Fixed Monthly Payout Feature Request
Hi Team
I have previously spoken to one of the financial formula experts from Hostaway, who confirmed that this feature is not currently available.
Instead of calculating the PM permission on a per-reservation basis, we will send the owner a fixed monthly payout, like $2500/pm. This is a slightly different business model, but we have clients who prefer more stability and would rent the property to us for a fixed cost. In this model, we will combine all the reservation income minus the fixed monthly payout, and the remaining will be our PM commission.
Example: Total rental income 3500p/m, fixed owner payout 2500p/m, PM commission 3500-2500 = 1000
Because this feature is missing, one of my listings' financials is completely broken, and I have to do the calculation manually every month.
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Official comment
Hi Gavin, thanks for your feedback.
Could this be registered as an Expense with its own category?
The challenge with incorporating this into the formulas system is that formulas operate per reservation, and mixing them with listings-associated values doesn’t align well with the current logic. Additionally, formulas usually handle data reported by channels, whereas Expenses (and "extras") are better suited for registering items that aren't reported.
When generating an owner statement, both your Total Income (as a formula) and your fixed owner payout (as an expense) would appear. Together, they can build a Grand Total, resulting in the expected amount of 1,000.
Eventually, this will be available outside of owner statements as part of specific P&L reports.
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Seems unlikely Hostaway will do this, however we do custom formulas and program them to axcounting software. We also offer full charge bookkeeping. The calculation you're looking for is not possible with the current Hostaway options. Many of our clients have special needs like this. Feel free to reach out.
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Thank you for your response, Fidel.
I understand that using the expense method is a potential workaround, but it doesn’t fully address my concern. The issue arises because we have other calculations tied to the total PM commission, such as determining the correct tax amount. With the expense method, while the overall total may be correct, the tax calculation ends up being inaccurate. This is because it treats my entire rental income as the PM commission, which leads to incorrect tax estimations.
I'm sure there are other property managers using this model as well, and introducing this feature could be highly beneficial. Even providing a custom financial field that bypasses the formula calculation would make a significant difference. This flexibility would allow for more accurate financial reporting without compromising other aspects of the calculations.
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