Real estate agent/Realtor: A licensed professional that sells and rents properties on behalf of property owners.

Real estate: A piece of land or a building or group of buildings.

Self-catering accommodation: A property that features a kitchen and appliances necessary for guests to make their own meals.

Serviced apartment: Often referred to as an aparthotel, a property that offers the independence and privacy of an apartment with the conveniences and services of a hotel.

Short-term apartments: Properties within a multi-unit building that are designated for short-term use.

Short-term rentals: Accommodations designated to be rented to travelers or guests for a short period of time.

Single Family House (SFH): An accommodation intended for one family.

Smart home: A property with features that can be controlled remotely, often offered by top property management companies and apart-hotels.

Themed vacation rental: A property that incorporates a specific theme into its features and design in order to stand out and attract travelers.

Timeshare: A property with multiple owners who are free to use it for personal use at specific points in the year.

Vacation rental: Any type of property rented out temporarily to people on vacation, can refer to everything from standard apartments and apart-hotels to more unique lodgings like boathouses and yurts.

Value-added items: Additional features or amenities that enhance the value of vacation rentals and apart-hotels.

Villa holiday: The European term for a vacation rental.

Marketing

Airbnb Superhost: A status meant to represent the best property management companies on Airbnb, granted to Airbnb hosts who meet certain criteria, namely hosting a minimum of 10 stays per year, maintaining a 90% response rate and a low cancellation rate and earning 5 stars for at least 80% of their reviews.

Best rate guarantee: The promise that the rate advertised is the lowest rate available.

Billboard effect: Increased exposure and bookings for a property as a result of being listed on multiple portals or OTAs.

Branding: The process of associating one’s business with a specific message or design.

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 Now” or “Check Availability.”

Channel manager: A property tech tool that facilitates the publication and maintenance of listings on multiple channels.

Channels: Sites like Airbnb and Booking.com that offer property managers a platform to advertise their listings and collect bookings.

Distribution channel: Third-party platforms that advertise properties and facilitate bookings.

Listing: The profile of a property that is published on an online booking platform and generally includes a title, description, photos and pricing.

Managed distribution: Online property distribution that is carried out with the assistance of third-party services, like dynamic pricing solutions or a channel manager.

On brand: A description of actions a business takes that is true to its brand and messaging.

OTA ranking: The position of a listing in an OTA’s search results, which can usually be improved through OTA-specific strategies.

Peak season: The periods of the year that coincide with the greatest demand for vacation rentals.

Pet-friendly: A term to describe properties that accommodate pets.

Promotions: Appealing discounts or add-ons offered by hosts to encourage bookings.

Property Description: A written description of a property’s facilities, features and amenities that is posted on the property’s listing page to give potential guests insight into the property’s characteristics.

Qualified rate: A discounted rate given to guests that meet specific criteria.

Referred booking: A reservation that is made due to a referral from someone else.

Repeat guests: Guests who reserve a property after having stayed there previously.

Reputation management: The process of maintaining awareness of consumers’ perspectives on one’s business and taking measures to ensure those perspectives are positive.

Reviews: Public feedback from guests expressing their levels of satisfaction with their stays. On many platforms, hosts can review guests as well.

Room type: A classification of the room being listed and what it includes.

SNAD: Significantly not as described – a term used to describe properties that do not meet expectations set by their online descriptions or photos.

Superhost: A badge awarded to Airbnb hosts who meet certain criteria, namely hosting a minimum of 10 stays per year, maintaining a 90% response rate and a low cancellation rate and earning 5 stars for at least 80% of their reviews.

Sustainable tourism: Travel that emphasizes making a positive impact on the destination or destinations visited.

Traveler: An industry term to refer to potential guests.

Website builder: An online program that builds a website on the user’s behalf based on the information they’ve provided.

Metrics Terms For Short Term Rentals

Average Daily Rate (ADR): A metric that represents the average rental income per occupied room in a specified period of time. It is calculated by dividing the average total revenue earned by the number of occupied properties.

