Boosting Vacation Rental Profit Margins: A Property Manager's Guide to Sustainable Growth

Managing a portfolio of short-term rentals is a dynamic challenge, a constant dance between attracting more guests and meticulously controlling costs. Most property managers have a firm grasp on metrics like average daily rate (ADR) or occupancy percentages, able to recite them in seconds. Yet, surprisingly fewer possess the same clarity when it comes to their true profit margin – the actual money left in the business after all the income is collected and every expense is paid. This lack of visibility is a significant blind spot. Chasing high revenue numbers without a deep understanding of profitability can feel like being on a high-speed hamster wheel – you're moving fast, but not necessarily getting ahead. It can lead to overworked teams, long hours, and, critically, disappointed property owners who expect higher returns and question management fees when statements fall short of expectations.

In today's increasingly competitive vacation rental landscape, simply generating bookings isn't enough. As noted in industry outlooks like Key Data's 2025 report, competition is anticipated to increase, emphasizing the need for strategic decision-making that goes beyond just filling calendars. Sustainable growth hinges on profitability.

This guide is designed to be your ultimate resource for understanding what profit margin truly means in the unique context of vacation rentals. We'll delve into how the most successful operators measure their financial health, explore key industry benchmarks, and provide a clear roadmap with actionable strategies you can implement over the next 90 days to effectively widen the gap between your income and expenses. We’ll illustrate these concepts with real-world numbers from industry research and examples drawn from Topkey's work with vacation rental businesses, helping you translate theory into immediate action long before the next peak season arrives.

Why Focusing on Profit is the Long-Term Winning Strategy

Headline revenue figures – proclaiming "$5 million in bookings this year!" – are exciting and sound impressive. However, they can often mask perilously thin underlying profit margins. While many factors influence profitability, reports like Hostfully's 2024 insights indicate that even in strong markets, many individual property owners may see net returns on their properties hovering around 10% after expenses. For a property management company, the squeeze is often felt even more acutely. You must maintain a healthy financial spread on your own profit and loss statement while simultaneously delivering strong, justifiable income to the property owners you represent.

Property owners often have a simpler view of the financials; they see the gross rental income but may not fully appreciate the multitude of operating costs involved in professional management. They rarely see the added complexities and costs associated with tasks like meticulous split accounting (separating owner and corporate funds), navigating and remitting sales and lodging taxes across different jurisdictions, managing the overhead of software subscriptions, or handling the unpredictable flood of last-minute guest requests or maintenance calls. If property managers cannot clearly articulate how each of these essential line items impacts the final "net" figure on an owner's statement, owners may begin to question the value of the management fee – leading them to potentially shop around for other managers.

Profit margin, therefore, becomes much more than just an accounting term. It is the vital language that connects operational efficiency with building owner trust and achieving your company's own growth ambitions. Consistently tracking it on a monthly basis, understanding its components, and being able to explain it simply to your stakeholders is the fastest and most credible way to earn confidence while simultaneously uncovering hidden leaks and inefficiencies within your business model.

Decoding the Different Layers of Profit Margin for Short-Term Rentals

Unlike traditional hotel operations or even long-term multifamily property management, vacation rental portfolios present a unique financial puzzle. They typically involve multiple revenue streams – including rent, cleaning fees, and various upsell services – generated across individual properties that may be owned by dozens or even hundreds of different individuals. This complexity makes it essential to be precise about which profit margin we are measuring at any given time.

Here’s a breakdown of the key profit margin types relevant to a vacation rental property management business:

1. Gross Profit Margin:
   
   • What it is: This is the most basic level of profitability, reflecting the revenue left after subtracting the direct costs associated with delivering the core service for each booking.
   • Calculation: (Total Revenue - Cost of Goods Sold / Direct Costs) / Total Revenue
   • VR Context: Direct costs in vacation rentals include things like cleaning fees paid to vendors (or the direct cost of your in-house cleaning team per clean), laundry and linen services per stay, guest consumables provided in the unit (toiletries, basic supplies), and potentially direct payment processing fees tied to individual bookings. Gross margin tells you whether the day-to-day operations involved in fulfilling each reservation are fundamentally profitable before considering your company's overhead.
   • Example: If a booking generates $1,000 in total revenue (rent + cleaning fee) and the direct costs for that stay (cleaning vendor fee, linen service, consumables) total $250, the gross profit is $750. The gross profit margin is ($1000 - $250) / $1000 = $750 / $1000 = 0.75 or 75%.
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2. Operating Profit Margin:
   
