I am thinking of using turnkeyvr to manage my property in keystone, CO. Is this a good idea? Anyone has experience in this area?
Updated 11 days ago
I am thinking of using turnkeyvr to manage my property in keystone, CO. Is this a good idea comparing with using local companies. Anyone has experience with turnkey in this area?
It's a good idea if you work for turnkey. They are the ones that will make money
Hey @Cyn Sohn , no experience with them, but they are charging between 18-23%. Will you still be profitable after that?
It is hard to read their site as to how they handle things. They say they put in $5k before they even start renting it out. What does that entail and what are you beholden to?
I would really read the fine print.
Tell us about your property. How big, what type etc. Nightly rates on the TurkeyVR site are on the low side for the prices of the homes. I am curious.
Hi @Michael Baum ,
Thanks for your reply. I had a call with a PM from turnkey today and she told me they will install the digital lock and put noise detectors along with a tablet inside my condo. They will provide linens. They'll also take professional pictures and make a virtual tour video. Shampoo and tps are $10 per booking. The first year is 18% and after that the commission is 23%.
My plan was to live there myself during summer and maybe just rent it out a little bit for ski season. I live in Boulder, CO. so I also plan to ski there myself. Honestly, I am not really looking to make a profit, I am just trying to make it even I guess.
I also checked the local PM company, their fee are not any cheaper and they charge a monthly fee on top of that.
I've rented from turnkeyvr on airbnb before and I don't really like it. It makes me feel like I am living in a hotel but with no room service.
But on the other hand, I don't know/trust anyone there who can manage it for me except a profession PM company.
Hey @Cyn Sohn , that makes sense. Have you even considered just managing it yourself? I do that with no problem from 360 miles away with our north Idaho lakehouse.
All you really need is a good cleaner and handy person. Do you have a home or a condo on the slopes?
There are some disadvantages to your plan. Especially the the time you are there vs renting. You can only be in your place 14 days a year or a percentage of the time vs renting. It's not a big deal, but you don't get to deduct the expenses. You should consult your CPA on that.
The final thing is if you didn't enjoy renting from TurnkeyVR before, why use them at all? If you get a bad vibe, I am betting others might as well.
Most turnkey companies put their best people in the sales part of the business and tend to treat the PM part of the biz as a necessary evil.
So, you might want to read our series about “How to Screen a PMC Better than a Tenant”: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes
and use the tips there to screen the PM operations of the turnkey provider.