Average Length of Stay (ALOS): The average number of nights that a guest stays at a property over a specified duration.

Booking curve: A visual map of the increase or decrease in bookings over a certain period of time, indicating to property owners and managers when and how to adjust rates and availability in order to maximize bookings.

Booking pace: The rate at which bookings are made in advance of a particular date.

Conversion rate: The rate at which those who visit a property’s listing actually book a stay at the property, obtained by dividing the number of bookers by the total amount of visitors to a listing profile.

Key Performance Indicators (KPIs): Numbers that indicate the progress of a business, to help companies ensure they are providing the best property management possible.

Occupancy forecast: The predicted occupancy levels for a future span of time.

Occupancy rate: The number of booked nights divided by the sum of the available nights and booked nights.

Occupancy: The measure of properties occupied by guests.

Return on investment (ROI): A measure of an investment’s gains relatives to its costs.

RevPAR: Revenue per available room, a performance metric calculated by multiplying the average daily room rate (ADR) by its occupancy rate, or dividing the total amount of revenue by the number of available nights.

Operations Terms

Airbnb management: The process of maintaining, promoting and renting properties that are listed on Airbnb.

Book direct: The option to book directly with the property manager or owner rather than through listing sites and OTAs.

Booking confirmation: Written confirmation from a host upon the finalization of a booking, includes booking reference, rental contract and reservation details.

Booking request: A request from a potential guest to book a property for specified dates, may be approved or declined by the host.

Booking: The reservation of a property.

Broker: A legally certified professional who purchases and sells property on others’ behalves for commission.

Broom-clean: A term used in the real estate industry to describe a property that is both clean and free of excess things like personal items and debris.

Changeover days: Specific days of the week that property managers dedicate to the beginning or end of reservations.

Check-in: The process through which guests declare their official arrival at a property.

Check-out: The process through which guests officially end their stay at a property.

Closed to arrival (CTA): A term that refers to days on which a host or property manager does not accept new guest arrivals.

Co-host: A second host that assists the listing owner in managing the listing and seeing to guests’ needs.

Cosmetic upgrades: Improvements to a property’s appearance.

Damage waiver fee: The less-expensive, non-refundable version of a damage deposit, charged by some hosts along with the basic reservation fee to cover costs incurred by accidental damage.

Deposit refund: The process of returning the deposit a guest has paid.

Direct booking: A commission-free reservation made via phone, email or a property manager’s site, rather than a third-party listing platform.

Distribution channel: Third-party platforms that advertise properties and facilitate bookings.

Double booking: A reservation that overlaps with an existing booking, usually the result of listing properties on multiple channels without synching the corresponding calendars.

Dynamic pricing: The concept of changing a property’s nightly rate based on fluctuations in demand, in order to maximize revenue and occupancy.

Gaps: Dates on which a property has no reservations.

Guest experience: The experience hosts provide their guests during the booking process and throughout their stay.

House rules: Custom rules hosts or property managers outline on their listings to outline their expectations regarding their guests’ behavior. Examples include no partying, no smoking and no pets.

Inquiry: Communication from a prospective guest seeking information about a listing.

Instant booking: A booking made on-the-spot without requiring prior approval from the host. Property managers can choose to enable this option or to maintain authority over who can book their properties.

Intelligence: Business data collected to help property managers construct informed business strategies.

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

Inventory: A business term used to refer to the portfolio of properties a host has to offer consumers.

Key exchange solution: A system to facilitate and simplify the process of giving keys to guests and collecting them upon checkout.

Key exchange: The process of meeting guests to both give and collect keys at the start and end of their visits.

Key Performance Indicators (KPIs): Numbers that indicate the progress of a business, to help companies ensure they are providing the best property management possible.

Length of Stay (LOS): The number of nights a guest will stay at a property.

Length of Stay Pricing: A pricing strategy that accounts for the number of nights reserved and usually decreases the nightly rate for each night added.

