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 TurnKey Vacation Rentals

Austin, Texas-based TurnKey, the third-largest, full-service vacation rental property management company in the United States, markets and manages premier vacation rentals in 40 markets. Founded in 2012, TurnKey strives to make the experience of booking and staying at a short-term rental better than that of a hotel, providing a consistent, high-end experience for guests. By leveraging tech-enabled services and local support teams, the company provides superior service and more income at lower cost for homeowners. The company is led by Executive Chairman John Banczak (HomeAway, BedandBreakfast.com, Hotwire) and CEO T.J. Clark (Hotwire, IAC, Limos.com). One of the fastest-growing start-up companies in Austin, TurnKey has raised $41 million in funding and has experienced 100+ percent year-over-year growth since its launch.

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.

###

About TurnKey Vacation Rentals

Austin, Texas-based TurnKey, one of the largest, full-service property management companies in the United States, markets and manages more than 1,600 premier vacation rentals in 30 markets. Founded in 2012, TurnKey strives to make the experience of booking and staying at a short-term rental better than that of a hotel, providing a consistent, high-end experience for guests. By leveraging tech-enabled services and local support teams, the company provides superior service and more income at lower cost for homeowners. The company is led by Executive Chairman John Banczak (HomeAway, BedandBreakfast.com, Hotwire) and CEO T.J. Clark (Hotwire, IAC, CEO Limos.com). One of the fastest-growing start-up companies in Austin, TurnKey has raised more than $20 million in funding and has experienced 300 percent year-over-year growth since its launch.

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.

###

About TurnKey Vacation Rentals

Austin, Texas-based TurnKey, one of the largest, full-service property management companies in the United States, markets and manages more than 1,600 premier vacation rentals in 30 markets. Founded in 2012, TurnKey strives to make the experience of booking and staying at a short-term rental better than that of a hotel, providing a consistent, high-end experience for guests. By leveraging tech-enabled services and local support teams, the company provides superior service and more income at lower cost for homeowners. The company is led by Executive Chairman John Banczak (HomeAway, BedandBreakfast.com, Hotwire) and CEO T.J. Clark (Hotwire, IAC, CEO Limos.com). One of the fastest-growing start-up companies in Austin, TurnKey has raised more than $20 million in funding and has experienced 300 percent year-over-year growth since its launch.

September 15, 2016
TURNKEY OPENS NEW LOCAL OFFICES, PROVIDING PREMIER ONSITE 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.

###

About TurnKey Vacation Rentals

Austin, Texas-based TurnKey, one of the largest, full-service property management companies in the United States, markets and manages more than 1,600 premier vacation rentals in 30 markets. Founded in 2012, TurnKey strives to make the experience of booking and staying at a short-term rental better than that of a hotel, providing a consistent, high-end experience for guests. By leveraging tech-enabled services and local support teams, the company provides superior service and more income at lower cost for homeowners. The company is led by Executive Chairman John Banczak (HomeAway, BedandBreakfast.com, Hotwire) and CEO T.J. Clark (Hotwire, IAC, CEO Limos.com). One of the fastest-growing start-up companies in Austin, TurnKey has raised more than $20 million in funding and has experienced 300 percent year-over-year growth since its launch.

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.

About TurnKey Vacation Rentals

Austin, Texas-based TurnKey, one of the largest, full-service property management companies in the United States, markets and manages more than 1,600 premier vacation rentals in 30 markets. Founded in 2012, TurnKey strives to make the experience of booking and staying at a short-term rental better than that of a hotel, providing a consistent, high-end experience for guests. By leveraging tech-enabled services and local support teams, the company provides superior service and more income at lower cost for homeowners. The company is led by Executive Chairman John Banczak (HomeAway, BedandBreakfast.com, Hotwire) and CEO T.J. Clark (Hotwire, IAC, CEO Limos.com). One of the fastest-growing start-up companies in Austin, TurnKey has raised more than $20 million in funding and has experienced 300 percent year-over-year growth since its launch.

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.

Respectfully,
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
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 Partners  and 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 atwww.silvertonpartners.com.

About TurnKey Vacation Rentals:
TurnKey was founded by a team that loves vacation rentals. TurnKey is led by Executive Chairman John Banczak (HomeAway, BedandBreakfast.com, Hotwire), CEO T.J. Clark (Hotwire, IAC, CEO Limos.com) and VP of Engineering Doug Squires (HomeAway, BnB.com). We thought that the experience of booking and staying at a short-term rental should be better than a hotel. We feel the best way to grow the vacation rental market is to improve the homeowner and guest experience with better, less expensive management tools for owners, and a more consistent, easier to use vacation rental experience for consumers. Our mission is to provide the best and most value-conscious management experience for our homeowners and a luxury hotel experience for our guests that keeps them returning year after year.
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.