TurnKey Vacation Rentals is a full-service vacation rental property management company serving luxury and premium homes in top U.S. travel destinations. The company operates a proprietary smart-home technology platform that includes digital smart locks, a FieldSync housekeeping scheduler, the HomeDroid tablet and noise decibel monitors, integrated with local in-market teams. Founded in 2013 and based in Austin, Texas, TurnKey is set to hit key milestones including its one millionth guest, surpassing 5,000 homes and more than $400 million in gross checkout value. The company has raised more than $100 million in capital since founding. It intends to use the recent proceeds to accelerate market expansion and develop new vacation rental offerings and technologies for individual owners and small property managers. Leadership changes accompany the funding: T.J. Clark becomes President and Chief Development Officer, John Banczak remains Chairman and CEO, and CFO Jen Ford also assumes the role of Chief Commercial Officer; Clark will lead partnerships and productization of the technology platform. TurnKey provides full-service vacation rental property management by combining smart-home technology with local teams to deliver 24/7 service. Its proprietary technology platform integrates smart locks, decibel monitors, the FieldSync housekeeping scheduler and HomeDroid tablets installed in every TurnKey home to automate property management tasks. The company aims to give homeowners and guests a reliable, fine-hotel experience in a vacation rental. Since launch, TurnKey has grown to manage more than 3,500 premier vacation rental homes in top U.S. travel destinations. TurnKey intends to use the new funding for continued market expansion and development of new vacation rental technologies. Led by co-founder and CEO T.J. Clark and based in Austin, Texas, the company has raised $72 million in total capital since 2013. TurnKey Vacation Rentals is a vacation rental property management company based in Austin, Texas, co-founded in 2012 by Executive Chairman John Banczak and CEO T.J. Clark. It markets and manages premier vacation rentals in 40 markets and provides owners with a proprietary technology platform to manage housekeeping, maintenance, inspections and other logistics. The platform includes real-time financial information, guest reviews, maintenance and housekeeping tracking, and detailed post-stay photos of every aspect of a home. The company has raised $41m in total capital since 2013 and recently secured $21m in a Series C round. TurnKey plans to expand into new markets and continue developing its mobile technology platform. In 2017 it will roll out virtual tours, floorplans, 3D models, omni-channel guest communications and an in-home tablet called TurnKey HomeDroid. TurnKey Vacation Rentals provides owners of vacation rental properties with an end-to-end management solution covering listing and booking, rate management, guest support, and cleaning/maintenance coordination via mobile apps. The platform lists properties on major guest sites such as HomeAway/VRBO, Airbnb and TripAdvisor and applies hotel-style rate management. Launched last year, the company currently manages almost 200 rentals across three markets: Austin, Port Aransas and Santa Barbara. TurnKey plans to use the new funds to launch ten new markets in ski, beach and metro locations. The company raised a $3M seed round and has now raised $4.8M in total; Bill Wood of Silverton Partners is joining the board. TurnKey helps vacation rental owners promote listings across VRBO, HomeAway and 25 other vacation rental sites while handling check-in, cleaning, maintenance and guest support. The company operates a call center and positions itself as taking over the entire job of the property manager, from booking to dispatching repair crews. TurnKey emphasizes mobile tools for guest entry codes, property maps and dispatching cleaning and maintenance crews. It is managing about 30 properties in the Austin area and plans to expand to at least two new markets by the end of the year using the new funding. The company plans to undercut regional property managers by charging a 10% management fee versus typical 30–50% fees. Founders include John Banczak, a former HomeAway executive who led post-merger integration of Instant Software and Escapia, and T.J. Clark, a former Hotwire executive and ex-CEO of Limos.com.

Total raised

$105M

Funding rounds

5

Latest round

Equity

Latest activity

Jul 2019