Listing: The profile of a property that is published on an online booking platform and generally includes a title, description, photos and pricing.

Low season: A time of year during which travel is less popular, resulting in fewer bookings for property managers and generally prompting them to lower their prices to stay competitive.

Maintenance solution: A platform that simplifies the process of maintaining one’s properties.

Maintenance: The measures property managers take to ensure their properties remain in working order.

Managed distribution: Online property distribution that is carried out with the assistance of third-party services, like dynamic pricing solutions or a channel manager.

Minimum stay: The required number of dates a guest must reserve in order to book a property, as set by the host.

Mobile Management App: An application that enables property managers to access their software solutions from their smartphones.

No-show: A guest who does not arrive for check-in.

Off-peak: Dates during which there isn’t a lot of demand for vacation rentals.

Operations: The tasks involved in running a property management business.

Outsourcing: The act of delegating specific operations to an external company rather than managing them in-house.

Over-improvement: A term to describe enhancements made to a property that will not result in monetary or business gain.

Overbooking: An instance that occurs when more properties are booked than are available.

Payment Processor/Payment Gateway: A system that collects and processes payments.

Peak season: The periods of the year that coincide with the greatest demand for vacation rentals.

Property management platform (PMS): A property tech solution designed to centralize and simplify the operations involved in professional property management.

Property Manager: A professional hired to facilitate real estate property management for accommodations that will be rented for long or short-term stays.

PTBA: “Preparation time before arrival.” The minimum number of days in advance a reservation must be made to afford property managers sufficient time to prepare for the guest’s arrival.

Query: A question from a potential guest seeking more information about a listing or property management company.

Quiet hours: Specified hours during which guests are expected to keep noise to a minimum.

Referred booking: A reservation that is made due to a referral from someone else.

Repeat guests: Guests who reserve a property after having stayed there previously.

Reputation management: The process of maintaining awareness of consumers’ perspectives on one’s business and taking measures to ensure those perspectives are positive.

Reservation confirmation: A message sent from a host to a guest that verifies that the reservation was made successfully.

Reservation: The purchase of a property for specific dates.

Revenue management: The process of utilizing various measures to organize and maximize revenue.

Screening guests: A precautionary measure taken by property managers who wish to prevent damage and fraud.

Shoulder season: A period that separates high and low seasons and doesn’t fall into either category.

Task management: Software that aims to simplify the distribution and monitoring of tasks and enable more advanced property management.

Tenant: An individual who pays rent to occupy a property for a temporary period of time.

Vacation rental management: The process involved in running a vacation rental, optionally made simpler with a rental property software.

Welcome app: An app that aims to enhance guests’ experience by providing lists of local attractions and recommendations as well as instructions regarding the property and more.

Welcome book: A physical book that performs most of the same functions as a welcome app.

Yield management: The process of varying one’s rates and rules in order to maximize occupancy and revenue.

Technology and Tools Terminology

Analytics tools: Property technology, often included in a PMS system, that analyzes and interprets business performance for property management companies, as measured by a number of different parameters.

API integration: A bridge that enables integration and data sharing between two property tech platforms, such as a channel manager and an online booking channel.

Automation tools: Technology that streamlines operations involved in short-term rental property management by setting up triggers to initiate a flow of actions, such as messaging guests, reviewing guests or charging payments.

Availability calendar: A dynamic calendar that displays available/vacant dates for specific properties.

Booking engine: A software used to securely process reservations and payments.

Booking system: The method a property manager uses to facilitate bookings.

Booking widget: A link that property managers can add to their websites or social media pages to take potential guests directly to a means of booking their properties.

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 Now” or “Check Availability”.

Channel manager: A property tech tool that facilitates the publication and maintenance of listings on multiple channels.

Channels: Sites like Airbnb and Booking.com that offer property managers a platform to advertise their listings and collect bookings.

Cleaning service: A third-party company that property managers can hire to carry out their cleaning operations.

Demo: An inside look at a software platform for prospective users to help them determine if it’s the best property tech solution for them.

