Embarking on the short-term rental journey? This comprehensive glossary will empower you with the knowledge and terminology needed to thrive in this dynamic landscape. From seasoned hosts to newcomers, understanding the industry's unique vocabulary is key to success.
A-Z Short-Term Rental Terminology
- Access: The method by which guests enter and exit the property, often through a key, code, or smart lock.
- Accounting: The process of tracking income and expenses related to your rental property.
- AI (Artificial Intelligence): Technology that automates tasks and enhances guest experiences, such as chatbots for customer service.
- Amenities: The extra touches that elevate a guest's stay, from Wi-Fi to pools to complimentary breakfast.
- Automation: Utilizing technology to streamline tasks like bookings, communication, and pricing adjustments.
- Average Length of Stay (ALOS): The average duration of guest bookings, a valuable metric for understanding booking patterns.
- Booking: The confirmation of a guest's reservation for a specified period.
- Booking Request: An inquiry from a potential guest to reserve your property for specific dates.
- Booking.com: A popular online travel agency offering a wide array of lodging options, including short-term rentals.
- Boutique Hotel: A small, stylish hotel, often independently owned, that offers personalized service and unique amenities.
- Cancellation: When a guest or host terminates a confirmed booking.
- Cancellation Fees: Charges incurred by the guest or host for canceling a reservation.
- Cancellation Policy: The terms and conditions governing cancellations, including potential refunds or fees.
- Channel: A platform where hosts list and guests book short-term rentals (e.g., Airbnb, Vrbo).
- Channel Manager: Software that centralizes listings across multiple booking platforms for efficient management.
- Cleaning Fee: An additional charge to cover the cost of tidying up after each guest's departure.
- Contract: A legally binding agreement outlining the terms and conditions of the rental.
- Co-hosting: Collaborating with another individual or a company to share the responsibilities of hosting.
- Cottage: A charming, often smaller dwelling that offers a cozy and intimate vacation experience.
- Dashboard: A central hub within property management software providing an overview of bookings, revenue, and performance.
- Digital Nomad: An individual who leverages remote work to live and work from anywhere, frequently utilizing short-term rentals.
- Direct Booking: When guests reserve a stay directly with the property owner, bypassing third-party platforms.
- Direct Booking Site: A website owned by the host, enabling direct bookings from guests.
- Distribution Channels: The various platforms where a property is listed for booking (e.g., OTAs, direct booking sites).
- Dynamic Pricing: Adapting rental prices in real-time based on demand fluctuations and market trends.
- Eco-Friendly: A property that prioritizes sustainable practices and minimizes environmental impact.
- Extended Stay: A booking for a longer duration, typically exceeding 30 days.
- Fire Safety: Regulations and measures to prevent and mitigate fire hazards in a rental property.
- Glamping: A luxurious form of camping that combines nature with modern amenities.
- Guest Experience: The sum of all interactions and impressions a guest has during their stay, impacting their overall satisfaction.
- Guest Reviews: Valuable feedback left by guests that can influence future bookings.
- Guest Screening: Vetting potential guests to ensure they are a good fit for your property.
- HomeAway (Vrbo): A leading online marketplace specializing in vacation rentals and owned by Expedia Group.
- Hospitality: The warm and welcoming treatment of guests, creating a positive and memorable experience.
- HOA (Homeowners Association): An organization that manages a community of homes and may have rules regarding short-term rentals.
- Hotel: A traditional establishment offering paid lodging and various amenities, often with a focus on service.
- Inquiry: A request from a potential guest seeking information or expressing interest in booking a property.
- Insurance: Coverage that protects hosts and guests from financial losses due to accidents, damage, or liability.
- Investor: An individual who purchases property with the intention of generating income through rentals.
- KPI (Key Performance Indicator): A measurable value used to track and evaluate the success of a rental business.
- Keyless Entry: A system allowing guests to enter a property using a code, app, or other electronic means, eliminating the need for physical keys.
- Lease Agreement: A legal document outlining the terms and conditions of a rental agreement between the host and guest.