   • What it is: This margin accounts for your core business operating expenses beyond the direct costs of service. It reveals how efficiently your property management company runs its overall operations.
   • Calculation: (Gross Profit - Operating Expenses) / Total Revenue
   • VR Context: Operating expenses include your management team's salaries and wages, marketing and advertising costs, software subscriptions (PMS, Channel Manager, accounting software, dynamic pricing tools), office rent and utilities, insurance (general business liability), legal and professional fees (accountants, lawyers), and other administrative overhead. Operating margin shows the profitability of your management business before factoring in interest payments on debt or income taxes.
   • Example: Taking the $750 gross profit from the example above, let's consider operating expenses that can be reasonably allocated or attributed over a period. If, over a month where $50,000 in total revenue was generated, operating expenses (salaries, software, rent, etc.) were $30,000, the operating profit is $20,000. The operating profit margin is $20,000 / $50,000 = 0.40 or 40%. (Note: Calculating this accurately requires robust accounting that separates owner and corporate costs).
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3. Net Profit Margin:
   
   • What it is: This is the bottom-line profit, representing the revenue remaining after all expenses, including interest on debt and taxes, have been paid.
   • Calculation: (Net Income) / Total Revenue
   • VR Context: Net income is your operating profit minus interest expenses on any business loans. For vacation rental managers, this is the figure that ultimately dictates how much capital is available to reinvest in growing the business (acquiring new properties or technology) or to be taken as distributions by the owners of the management company.
   • Example: Using the operating profit from the previous example ($20,000) over the month, if the company had $1,000 in interest expenses, the net income would be $19,000. The net profit margin would be $19,000 / $50,000 = 0.38 or 38%.

Understanding and accurately calculating these different margin levels is paramount because property managers constantly juggle expenses that should be "bill-to-owner" (paid from rental income before the payout) and those that are "bill-to-corporate" (paid by the management company as part of its operating costs). A significant $2,000 HVAC repair bill accidentally coded to the corporate side of the ledger, instead of being deducted from the owner's payout, will artificially crater the company's operating profit margin and almost certainly trigger a dispute with the property owner.

This is precisely where robust financial systems and automation become invaluable. Topkey’s automated GL-coding module, for instance, is designed specifically to eliminate this risk. By intelligently reading transaction metadata from connected corporate cards and bank feeds, it automates the process of tagging each transaction as either a corporate expense or an owner expense requiring reimbursement or deduction from the owner statement. This saves property managers countless hours of painstaking spreadsheet triage and manual categorization every month. According to an internal Topkey case study, a client like UpKey Vacation Rentals saw an estimated 40% reduction in the time spent compiling complex owner statements after implementing automated GL coding. (Note: This figure is based on internal client-reported outcomes analyzed by Topkey, and actual results may vary depending on portfolio size, complexity, and operational discipline). This reduction in manual labor directly impacts the operating margin by freeing up valuable team time.

What Does "Good" Look Like? Benchmarks and Context

Determining what constitutes a "good" profit margin in the vacation rental property management space can be challenging due to the wide variability in business models, market dynamics, and service levels. However, looking at available industry data provides essential context and achievable targets.

While vacation rental-specific management benchmarks are still evolving, insights from related property management sectors offer valuable perspectives. The 2023 NARPM® Financial Performance Guide, one of the most comprehensive surveys of U.S. residential property managers, provides a strong benchmark for operational efficiency. Although this data is primarily long-term rental, it provides valuable insight into benchmarks in the short-term rental market. According to this report, the adjusted average profit margin for residential property management companies was approximately 11%. Crucially, top-performing firms in the top quartile achieved significantly higher profitability, closer to 32%. This illustrates a powerful point: elite management firms take home nearly three times more profit on every dollar of revenue compared to the average competitor.

For host-owned portfolios, where the owner is also the manager and may not track labor costs formally, Hostfully's research suggests many aim for a 10-20% net return on their individual properties. While this provides a baseline understanding of owner expectations, professional management companies with multiple properties have a different cost structure dominated by operating expenses like staff, software, and marketing.

