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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: File tax returns faster and easier by setting up a spreadsheet following the same format of Schedule E (Form 1040).Get a better idea of the big picture to know when and if the time is right to reinvest and add another STR to a real estate portfolio.Understand STR trends such as seasonality and pricing strategies.See rental income, expenses, and earnings at a glance to better understand whether the STR is turning a profit.Save time by using spreadsheet formulas to instantly calculate cash flow each month.Minimize the risk of overlooking a valuable deduction that could reduce taxable net income.There are a variety of benefits to using a spreadsheet to keep transactions in one place: That’s a lot of transactions to keep track of, and data could easily fall through the cracks.Ī spreadsheet for an STR property can easily be created using a Google or Excel template, or income and expenses can automatically be tracked using free software from Stessa, a Roofstock company. 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.
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An STR spreadsheet can help you keep a real estate business on track by having key data in one place.
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With all of these moving parts, it can be easy to lose track of income or valuable expense deductions. 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.