- Local Regulations: Rules and ordinances specific to a city or county governing short-term rentals.
- Long-Term Rental: A property leased for an extended period, typically months or years.
- Minimum Stay: The shortest duration for which guests can book a stay at the property.
- Multi-Channel: Listing a property on multiple booking platforms to increase visibility and reach a wider audience.
- Non-Smoking Property: A rental where smoking is strictly prohibited.
- Occupancy Rate: A metric representing the percentage of time a property is booked over a given period.
- Off-Peak Season: Periods of lower demand and potentially lower rental rates.
- OTA (Online Travel Agency): Third-party platforms such as Airbnb, Vrbo, and Booking.com where guests can search and book accommodations.
- Operational Expenses: Costs incurred in running a short-term rental, including cleaning, maintenance, and utilities.
- Overbooking: Accidentally accepting more reservations than available dates, leading to potential double bookings.
- Owner's Portal: A secure online platform for property owners to manage their listings, bookings, and financials.
- Peak Season: The period of highest demand and typically the most expensive time to book a rental.
- Pet Fees: Additional charges for guests bringing pets to the rental.
- PMS (Property Management System): A comprehensive tool that helps hosts manage listings, bookings, payments, and guest interactions.
- Query: A question or inquiry a potential guest poses regarding a property or booking.
- Rental Arbitrage: Leasing a property from a landlord and then subletting it short-term.
- Reservation: A confirmed booking for a specific period.
- Repeat Guests: Guests who have previously stayed at the property and return for another visit.
- Revenue Management: Strategically adjusting prices and availability to maximize revenue potential.
- ROI (Return on Investment): A measure of profitability calculated as net income divided by investment.
- Sales Tax: A tax levied on goods and services, including short-term rentals in some jurisdictions.
- Screening: Vetting potential guests to ensure they meet specific criteria and are a good fit for the property.
- Seasonality: The fluctuation in demand and pricing throughout the year, influenced by factors like holidays and weather.
- Service Fee: A charge imposed by booking platforms to facilitate transactions and provide support.
- Short-Term Rental: A furnished property rented for brief stays, typically ranging from a few nights to a few weeks.
- Smart Home: A residence equipped with internet-connected devices that can be controlled remotely.
- Smart Lock: A Wi-Fi or Bluetooth-enabled lock allowing for keyless entry and remote access control.
- Staycation: A vacation spent at home or in the local area, often utilizing short-term rentals for a change of scenery.
- Superhost: A designation awarded by Airbnb to hosts who consistently provide exceptional guest experiences.
- Tax Returns: Documents filed with tax authorities reporting income and expenses for a given period.
- Themed Rentals: Properties designed around a specific theme, such as a beach house or a movie-themed apartment.
- Third-Party Booking: Reservations made through online travel agencies or other platforms rather than directly with the host.
- Travel Insurance: A policy offering financial protection to guests in case of trip cancellations, medical emergencies, or lost luggage.
- Turnover: The process of preparing a property for new guests after the previous occupants check out.
- Upsell: Offering additional services or amenities to guests during their stay for an extra fee.
- Vacation Rental: A synonym for short-term rental, often used interchangeably.
- Verification: The process of confirming a guest's or host's identity and legitimacy.
- Virtual Assistant: A remote worker who provides hosts administrative, technical, or creative assistance.
- VRBO (Vacation Rentals by Owner): A popular online vacation rental marketplace, now Expedia Group owns.
- VRMA (Vacation Rental Management Association): A professional organization representing the interests of the vacation rental industry.
- Yield: A measure of the revenue generated per available rental night, similar to ADR but considering occupancy.
Elevate Your Hosting Game with BoomNow
BoomNow's customizable property management software empowers hosts with tools to optimize operations, increase revenue, and enhance guest experiences. From AI-powered support to automated accounting and real-time insights, BoomNow is your partner in navigating the complexities of short-term rentals.
Ready to take your hosting to the next level? Explore BoomNow's affordable solutions today.
Image downloaded from www.freepik.com