Distribution channel: Third-party platforms that advertise properties and facilitate bookings.

Dynamic pricing: The concept of changing a property’s nightly rate based on fluctuations in demand, in order to maximize revenue and occupancy.

Electronic lock: A mechanical lock that enables keyless entry to a property.

Features: Tools offered by a property management software.

Global Distribution System (GDS): A system that facilitates transactions between service providers within the travel industry.

Help center: A source for detailed responses to the most common questions about a particular product or software.

Intelligence: Business data collected to help property managers construct informed business strategies.

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

Key drop box: A secure box or storage location where keys are retrieved and returned by guests.

Key exchange solution: A system to facilitate and simplify the process of giving keys to guests and collecting them upon checkout.

Keyless entry: A method of accessing a property without keys, usually through a temporary passcode or a wireless application.

Listing site: A platform dedicated to showcasing properties available for rent, often including everything from treehouses and huts to luxury apart-hotels.

Lockbox: A secure box located on or near a property in which property managers store keys for guests to avoid the hassle of in-person key exchanges.

Luggage shipping solution: A company that ships travelers’ luggage to their destinations so they can smoother travel experiences.

Luggage storage solution: A platform that facilitates secure luggage storage for travelers so they can explore their destination luggage-free both pre-check in and post-checkout.

Maintenance solution: A platform that simplifies the process of maintaining one’s properties.

Managed distribution: Online property distribution that is carried out with the assistance of third-party services, like dynamic pricing solutions or a channel manager.

Mapping: The synchronization between a listing on a property management software and the corresponding listing on an OTA.

Marketplace: A collection of third-party solutions with which a property management software has built direct integrations.

Mobile Management App: An application that enables property managers to access their software solutions from their smartphones.

Multi-Calendar: A calendar that reflects reservations made on every booking channel the property manager utilizes to distribute listings.

Native app: An application designed and developed specifically for mobile devices.

Noise monitoring solution: A system that tracks the volume levels in a property and alerts host when it exceeds a pre-determined maximum.

Online payment service: Platforms that enable payments to be made instantly via the internet.

Online Travel Agency (OTA): Online platforms like Airbnb and Booking.com that facilitate the promotion and booking of short-term rental properties.

Open API: A development feature that enables a platform to integrate with external software solutions.

Owners portal: A dedicated dashboard that enables homeowners who outsource the management of their homes to view their properties’ performance.

Payment Processor/Payment Gateway: A system that collects and processes payments.

Property management platform (PMS): A property tech solution designed to centralize and simplify the operations involved in professional property management.

Property tech: Also known as prop tech, refers to the application of technology to real estate markets and the use of innovation to simplify or improve operations in the property industry.

Reports: Business data presented in an organized and comprehensible format.

Reservation system: The system through which bookings are made and processed.

Self-check-in: The process whereby a guest checks themselves into a rental, an option that generally requires hi-tech solutions that enable keyless access.

Smart home: A property with features that can be controlled remotely, often offered by top property management companies and apart-hotels.

Smart locks: Devices that enable hosts and guests to lock and unlock a door through secure signals sent wirelessly from their phones, tablets or computers.

Software solution: An operating system designed to solve a specific problem or simplify a particular task.

Task management: Software that aims to simplify the distribution and monitoring of tasks and enable more advanced property management.

Third-party platforms: External websites and solutions that can perform specific functions for one’s business.

Vacation rental guide: A resource anyone who wants to know how to become a property manager or how to run their existing property management business.

Vacation rental software: A solution built to help property managers run multiple vacation rental properties simultaneously

Website builder: An online program that builds a website on the user’s behalf based on the information they’ve provided.

Summary

If you are getting into the short-term vacation property business or just want to be a well-informed vacation property renter, this list should guide you through all the jargon and lingo. As you can see, it covered everything related to inventory, marketing, and financials to the property technology and tools used to helping property managers succeed.  Hopefully, you found everything you need to talk about the short-term rental industry game.