Turnkey Vacation Rentals

Turnkey Vacation Rentals

Company profile

TurnKey Vacation Rentals has been in existence in the past eight years. T.J Clark and John Banczak founded it after identifying there was a gap in the market. According to Clark, he realized that in the vacation rental industry, inadequate of good travelers’ experience, which affected the industry in a more exceptional way(Turnkeyvr.com, 2020). For instance, travelers will be interested in getting good hotel experience, cleanliness, and excellent customer services, and this will increase the retention rate.

They had vast experience in the travel and technology industry, which could have boosted the company growth. With the help of technology, the company can be able to automate most of the activities and ensure there is the delivery of the services. In this case, the company would ensure there is an excellent guest experience. The main objective of the company is to promote and also manages all the rental properties as well as to help the company handles all bookings, deposits, billing, and payments Bloomberg 2020). The company has been offering services in the United States, where  company has been in collaboration with  team of investors and other employees. So far, the company has been able to engage more than 4,600 homes in more than 80 destinations in the United States. It has employed more than 400 employees who offer various services in the company.

The success of TurnKey and its impact on the Hotel Industry

TurnKey has been a success, and many people have termed the company model as the game-changer in the Hotel industry. There have been tremendous improvements in the industry, which has seen the hotels boost the revenue and ensure there is customer satisfaction. When you put newly acquired commercial properties into use, there are some factors which you are supposed to consider to ensure the company has reduced the cost and also ensure the company. Once the company has adopted the TurnKey model, it will ensure the tenants in the commercial building will get the best design property, thus ensure there is guest experience and also enhanced customer satisfaction. To have a good understanding of the success which the company has made in the industry, it will be useful to consider the following areas:

The concept of TurnKey

It’s considered as one of the unique modes which could be adopted to carry out all the international business and ensure there is a success. It refers to the contract, which the contract where the company will agree to the full design and ensure the projects have been constructed and equipped with mall the facilities which are needed(Jll.cl, 2019). Once the project is complete, it turned to the purchaser when it has all finishes, and the design included and ready for the operation. The company will be in charge of all the operations during this period and helps the client to get relieved from stress.

The TurnKey model has led to changes in the design which people adopt in the commercial properties, which could increase the guest experience in the country (Fuchs, 2019). Compared to the traditional project approach, the TurnKey project has led people to appreciate the new design once the project has been completed.

Current Trends In The Accommodation Sector

In the accommodation sector, there are new trends that every stakeholder should be concerned about to ensure the companies adapt to the latest trends. TurnKey is anchored in introducing new technology in the sector and ensure there is growth in the industry to meet the market demand(Attala and Environmental Technologies, 2019). With the traditional model, it was difficult for the hotel and other sectors to consider the current trend since the company had to changes the system. However, these new trends have been factored in, and the hotel industry has been able to comply with the latest trend. The following are the current trends which are evident in the accommodation industry:

Redefining of check-in

Mobile devices have been used in the hotel industry for the check-in process. It ensures that the guest can make a booking and make the payments before they check in the hotel, which has been facilitated by the new technology which Turnkey has introduced in the sector(Attala and Environmental Technologies, 2019). In addition to that, when the customer’s check-in the hotel, he will use the devices which have been put in place and access his room without too many struggles.

Smart guest experiences

No hotel can operate without the guest, and therefore there is a need to boost the guest experience. Guests will expect to witness high technology while in the hotel, and this has been guaranteed by TurnKey’s success (PRATT, 2015). There is a good flow of operations in the hotels due to technology, which is adopted by the hotel. It would ensure the guest gets the best experience ever and therefore increase the customer retention rate.

Smart reserved parking

It’s a significant trend which the hotels have adopted with the help of the new technology to ensure the guest gets the best services(PRATT, 2015). For instance, with hotel apps and smart sensors, the guest can be able to reserve the parking slot in advances to avoid a last-minute rush while at the hotel.
Consumer demographics/tourist type

There are different types of tourists, and therefore, there is a need for the hotel industry to ensure they understand the tourist. Demographics is what is going to define the tourism sector, and therefore, there is a need for the key stakeholder to understand the demographic. Turnkey success has considered a different tourist, and this makes the sector to be more educative on how to treat the tourist. There are changing dynamics in the industry, and therefore, you need am reliable technology, which will factor in the growth of the sector (Wroblewski, 2019). For instance, there is the continuous growth of the m population, and it will require the industry to have necessary measures put in place to meet the demand of the tourist in the country. The hotel industry is significant players in the tourism sector; therefore, the use of the new technology will promote the growth and guarantee there is an excellent guest experience in the hotel. These are the only ways in which the hotel industry can boost the tourism and hospitality sector.

Impact of the Concept of TurnKey to Hotel industry

Improved designs

With the concept in place, it has led to the new design being introduced, which improves the customer’s experience in the industry. There has been a gap in the hotel industry where customers fail to get good hotel experience due to the design which has been adopted in the industry (Hoteltechnologynews.com, 2020). However, this has since changed, and hotels have been redesigned to meets the new standard.

It saves times

With the new concept, it has drastically reduced the times which are consumed to have the projects designed and constructed to meet the demand. The firm enters into a contract with the company where they design and complete the construction and handover the project when completed. In addition to that, the new technology which the company has introduced has reduced the time which is consumed in the hotel operations.

It increases customer’s retention

Customer retention rates in the hotel industry have been on the rise with the success of the concept. Travelers have increased the booking rate of hotels in areas where the company has introduced the new technology, which has an impact on the hotel industry (Hoteltechnologynews.com, 2020). Customer satisfaction has increased courtesy of the concept which TurnKey has introduced in the hotel industry

Growth of revenue

As the number of travelers increases in the hotel, it increases the sales which the company makes in every period. The main focus of the hotel is realizing more revenue and also increase the market share (Services, 2018). The new technology has led to the growth of the income since many customers are satisfied with the services which are delivered in the hotel.