Scale certainly correlates with the potential for improved margins, but it's not the only factor. Analysis from platforms like Uplisting, which shows revenue rising steeply past the 25-property mark (e.g., $310k average annual revenue for 5-25 units versus $1 million for firms crossing 26 doors in some analyses), highlights the potential for economies of scale. As fixed costs are spread across more units, the potential for higher operating margins increases. However, simply adding doors without refining processes can be detrimental. Many operators with 50 or more units still struggle with single-digit margins, proving that growth without process discipline and cost control simply magnifies existing inefficiencies.

So, what's a realistic profit margin goal for a growing vacation rental management company? While highly dependent on your specific market and model, a realistic target for many managers overseeing, for example, 20 properties, might be to improve their operating profit margin from a typical 8-12% range towards the 18-22% range within a calendar year. Achieving this kind of jump requires a focused effort on the two primary levers of profitability: boosting revenue more effectively than costs and systematically plugging expense leaks within your operation.

Revenue Levers That Directly Expand Profit Margin

While increasing revenue is the top line, strategic revenue management can significantly impact your bottom line by either increasing the average revenue per booking or reducing the costs associated with acquiring that revenue.

1. Dynamic Pricing: Science Over Gut Feel: Gone are the days when property managers could rely solely on intuition or static seasonal rates. Modern dynamic pricing engines leverage vast amounts of data – including local demand fluctuations, competitor pricing, special events, day of the week, and booking lead times – to adjust nightly rates automatically, often multiple times a day. This is a level of optimization that manual spreadsheets or static pricing simply cannot replicate at scale. Reports and studies consistently show the impact. For example, a 2024 study tracking over 500 listings that adopted dynamic pricing recorded a significant 57% lift in gross booking revenue within the first season. Even if only a portion of that increased revenue flows directly to the bottom line after accounting for variable costs like increased cleaning frequency due to higher occupancy, the impact on your operating profit margin is noticeable and substantial. Dynamic pricing ensures you're capturing maximum revenue for every available night.
   
   
2. Strategic Channel Mix and Driving Direct Bookings: Distribution costs are a major factor impacting your revenue capture per booking. Online Travel Agencies (OTAs) like Airbnb and Vrbo provide incredible reach but charge host fees that can range from 3% to upwards of 14% of the booking total. Encouraging repeat guests to book directly through your own branded website, or driving new traffic to your site through targeted marketing efforts, allows you to retain a much larger percentage of the booking value. This percentage, which would otherwise go to the OTA, flows directly into your company's revenue and, consequently, improves your operating profit margin on that specific reservation. Topkey clients who successfully pair dynamic pricing optimization with a strategic push for direct bookings often see margin gains from two directions: higher average daily rates driven by automated pricing intelligence and lower commission expense per stay thanks to reduced reliance on high-cost channels.
   
   
3. Leveraging Ancillary Revenue Streams: Once a guest is booked, opportunities exist to generate additional revenue with minimal additional acquisition cost. Services like late checkout fees, early check-in options, rentals of baby gear or sporting equipment, premium linen upgrades, or pet-friendly surcharges (for units where pets are allowed) can translate into high-contribution margin revenue. The key to making these truly profitable is operational efficiency and repeatability. A $50 early check-in fee that requires a significant amount of staff time to coordinate cleaning schedules and guest access might not contribute much to profit after accounting for labor. In contrast, a $20 nightly pet fee automatically applied via your Property Management System (PMS) rules for designated pet-friendly units, perhaps paired with a standardized, slightly longer cleaning turnover, is a set-and-forget surcharge that scales easily across dozens of properties, directly boosting your margin.
   
   
4. Seasonality Smoothing and Occupancy Optimization: Fixed operating overhead – your salaries, software subscriptions, office space – remains relatively constant regardless of how many nights are booked. Low occupancy periods, particularly in the shoulder or off-season, can significantly drag down your operating profit margin because these fixed costs must be covered by a smaller revenue base. Savvy property managers proactively work to smooth out seasonal dips by targeting different guest segments. This might include courting mid-week business travelers, offering attractive rates or packages for longer-term snowbird stays in the winter months, or tailoring marketing campaigns to specific off-season events or attractions. Implementing flexible minimum-stay rules during low-demand periods can also help. By spreading your fixed overhead across a greater number of booked nights throughout the year, you protect and improve your operating profit margin.
   
   

Where Margin Leaks: Identifying and Plugging Expense Hotspots

Boosting revenue is only half the battle. Controlling and optimizing your operating expenses is equally, if not more, critical for sustainable profit growth. Unchecked costs can quickly erode the gains made on the revenue side.

