TurnKey is led by Executive Chairman John Banczak (HomeAway, BnB.com, Hotwire), CEO T.J. Clark (Hotwire, IAC, CEO Limos.com) and VP of Engineering Doug Squires (HomeAway, BnB.com). TurnKey’s investors include travel industry and web luminaries such as Richard Barton (Co-Founder Expedia, Co-Founder Zillow, Benchmark), Alexis De Belloy (HomeAway, Accel EIR), Barney Harford (CEO Orbitz), Robert Hohman (Expedia, CEO Hotwire, Co-Founder Glassdoor), Joey Levin (CEO, IAC Search), Karl Peterson (Co-Founder Hotwire, TPG), Spencer Rascoff (Co-Founder Hotwire, CEO Zillow) and Greg Slyngstad (Co-Founder Expedia, Founder VacationSpot, Kayak Board). Gregg Brockway (Co-Founder Hotwire, Co-Founder TripIt, Co-Founder Charish) and Eric Goldreyer (Founder BnB.com) are also investors and on TurnKey’s Board of Directors.