Cutting the cost of operations

It’s the goal of every company, which is in operation to reduce the cost of the operation to increase the profit generated (Services, 2018). For instance, TurnKey has introduced housekeeping, which helps to save wages and thus increase the profits which are generated.

It enhanced accountability

It all starts from the recruitment process, where it’s done fairly to ensure its only qualified candidates who get hired (Services, 2018). It’s a cleaning process that ensures that all the employees in the company are accountable for all the equipment which the company possesses.

Whether the hotel industry should strategize to minimize the actual or potential impact of TurnKey?

The hotel industry is the main beneficiary when it comes to TurnKey’s success due to the technology which the hotels adopt. There is an excellent potential behind TurnKey’s success, and therefore, hotels should consider all the ways to ensure they strategize on these impacts. The following are some of the recommendations which the company should consider to ensure they have incorporated these successes and ensure the hotel industry benefits from the strategies:

Effective use of technology and innovation

The hotel industry should adopt the new technology and also innovation to ensure the sector improves the level of the operations. TurnKey has introduced technology which the hotels should adopt in the following ways:

Guest engagement

Due to the growth of the digital, the hotels should borrow these strategies and ensure there is an increase in the guest experience while on the hotels. Guest experience will be evident if the hotels would ensure there is cleanliness and also use of the technology in the hotels (WhatAVenture, 2020). For instance, the hotels should be able to engage the guest and ensure all their queries have been responded before they check-in and after check-in the hotel.

Services automation

It’s an essential trend in the hotel sector which should be adopted to improve the customer’s experience. Through the services automation, it will allow the guest to make all the decisions rather than the hotel staff (WhatAVenture, 2020). In addition to that, this will also ensure the hotel reduces the number of staff who have engaged actively.

Guest App

It’s a significant technology advancement which the hotel should consider impacting on their operations. The app will allow the customers to access the hotels and reserve a room and also packing before checking in (WhatAVenture, 2020). It also enhances the communication of the guest and the hotels, which is very important.

Fostering of long-term consumer loyalty

The hotel industry should consider using TurnKey’s success and ensure that the hotels have been able to capture customer loyalty. The hotel desires to have customer retention to ensure the business will continue into the foreseeable future (Blog, 2018). It is possible if the company will make use of the strategy by ensuring there is excellent customer satisfaction when the customer checks in. There is an excellent chance that the customer will return if the hotel provided quality services, and this is what is defined in the TurnKey success.

Fostering consumer loyalty will depend on several factors, which include giving the customer the best first impression where the customer would consider using the services of such a hotel again. Hotels should ensure customers get the best services when they check in the hotel.

Conclusion

TurnKey’s success has been evident in the hotel industry due to the technology which it introduces in the sector. Hotels have been designed to meets the demands of the consumers, which is a significant impact.  For instance, over time, the hotels have been struggling with huge costs, but the new concept has allowed the hotels to reduce the cost and increase the revenue generated. Also, the level of accountability has been significant due to the use of a digital system, which puts all employees accountable.

Work Cited

Bloomberg (2020). Bloomberg – Are you a robot?. [online] Bloomberg.com. Available at: https://www.bloomberg.com/profile/company/0853418D:US  [Accessed 28 Jan. 2020].

Turnkeyvr.com. (2020). Turnkey Vacation Rental Management. [online] Available at: https://www.turnkeyvr.com/aboutus  [Accessed 28 Jan. 2020].

Jll.cl. (2019). JLL. [online] Available at: https://www.jll.cl/en/trends-and-insights/workplace/why-are-turnkey-projects-so-successful-  [Accessed 28 Jan. 2020].

Fuchs, S. (2019). Turnkey success. [online] Technically Speaking. Available at: https://blog.adva.com/en/turnkey-success  [Accessed 28 Jan. 2020].

Attala, J., and Environmental Technologies, V. (2019). Ten ways smart technology is reshaping the hotel industry. [online] Hotel Management. Available at: https://www.hotelmanagement.net/tech/10-ways-smart-technology-reshaping-hotel-industry  [Accessed 28 Jan. 2020].

PRATT, M. (2015). 5 trends shaping today's hospitality industry. [online] Building Design + Construction. Available at: https://www.bdcnetwork.com/blog/5-trends-shaping-todays-hospitality-industry  [Accessed 28 Jan. 2020].

Wroblewski, M. (2019). What Are Examples of Demographics?. [online] Smallbusiness.chron.com. Available at: https://smallbusiness.chron.com/examples-demographics-65678.html  [Accessed 28 Jan. 2020].

Hoteltechnologynews.com. (2020). Hotel Technology: The Advantage of Turnkey Operations Management |. [online] Available at: https://hoteltechnologynews.com/2018/07/hotel-technology-advantage-turnkey-operations-management/  [Accessed 28 Jan. 2020].

Services, I. (2018). How Your Hotel Can Benefit from Turnkey Housekeeping Operations – Integrity Services. [online] Integrity Services. Available at: https://integrityservicecompanies.com/2018/08/29/how-your-hotel-can-benefit-from-turnkey-housekeeping-operations/  [Accessed 28 Jan. 2020].

WhatAVenture. (2019). 6 Trends Driving Innovation In The Hotel Industry. [online] Available at: https://www.whataventure.com/blog/6-trends-reshaping-hotel-industry  [Accessed 28 Jan. 2020].

Blog, t. (2018). What’s Motivating Guest Loyalty for Hotels Today?. [online] trivago Business Blog. Available at: https://businessblog.trivago.com/motivating-guest-loyalty-hotels-today/  [Accessed 28 Jan. 2020].