1. Scrutinizing Variable Costs: While cleaning, linen, and guest supply costs are necessary, they are also variable and can creep upward if not carefully managed. Cleaning contract rates, linen service fees, and even the cost of consumables should be regularly audited. Don't just accept price increases from vendors. Conducting regular cost audits – perhaps every 12 months – can surface surprising overages or hidden fees (like a quiet "fuel surcharge" added during a period of high gas prices that was never removed). Negotiating vendor agreements, or even pooling purchasing volume with other local managers if feasible, can help keep these significant variable costs in check, directly protecting your gross and operating margins.
   
   
2. Enhancing Labor Efficiency Through Automation: As highlighted by the NARPM benchmarks, labor is a major expense category. The difference in labor costs between average and top-performing firms (38% vs. 29% of revenue) underscores the potential for efficiency gains. Automation is the bridge across this gap. By automating repetitive administrative and accounting tasks, you reduce the need for manual labor hours. We've already discussed how Topkey's one-click reconciliation can significantly reduce bookkeeping time. These saved hours can be converted into direct cost savings (boosting margin) or, ideally, the freed-up capacity can be strategically redeployed. Imagine your accounting staff spending less time on data entry and more time on financial analysis that helps identify new cost-saving opportunities, or your administrative team shifting focus to improving guest communication or implementing owner acquisition strategies. This strategic redeployment allows your business to grow revenue faster than your payroll, improving the labor cost percentage relative to revenue and widening your operating margin.
   
   
3. Managing Payment Fees and Chargebacks: Credit card processing fees are a standard cost of doing business, typically ranging from 2.9% to 3.2% of each transaction. While seemingly small per transaction, these fees add up significantly, directly impacting your gross and operating margins. Exploring options like new virtual corporate card programs, especially those that integrate directly with your expense management or accounting system like Topkey, can offer a unique opportunity. Some of these programs provide rebates on interchange fees, effectively lowering your net payment processing cost for corporate expenses. For a company with $1 million in annual corporate card spend, even a modest 0.75% cash-back rebate translates to $7,500 back in your pocket annually – funds that directly reduce your operating expenses and can even help fund other margin-boosting tools like dynamic pricing software. Furthermore, mitigating chargebacks – which result not only in lost revenue but also punitive fees and administrative time – is crucial. Robust guest screening, clear rental agreements, and utilizing payment systems that include identity verification can help reduce these costly occurrences.
   
   
4. Preventing Accounting Errors and Trust Account Penalties: The fundamental requirement for vacation rental managers to keep client trust funds strictly separate from company operating funds is a critical area where errors can be incredibly costly. Misallocating an owner expense (like a property repair) to the corporate ledger means your company absorbs that cost, directly reducing your operating profit. Beyond internal financial inaccuracies, these errors can lead to serious trust account violations regulated at the state level. Penalties for such violations can be severe, ranging from hefty fines (sometimes exceeding $1,000 per infraction in some jurisdictions) to even the loss of your management license. A single compliance slip-up can instantly wipe out weeks or even months of hard-earned profit. Implementing automated systems with built-in checks and balances, such as automated GL coding and strict approval workflows within your financial management tools, is essential for preventing these margin-vaporizing errors.
   
   

Owner vs. Corporate Accounting—Mapping the Minefield for Clarity and Compliance

As touched upon earlier, the distinction between owner funds (held in a trust account) and corporate operating funds is perhaps the most critical financial challenge unique to vacation rental property management. Every month, thousands of transactions flow through the business – from a lightbulb purchased for a specific property to the monthly subscription for management software. Without clear processes, deciding whether an expense should be paid from the trust account (deducted from owner revenue) or the corporate account (paid by the management company) can feel like navigating a minefield.

Common pitfalls include:

• Manual data entry errors leading to expenses being assigned to the wrong property or the wrong ledger.
• Lost or misplaced receipts making proper categorization impossible.
• Confusion among staff about which expenses are owner responsibilities versus corporate overhead.
• Significant time delays in generating accurate owner statements due to the painstaking process of manually reviewing and allocating every transaction.
• Owner disputes arising from unclear or incorrect expense deductions on their statements.

Best-in-class property management firms mitigate these risks by implementing systems that enforce clear separation and automated allocation from the start. Mapping vendor categories in their accounting software is a foundational step, allowing for default rules like "all utility bills for managed properties are bill-to-owner" or "all software subscriptions are bill-to-corporate."

