Property Management Terms | Lodgify Encyclopedia

Property owners can invest in Airbnb management services to take care of tasks like check-in and check-out, cleaning and guest communication. Read more

Availability, rates & inventory

A system for transferring property availability between systems.

Back-to-back booking

When one set of guests check out and another set check in on the same day.

Bartered services

The act of exchanging a stay at a vacation property for goods or services, such as repairs and maintenance.

Booking confirmation

Notification (email, sms, etc.) which includes booking reference, rental contract and house rules. Usually sent to guests at the time that they book your vacation rental.

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.

Broom clean

A term used in the real estate industry to describe the condition or cleanliness of a home. It is open to interpretation, however, broom-clean homes are usually free of excess things like personal items and debris, and have been swept or vacuumed.

Changeover days

Specific days of the week which owners set as the days they would like bookings to begin and end.

Check-in

The procedure by which the property formally registers the arrival of the guest for their stay. Read more

Check-out

The procedure by which the guest formally vacates the property after their stay. Read more

Closed to arrival (CTA)

A tool that makes certain days unavailable for arrivals.

Co-host

Feature on Airbnb which allows an owner to assign a co-host to the account. The co-host is somebody that the listing owner knows already and they will help them to take care of their home and guests.

Cosmetic upgrades

Home improvements which impact, above all, the property’s look & feel. For example, painting, installing new flooring or a new fireplace.

Depth of inventory

The number of similar units that are available to rent in a specific area.

Electronic lock

A digital or push-button mechanical lock that does not require a key or access card to operate.

Fixer-uppers

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.

Guest experience

Guest experience is defined as the interactions you have with your guests from before they check-in to after they leave. This term is primarily used in the hospitality industry to measure the experience you provide to your guests. Read more

Guest screening

A process used by property owners and managers to get to know and evaluate prospective guests before allowing them to rent their home. Read more

Home sitting

Home sitting means having non-paying guests (or guests who will pay under-market value) stay in the vacation rental to look after the property and make sure everything is in working order. Read more

Homeowners’ Association (HOA)

HOA stands for homeowner association, which is a group of homeowners within a certain community or neighborhood that makes and enforces rules and regulations for their community. Read more

House rules

Set by the host to cover anything that’s important for guests to know during their stay at a property. They are an ideal opportunity to clearly state what you expect of guests, what they can and can’t do and what penalties will occur if the house rules are broken. Read more

Inquiry

Message from a potential guest seeking information about a listing or property.

Inventory

A business term used to refer to the portfolio of properties a property manager has to offer guests.

Key drop box

A key collection/return method which involves depositing keys in a trusted, secure box in a public place, i.e. in a local store.

Key exchange solution

Software to simplify the process by which guests are given keys and collected upon check-out.

Keyless entry

Method of accessing a property with no keys, normally by temporary passcode or wireless apps.

Lockbox

A small safe that is attached to your vacation rental and contains the keys to your property. Lockboxes come in a variety of sizes and either has a single code that never changes, or can be re-coded by the owner. 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

Multi-calendar

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

Operations

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

Outdoor amenities

The desirable or useful features of a property’s exterior. For example, a swimming pool, fire pit, or outdoor kitchen. Read more

Over-improvement

When a property manager or vacation rental owner has renovated the property with amenities that won’t result in monetary gains.

Owners portal

A dedicated dashboard that enables vacation rental owners who outsource the management of their homes to view their properties’ performance.

Owner’s closet

Locked closet that inside the vacation rental property which stores the owner’s personal items. Usually off-limits for renters.

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.

Property

A vacation rental or short-term rental home.

Property description

Content on your website or listings which tells your property’s story, gives your home a voice, and convinces readers to book your rental. Read more

Property management agreement

A legally binding document between a property manager and property owner which clarifies in writing any arrangements that have been made between the two parties, including house rules and repercussions if broken.

Property management cost

The total amount of expenses involved in managing a rental property.

Property Management System (PMS)

Software that facilitates the management of rental properties. this includes reservations and booking calendar, guest communication, rates, listings on other channels, property information, and more. Read more

Property manager

A specialist employed to execute real estate management for long-term or short-term rental housing.

Quiet hours

Specified hours during which guests are expected to keep noise to a minimum at a vacation rental or short-term rental property.

Release days

Also known as “Preparation Time Before Arrival (PTBA)”. 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.

Rental agreement

A legally binding document between homeowner and guest which clarifies in writing any arrangements that have been made between the two parties, including house rules and repercussions if broken. Read more

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.

Screening guests

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

Self Check-In

The self check-in option on Airbnb allows guests to enter your vacation rental upon arrival without meeting directly with you or your property manager. Self check-in is especially useful if you own multiple properties and can’t be everywhere at once handing out keys, giving tours, or going over house rules. Read more

Smart locks

A WiFi or Bluetooth-enabled smart home device that allows users to lock and unlock a door by sending secure signals from a mobile application on their smartphone, computer or tablet. Smart locks provide remote, keyless access to a property. 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

Task management

Tools to simplify the distribution and monitoring of tasks.

Vacation rental management

The process involved in managing and running a vacation rental business, optionally made simpler with rental property software.

Value-added items

Additional amenities that could increase the occupancy level of a property. For example, high chairs, hot tubs, pool tables, and sofa beds are all value-added items.

Welcome app

A website or mobile app that is designed to enrich the guest experience. It will provide guests with everything they need to know before and during their stay. In some cases, guests can chat with the host via the digital welcome app, as well as book local activities or add-ons. Read more

Welcome book

Welcome letter

Introduces guests to your property, even when you can’t be there in person. The welcome letter has one main purpose: to give guests a personal, warm reception to your home. Read more

Property Management

Accessible vacation rental

Airbnb management

Amenities

Automation tools

Availability calendar