Marketing Terms | Lodgify Vacation Rental Encyclopedia

Advertised price

The price per night that a rental manager or channel is showing to the traveler.

Availability calendar

An online calendar that shows up-to-date calendar availability for a property. Read more

Availability, rates & inventory

A system for transferring property availability between systems.

Best Available Rate (BAR)

The best Available Rate is the lowest, non-restricted rate bookable by all guests. This rate can change several times per day or week. Read more

Best Rate Guarantee

The promise that whatever rate the traveler books at is the lowest possible rate that can be found anywhere.

Billboard effect

The theory that by listing a vacation rental on multiple portals or OTAs, the property will receive more exposure and as a result, more direct bookings. also known as window shopping. Read more

Blackout dates

Blackout dates are specific dates in which vacation rental home owners don't accept any reservations, as they want to use the property themselves or allow friends or family to stay at the property free of charge. Read more

Booking

Also known as “reservation”. It refers to blocking a specific vacation rental property for a definite duration of time for a particular guest.

Booking curve

A tool that visually shows how bookings materialize over a certain time period, helping property owners and managers to adjust rates and availability accordingly.

Booking request

The reservation method which requires approval from the host before a guest can book a property. In general, guests will message hosts in order to ask for availability and confirm the booking before sending any payment. Read more

Business plan

An overarching set of rules, goals and frameworks that will help you to make decisions for your business and its future. Read more

Call-to-Action (CTA)

A prompt on a website that tells the user to take some specified action. Usually takes the form of a button or hyperlink and written as a command such as “Book Bow” or “Check Availability”.

Canned responses

Predetermined responses to common questions, for example, “when is check-in time?”. Read more

Channels

Listing websites where owners can distribute their properties and manage them via a channel management software. Read more

Comparative Market Analysis

A report on comparable homes in the area that is used to derive an accurate value for the home in question.

Competitive set

A group of rental properties that can be seen as direct competitors to your property because they are similar in style and price, and attract the same demographic. Owners often compare performance against their compset, in order to find ways to make their own offering more competitive.

Conversion rate

The number of travelers viewing a property online or making an inquiry who decides to actually book it.

Direct booking

When a guest books directly via the property owner or manager’s website, rather than through a third-party distribution channel.

Gaps

Dates in which a property has no reservations.

Instant booking

The reservation method which doesn’t require approval from the host before guests can book them. Guests can choose their travel dates, book and pay without speaking to the host first. Read more

Internal solutions

Tech solutions aimed at making internal operations – like distribution of tasks – more efficient.

Length of Stay pricing

Pricing strategy which offers a discount for stays that are longer in duration. For example, the longer the guest stays, the cheaper it is per night.

Listing

The profile of a property on a listing site or online travel agency and generally includes a title, description, photos and pricing.

Listing site

Also known as “online travel agency (OTA)”. They’re third-party agents that list accommodations and advertise them through their own network. Airbnb, Booking.com and Vrbo are examples of vacation rental listing sites. Read more

Lodgify

Lodgify is a vacation rental software solution that allows owners and property managers to easily manage their short-term rental business from one place. Owners can create their own bookable website, manage all their reservations on a centralized platform and sync their bookings and calendars with external channels. Read more

Managed distribution

Any services which help vacation rental managers improve their online property distribution. For example, assistance with increasing revenue, adjusting nightly rates, managing payments and accounting, or listing the property on additional channels.

Markup

A price increase on certain channels, typically to guarantee revenue profit on third-party sites which charge commissions.

Multi-calendar

One single calendar that contains bookings made on every booking channel the host utilizes to distribute listings.

On brand

When businesses take actions that reflect the business’s brand and messaging.

Operations

Tasks and actions involved in running a vacation rental and property management business.

Price per guest

Pricing strategy where rates differ depending on the number of guests staying.

Pricing structures

A system of offering different rental rates for different rental seasons.

Promotions

A bonus on a vacation rental (for example, “3rd night free when you book midweek!”) or a special discount for black Friday. Read more

Qualified rate

A rate that the guest must qualify for, such as a corporate rate or a promotional package rate with specific booking conditions.

Query

A request from a prospective guest asking for more information about a listing or vacation rental business.

Quote

The price for a reservation offered to a potential guest and customer.

Rack rate

The official or advertised price of a room or property per night, on which a discount is usually negotiable.

Reputation management

The process of identifying what other people are saying about your business and taking steps to make sure that the general opinion is in line with your company goals.

Reservation

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.

Reviews

Feedback from previous guests about a property. Reviews are a powerful tool for attracting new bookings and encouraging loyal guests. Read more

Screening guests

A precautionary action taken by property owners wishing to escape loss and fraud.

Seasonal rates

Increased lodging costs during popular times to travel. Rates are typically higher because the particular destination is desirable. Often, this is because of the climate, attractions, or events that are happening in the area.

Sell rate

Final price displayed to the guest, including all fees.

Social proof

Is evidence that other people have purchased and found value in a product or service offered by a business. In the case of vacation rentals, social proof can be found in the form of reviews from past guests, social media posts from them, social shares, or even badges showing media mentions in local or national newspapers, blogs and other publications. Read more

Superhost

Term on Airbnb for experienced hosts who provide a leading example for other hosts and extraordinary experiences for their guests. Read more

Third-party distribution

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.

Weekend pricing

Pricing strategy where you add different rates per night for Thursdays, Fridays, and Saturdays.

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