However, simply having categories isn't always enough for the complexities of vacation rentals. This is where integrations and intelligent automation provide significant advantages. Topkey’s native QuickBooks integration, for example, enhances this mapping process by not just relying on pre-set rules but also watching for specific metadata within transaction details (like "Home Depot – Invoice 100219/Owner-Repair" noted in the memo line). The system uses this intelligence to suggest the correct allocation automatically, only prompting the manager for review when there's an edge case or the system lacks high confidence. The result is a financial management function that quietly and efficiently protects profit margin by minimizing manual effort and preventing costly errors, allowing leadership and staff to focus their energy on strategic growth and delivering exceptional service, rather than being bogged down by reconciliation headaches.

Your KPI Dashboard: Viewing Profit Margin in Context

Profit margin is a powerful metric, but it rarely tells the full story in isolation. Successful property managers understand this and view profit margin within a broader context of key performance indicators (KPIs) to ensure a holistic understanding of the business's health and identify potential issues before they impact profitability.

A comprehensive monthly KPI dashboard for a vacation rental management company might include:

• Gross Profit Margin: Tracking the trend month-over-month (and perhaps as a three-month rolling average) to understand the profitability of the core booking and service delivery.
• Operating Profit Margin: Showing the profitability after corporate overhead, indicating the overall efficiency of the management operation.
• GOPPAR (Gross Operating Profit per Available Rental): A key metric for comparing the operational profitability of different individual properties or segments within your portfolio. It helps identify which units are contributing most effectively to covering overhead.
• Average Daily Rate (ADR): Essential for understanding pricing performance.
• Occupancy Rate: Shows how effectively you are booking available nights.
• Revenue Per Available Rental (RevPAR): Combines ADR and occupancy to provide a high-level view of revenue generation effectiveness per property.
• Cash Conversion Cycle: While not a profit margin, tracking the average number of days between a booking confirmation and the actual receipt of funds is crucial for managing cash flow, which directly impacts your ability to cover expenses and maintain operations smoothly.
• Owner Statement Accuracy Rate: The percentage of owner statements issued without requiring manual adjustments or corrections. This is a direct indicator of accounting efficiency and reduces costly administrative time and potential owner friction.
• Cost of Owner Acquisition: Understanding how much it costs to bring on a new property owner. While an acquisition cost is an investment, tracking it helps ensure your growth strategy is financially sustainable and that the lifetime value of a property owner justifies the expense.

While you could theoretically extract data for these KPIs manually from disparate Property Management Systems, Channel Managers, and accounting software, the real value and actionable insight come when this data flows automatically into a unified dashboard view. This integrated approach is fundamental to Topkey’s platform design philosophy – providing a single source of truth that connects operational activities with financial outcomes, enabling managers to see the impact of their decisions on profitability in near real-time.

A 90-Day Action Plan to Boost Your Profit Margin

Ready to move from understanding profit margin to actively improving it? Here is a structured 90-day plan to get you started:

Days 1-15: Audit Your Finances & Establish Your Baseline

• Export your General Ledger (GL) report: Pull a minimum of 12 months of financial data from your accounting software. This is the raw material for understanding your cost structure.
• Categorize your spending: Systematically sort all expenses into clear buckets – distinguishing between direct variable costs (cleaning, linens, consumables), fixed operating expenses (salaries, rent, core software), marketing costs, and owner-related expenses. Identify your top five expense categories by dollar amount. Look for seasonality in spending.
• Calculate your baseline profit margin: Using the categorized data, calculate your average monthly Gross Profit Margin, Operating Profit Margin, and Net Profit Margin for the past year. Understand your starting point.

Days 16-45: Implement Automation & Optimize Pricing

• Deploy or optimize dynamic pricing: If you don't have a dynamic pricing tool, research and implement one integrated with your PMS. If you do, ensure it's fully configured and that you understand its rules and data inputs.
• Automate financial processes: Connect your corporate bank accounts and credit cards to a financial automation platform like Topkey. Work through the initial setup to configure automated GL coding rules, especially for your most frequent expense types. Ensure receipt capture is streamlined.
• Establish clear financial workflows: Define and implement strict processes for expense approvals, especially distinguishing between owner and corporate expenses before they are paid or posted.

