Turnkey-Reviews.com

15 Replies

I just got a chance to review the new www.turnkey-reviews.com website that was recently launched by some of our fellow BP members. I am curious what turn-key business owners think about this site? Do you view it as an easier way to attract buyers? Or do you view it as a way hindrance as it reveals the direct competition to your potential buyers?  I would assume most people would view it as a benefit to their business.

I feel that it, in a sense, increases the competition which will force these companies to really focus on providing the best service possible so as to get better reviews. I think it is a great thing. 

As a turn-key buyer it has huge benefits as a one stop shop. 

@Cal Ewing

I think its too early to tell if any of us are getting any business from it yet.  It has only been up since Friday.   I was not sure how I was going to feel about it at first but I think once the site has had more active visitors and TK providers using it, then it will be much more helpful.  As of right now the only way for you to know about a company is based on how many client reviews have been left.    Understand this is just one resource for investors to use for due diligence.  An investor can use this platform to gain a general idea of a company but should ultimately reach out to that specific TK company or companies to see if there is a real connection, something you cant get just from reviewing online. 

Also there are a handful of non TK companies on the site and it might be hard to know who is and who is not a TK provider but an affiliate marketer.

Curt Davis, Real Estate Agent in TN (#00321765)

Is there some sort of check to make sure operators/affiliates of said turnkey companies aren't leaving bogus reviews for their own companies?

Disclosure: Owner of TurnKey-Reviews.com

@Cal Ewing  - Thanks for the support.  It has only been a few weeks so we are still working on a lot of things.  But we think that it will separate the good from the bad companies.

@Curt Davis   is totally right. The site will never be a replacement of proper due diligence. We do envision it as a starting point for investors who are starting out their research into turnkey properties.

@Jon Saputo    As far as the reviews, we cannot control a TK company posting their own reviews. But each turn key review is listed under a specific user so you will be able to see if their company posted the review.

Brie Schmidt, Real Estate Agent in Illinois (#471.018287) and Wisconsin (#57846-90)

@Brie Schmidt I have a rather important question about how your site operates.  What is the criteria for a turnkey provider receiving Featured status?  Are these guys simply paying for a gold star, or are they earning it in some way?

Is this site still active? My access seems to be forbidden from using every browser and service provider.  I can see the google search results with links within the site but none of them are working. 

Originally posted by @Account Closed :

Is this site still active? My access seems to be forbidden from using every browser and service provider.  I can see the google search results with links within the site but none of them are working. 

 I'm not able to access the site either. I'm getting:

Forbidden

You don't have permission to access / on this server.

Additionally, a 403 Forbidden error was encountered while trying to use an ErrorDocument to handle the request.

Disclosure: Owner of www.turnkey-reviews.com

Originally posted by @Brie Schmidt:

@Account Closed

Yes it is, we were the victims of cyber hacking this weekend and I am working to get the site restored.  I will let you know once it is back up!

 The site should be back up and running, sorry about that!

Brie Schmidt, Real Estate Agent in Illinois (#471.018287) and Wisconsin (#57846-90)

Thanks Brie!  Very interesting site, lots of great tools and insight. 

@Brie Schmidt @Jay Hinrichs  

This looks like a fantastic resource, thank you! 

As someone w/ some experience running large review-centric sites, I have a few suggestions that all boil down to 1 overriding principle: Trust.

  1. If all of the reviews are basically 5 stars, it tends to erode trust in the platform being legitimate. I really only saw 1 negative review total. You may want to try and seek out users who have had negative experiences if only to provide some balance
  2. There needs to be a way to verify that a user is indeed a customer of the service. There are a few approaches here that might work. Having the user include the address of the property they purchased would be one. You can cross reference that w/ the county records, and then perhaps find the property on the property managers' website.

Other recommendations:

  • Informationally, it'd be nice to see some comparisons of the various turn-key markets.  The data you have is great, but some charts of relative growth rates would be fantastic.
  • CAP Rates! Yeah, it's great that the reviews are thrilled with the customer service, but what are the returns! Breaking those down by company on 1 axis, and geography as another would also be nice.

Updated about 2 years ago

Other ways to limit gaming might include: LinkedIn / Facebook / Google sign in (just makes it harder, rather than impossible) But you can look at the FB/LinkedIN accounts to see how complete they are as well BiggerPockets usernames. This would let you see who is in their network (if anyone) which should also make it a little more of a pain to game.

Disclosure: Owner of www.turnkey-reviews.com

Originally posted by @Jeff Deville :

@Brie [email protected] Hinrichs  

This looks like a fantastic resource, thank you! 

As someone w/ some experience running large review-centric sites, I have a few suggestions that all boil down to 1 overriding principle: Trust.

  1. If all of the reviews are basically 5 stars, it tends to erode trust in the platform being legitimate. I really only saw 1 negative review total. You may want to try and seek out users who have had negative experiences if only to provide some balance
  2. There needs to be a way to verify that a user is indeed a customer of the service. There are a few approaches here that might work. Having the user include the address of the property they purchased would be one. You can cross reference that w/ the county records, and then perhaps find the property on the property managers' website.

Other recommendations:

  • Informationally, it'd be nice to see some comparisons of the various turn-key markets.  The data you have is great, but some charts of relative growth rates would be fantastic.
  • CAP Rates! Yeah, it's great that the reviews are thrilled with the customer service, but what are the returns! Breaking those down by company on 1 axis, and geography as another would also be nice.

 Thank you for your suggestions!  It has been hard to get the negative reviews because this industry as a whole has been very hush hush for so long.  We created the site with the thought that the TK companies with positive reviews would rise to the top and the ones without reviews would speak for themselves.  

On the podcast, people are more forthcoming, but because of liability reasons they typically do not mention the specific TK company name if speaking badly about them.  

As far as your suggestions, I would love to hear about the data charts you requested, what else can we include?

Cap rates are hard, because each turnkey company and investor runs things their own way.  We do have a compare option on the site to see what numbers they are using

Feel free to PM me, I would love to hear your thoughts and suggestions!

Brie Schmidt, Real Estate Agent in Illinois (#471.018287) and Wisconsin (#57846-90)