Also known as “serviced apartments”. They’re apartments that combine the conveniences and services of a hotel room with the independence of a short-term rental.
A term used to define someone who travels with a backpack. Backpackers are often independent travelers who look for low-cost and long-term experiences.
Bartered services
The act of exchanging a stay at a vacation property for goods or services, such as repairs and maintenance.
Beach house
A holiday home that is near or on the beach. Beach houses are typically constructed with materials that are resistant to the sun, salty air and sea.
A real-estate property that will require maintenance work (redecoration, reconstruction or redesign), though it usually can be lived in as it is. Fixer-upper houses are usually offered for sale at a low price.
Gaps
Dates in which a property has no reservations.
Holiday lets
The term for vacation rental homes in the United Kingdom or other countries that use British English.
Homeowners’ Association (HOA)
The association that makes and enforces rules for the properties and their residents in certain communities, complexes and neighborhoods. The HOA is also often responsible for the maintenance, upkeep and financial management of common areas.
Inventory
A business term used to refer to the portfolio of properties a property manager has to offer guests.
A higher-quality property – often a serviced rental – with superior architecture, services and amenities that are usually reflected in the rental price.
Multi-family building
A building or complex that is intended for multiple long-term tenants, but can also incorporate short-term units.
Multi-unit
A set of indistinguishable properties. The decision of which specific property the guest will stay in is up to the property owner. A good example of a multi-unit property is a set of identical hotel rooms.
No-show
The case where some guests with a reservation do not show up to use the property they have reserved, without explicit cancellation.
The business practice of hiring an outside party to undertake services that were traditionally carried out in-house by the company’s own employees. Examples of this would be check-in, cleaning and turnover services, or even property management.
Overbooking
More bookings than the available rooms or properties.
Properties that are sold before their construction at a discounted price.
Preparation Time Before Arrival (PTBA)
Also known as “release days”. The minimum number of days in advance a booking has to be made, e.g minimum of two days before arrival. This allows property managers to gain better control of last-minute bookings and gives them time to prepare for the guest’s arrival.
Also known as “booking”. It refers to the lease of a property for a given period of time.
Reservation confirmation
Message sent from the vacation rental owner or property manager to guests to verify that the booking was made successfully.
Room type
Different categories of rooms available at a property or properties. Images and descriptions of main features and amenities applying to each room category will usually be included on the property website and across its distribution channels. Prices tend to vary for different room types.
Accommodations that usually include private or shared kitchen facilities where guests are able to make their own meals.
Serviced apartment
A property that provides the freedom and privacy of an apartment with the conveniences and facilities of a hotel. It’s sometimes referred to as an “apart-hotel”.
Sharing economy
The term used to describe the industry that uses non-traditional peer-to-peer business models.
Short-term rentals
Properties and accommodations that are rented to guests for a short period of time.
Websites and companies that show information for a vacation rental. Examples of this include tripping.com and tripping.com’s partner sites, such as Vrbo and HomeAway.
Preferred term in Europe, villa rental or villa holiday refers to detached houses in warm climates.
VRMA
The Vacation Rental Management Association provides best-in-class education, networking, and professional development opportunities to make a difference for you and your company.
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