Days 46-75: Review Vendors & Introduce New Revenue

• Negotiate key vendor contracts: Armed with accurate data on your spending, review and renegotiate contracts with your most significant vendors (cleaning services, linen suppliers, maintenance contractors). Seek competitive bids where appropriate.
• Optimize payment processing: Review your current payment processing fees. Explore options like virtual card programs integrated with your financial system that may offer rebates on corporate spending.
• Implement an ancillary revenue stream: Choose one or two high-potential, easily repeatable ancillary revenue streams (e.g., pet fees, early check-in/late checkout options, simple equipment rentals) and integrate them into your booking process and PMS rules.

Days 76-90: Measure, Analyze, Iterate, and Communicate

• Compare your new financials to the baseline: Pull fresh financial reports for the period since implementing changes (Days 16-75). Compare your profit margins and key expense categories to your initial baseline data. Look for early indicators of improvement – a slight uptick in gross margin, a reduction in bookkeeping hours, lower net payment costs.
• Analyze your KPIs: Review your integrated KPI dashboard (if available) or compile your key metrics. Where are you seeing improvements? Where are costs still high?
• Iterate on your strategies: Based on the data, make adjustments. Refine pricing rules, optimize workflows further, or explore automating additional tasks.
• Communicate with owners: Share the positive impacts of increased efficiency and profitability focus with your property owners. Explain how optimizing operations leads to potentially higher net payouts for them, reinforcing the value of your management services and building stronger relationships that can lead to referrals and portfolio growth.

Managers who commit to this structured approach often find that seemingly small improvements in profit margin percentages can lead to disproportionately large increases in actual cash profit, thanks to the power of compounding. Moving from a 10% operating margin to 12% might sound modest, but on $2 million in annual revenue, that two-percentage-point shift translates directly into $40,000 of new profit – capital that can be reinvested into hiring a dedicated revenue manager, upgrading technology further, or funding expansion into new markets.

Frequently Asked Questions

Q: What is a typical or good profit margin for a vacation rental management company?

• A: While there's significant variation, benchmarks from related property management sectors like NARPM suggest averages around 11%, with top performers reaching 30% or more. For vacation rentals specifically, many factors influence this, but aiming for an operating margin in the high teens or low twenties is a strong goal for established businesses.

Q: How does scale impact profit margin in vacation rentals?

• A: Generally, as a company manages more properties, the potential for economies of scale increases, meaning fixed costs (like software and core staff) are spread across a larger revenue base. This can lead to higher profit margins, but only if operational processes and cost controls are efficient enough to keep pace with growth.

Q: Can technology really improve my profit margin?

• A: Absolutely. Technology, particularly automation in areas like dynamic pricing, marketing, guest communication, and crucially, financial management (like automated GL coding and reconciliation), directly improves labor efficiency, reduces errors, optimizes revenue capture, and lowers operational costs, all of which contribute to a healthier profit margin.

Q: How often should I track my profit margin?

• A: Ideally, you should track your profit margin and key financial KPIs on a monthly basis. This allows you to identify trends, catch potential issues early, and measure the impact of implemented strategies quickly.

Conclusion: Profit Margin as the Scorecard of Sustainable Growth

In the fast-paced world of vacation rentals, focusing solely on revenue growth is building on a shaky foundation. Profit margin is the true scorecard of a healthy, sustainable, and scalable business. Vacation rental property managers operate in a high-velocity environment where costs can balloon unexpectedly, and a single compliance misstep can instantly erase profitability. By making profit margin your north-star metric and actively working to improve it through strategic revenue management, diligent expense control, process automation, and meticulous financial management, you stay laser-focused on the improvements that truly matter. These efforts not only protect the financial health of your business but also build stronger trust with property owners and free up the essential capital needed to fuel your future growth.

Ready to stop leaving money on the table and start actively widening your margins this season? Understanding your current financial health is the first step.

Schedule a personalized Topkey walkthrough to see how automated GL coding, integrated expense management, and financial insights can help you boost efficiency and profitability.

Disclaimer: Financial figures from Topkey case studies and client-reported outcomes are based on internal analysis and data provided by those clients. Actual results can vary significantly based on portfolio size, property types, market conditions, existing operational efficiency, and the specific strategies implemented. Industry benchmarks cited are based on published reports from the noted sources for the years specified.

Topkey is a financial technology company and is not a bank. Banking services provided by Thread Bank; Member FDIC. The Topkey Visa Debit & Charge Cards are issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa cards are accepted.

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