If occupancy is lower than average for other STRs in the area, pricing may need to be marked down or amenities added to justify a higher rate. Keeping an eye on the occupancy rate can reveal if the nightly rate on an STRis priced correctly. Total amount of income generated each month, including nightly rate plus extra services such as guided tours, child care or pet sitting, and extra cleaning or other services paid for by a guest. There are 11 key metrics to include on a spreadsheet to help you stay on top of property performance:
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There are a lot of guests coming and going in an STR, and manual accounting can quickly become overwhelming.īased on an average length of stay (ALOS) of 6 nights, an STR property with an occupancy rate of 60% could have nearly 40 income entries and hundreds of expense entries over the entire year. Using a spreadsheet can save you time and money and make reporting easier when tax times rolls around. (Want to jump straight to the free template? Click here)Īn STR spreadsheet is used to keep track of income and expenses and the bottom line. In this article, we look at the key benefits of using an STR spreadsheet, 11 metrics for monitoring an STR, and how you can download a free STR spreadsheet and sign up for free STR software. An STR spreadsheet can help you keep a real estate business on track by having key data in one place. With all of these moving parts, it can be easy to lose track of income or valuable expense deductions.
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Guests come and go every few days, cleaning and repairs need to be quickly done to get ready for the next arrival, and supplies need to be restocked. There are a tremendous amount of transactions to keep track of with a short-term rental (STR) property.