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.
Dates in which a property has no reservations.
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.
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.
A building or complex that is intended for multiple long-term tenants, but can also incorporate short-term units.
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.
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.
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.
Message sent from the vacation rental owner or property manager to guests to verify that the booking was made successfully.
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.