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Navigate the world of short-term rentals with ease using this comprehensive guide. Understanding the lingo is crucial to making the most of your rental experience, whether you're a host or a guest.
The price listed for a property, not including any additional fees or charges.
Average Daily Rate (ADR) is a key performance indicator used in the hospitality industry. It represents the average rental income per paid occupied room in a given time period.
Availability refers to the dates and times when a property is available for booking by guests.
Accommodation refers to a place, such as hotels, motels, or vacation rentals, where travelers can stay overnight.
Amenities are features or services that enhance a guest's stay, such as Wi-Fi, a fully equipped kitchen, a swimming pool, or toiletries.
Advance booking refers to the practice of reserving accommodations well before the actual stay.
The fee charged by the platform where the property is listed, usually a percentage of the booking cost.
Booking.com is a popular online travel agency (OTA) that provides a platform for property owners and managers to list their accommodations and for travelers to make reservations. It offers a wide range of accommodations, including hotels, vacation rentals, and bed and breakfasts (B&Bs).
The period in which your property is available for reservations.
The formal acknowledgment sent to the guest once their reservation is secured.
A booking refers to a reservation made by a guest to stay at a property for a specific period of time.
Occurs when one booking ends and another begins on the same day.
A reservation made by a business for employees traveling for work purposes.
The fee charged by credit card companies to process payments.
A thorough cleaning process that takes place between guest stays.
Adherence to local laws, regulations, and platform policies related to short-term and holiday rentals.
Specific dates when your property is not available for reservations.
Check-out is the process by which guests depart and officially end their stay at the property.
A cleaning fee is an additional charge to guests to cover the cost of cleaning the property after their stay.
Check-in is the process by which guests arrive and gain access to the property at the start of their stay.
A channel manager is a tool that allows hosts to manage multiple listing platforms or distribution channels from a single interface.
A cancellation policy outlines the terms and conditions for guests to cancel their booking, including any penalties or refunds.
Calendar management involves keeping track of a property's availability for bookings, including managing reservations, blocking off unavailable dates, and updating the calendar in real time.
Co-hosting involves sharing hosting responsibilities for a property with another person, often a friend, family member, or neighbor.
Dynamic pricing is a strategy where prices are adjusted in real-time based on factors such as demand, seasonality, and local events.
A double booking occurs when a property is booked by two different guests for the same time period.
A message or question from a potential guest to a host before booking a property.
In the context of short-term rentals, an experience refers to the overall impression and satisfaction a guest has during their stay at a property.
Estimated earnings refer to the projected income a host can expect to receive from renting out their property, based on factors like pricing, occupancy rate, and booking frequency.
Changeover Clean refers to the thorough cleaning process that takes place after a guest checks out, preparing the property for the next guest.
Early check-in allows guests to access the property before the standard check-in time.
An extended stay refers to a long-term booking, typically lasting weeks or months, as opposed to typical short-term stays of a few days.
A furnished rental is a property that is rented out with furniture and appliances, making it ready for immediate use by guests.
A property that is available for rent year-round.
Nights that are unbooked between two reservations.
The total income from a rental before any expenses or fees are deducted.
Feedback provided by a guest after their stay at a property.
A document outlining the terms and conditions of a guest's stay at a property.
An individual who books and stays in a short-term rental property.
A property that is rented out on a short-term basis, typically for holiday purposes.
The process of cleaning and maintaining a property.
Guidelines set by the host that guests are expected to follow during their stay.
The owner or manager of a short-term rental property who is responsible for preparing the property for guests, managing bookings, and providing customer service.
The time of year when demand for short-term rentals in a particular area is highest.
The items provided in a short-term rental property for guests to use.
A policy that provides financial protection for hosts in case of damages to their property, liability claims, or other risks associated with renting out a property.
A feature on some booking platforms that allows guests to book a property immediately without needing approval from the host.
The entire experience a guest has from the moment they book a property to the time they check out.
When two or more individuals share the responsibilities of managing a short-term rental property.
A system that allows guests to access a property without a physical key.
The process of handing over the keys to a property to guests at the start of their stay, and collecting them at the end.
A reduction in price offered to guests who book a property close to the check-in date.
A reduction in price offered to guests who book a property for a certain length of time.
Items provided for guest comfort, such as bed sheets, towels, toiletries, etc.
The period of the year when demand for short-term rentals in a particular area is lowest.
A secure box that holds the keys to a property.
The online advertisement for a short-term rental property.
When a guest leaves the property later than the agreed-upon check-out time.
Listing optimisation in short-term property management is the strategic process of improving property listings to increase visibility, attract guests, and maximise bookings.
The shortest length of time for which a property can be booked.
When a property is listed on multiple booking platforms to increase visibility.
The cost of booking a property for an entire month.
The maximum number of guests that a property can accommodate.
The process of keeping a property in good condition.
The income from a rental after all expenses and fees have been deducted.
The cost of booking a property for one night.
When a guest does not arrive for their booking and does not communicate their change of plans to the host.
A type of booking where the guest will not receive a refund if they cancel.
The percentage of time that a property is rented out.
The time of year when demand for short-term rentals in a particular area is lowest.
A term used to describe properties that allow guests to bring their pets.
The method used by a host to determine the price of their property.
The operation, control, and oversight of a property.
The process of ensuring that a property meets certain standards of cleanliness, comfort, and safety.
A period of time set by the host during which guests are asked to keep noise to a minimum.
The price given to a guest for their stay at a property.
The initial period after a property is listed, during which bookings and revenue may be lower as the property gains visibility and reviews.
A sum of money paid by the guest that can be returned at the end of their stay, provided there are no damages or other issues.
A contract between the host and the guest outlining the terms and conditions of the rental.
A booking made by a guest to stay at a property for a specific period of time.
An estimate of future income from a property based on factors like booking rates, pricing, and market trends.
Feedback left by guests after their stay.
Regular checks of a property to ensure it is well-maintained and to identify any necessary repairs or maintenance.
The position of a property in search results on a booking platform.
A pricing strategy where the cost of a rental varies depending on the time of year.
An amount of money collected from guests to cover potential damages to the property during their stay.
A process that allows guests to check into a property without the host being present.
A property that is rented out for short periods of time, typically ranging from a few days to a few months.
The period between peak and off-peak seasons, when demand is moderate.
A pricing strategy where the price of a property stays the same regardless of factors like demand or seasonality.
A light cleaning process that takes place during a guest's stay or between closely spaced bookings.
The period between when one guest checks out and the next guest checks in.
A type of insurance that covers various risks associated with travel.
The rules set by the host that guests agree to when they book a property.
A period of time when a property is not available for bookings.
Services such as electricity, water, and gas that are necessary for the functioning of a property.
An online marketplace for vacation rentals, similar to Airbnb.
The percentage of time that a property is not rented out.
Wireless internet access provided in the property.
A guide provided by the host that includes important information about the property and the local area.
The cost of booking a property for an entire week.
The cost of booking a property for an entire year.
