How to adjust fees in the Quick Underwrite tool
The Quick Underwrite (Quick UW) tool in Forecast in SummerOS makes it easy to adjust key financial inputs like cleaning fees, management fees, and owner usage days. These updates help you generate accurate pro forma projections for your property. This guide walks you through the steps to change cleaning fees and management fees, as well as adjust owner usage (member days).
Watch now to get started, or keep reading for step-by-step instructions.
How to adjust fees in the Quick Underwrite tool
Step 1: Access the Quick Underwrite tool
- Select the Quick Underwrite tab.
- If you’re in the table or rentals view, switch to Quick Underwrite to access the tool.
- Navigate to the Sets tab.
Step 2: Adjust cleaning fees
- In the Summary Tab, check the average cleaning fee for your comp set.
- Example: The comp set cleaning fee average is $290.
- Go back to the Quick Underwrite tab.
- Click the three-dot menu and scroll down to Cleaning Fee.
- Enter your desired cleaning fee value.
- Example: Set it to $325.
- Click Save to update the pro forma.
Step 3: Adjust management fees
- In the Quick Underwrite tab, click the three-dot menu again.
- Scroll down to Management Fee (Operations Base Rate).
- Enter your desired percentage.
- Example: Change from 25% to 18%.
- Click Save to apply the new management fee.
Step 4: Adjust member (owner) days
- Use the Member Days toggle to input the number of days the owner plans to use the property.
- Example: Set member days to 14 if the owner will occupy the home for two weeks.
- The pro forma will automatically adjust the revenue, deducting the member usage from the total effective revenue.
Step 5: Review the pro forma
All changes to cleaning fees, management fees, and member days are reflected in the pro forma, including:
- Booking revenue
- Effective revenue
- Deductions for member usage
Key points to remember
- Cleaning fees: Match market averages or set a custom rate.
- Management fees: Adjust to reflect your specific agreement or projections.
- Member days: Account for owner usage to generate accurate revenue estimates.
The Quick Underwrite tool gives you the flexibility to fine-tune your revenue projections and account for all variables. Use these steps to ensure your financial models reflect the property’s true potential.