This Glossary is provided to users of the website as a guide to terms and information they may find helpful. Definitions are added, edited or removed occasionally.
Absentee Vacation Rental Manager
Company posing as vacation rental managers who does not actually reside in the geographic area. Actually onlly a booking agent, who sub contracts to freelance housekeepers. Being absent imposes unnecessary risk on property owners and guests.
See also: Property Manager, Vacation Rental Manager Origin: Vacation Rental Association
An online calendar which can be updated to allow renters see the dates open for a certain property (Room, Suite or Home).
See also: Common Calendar Origin: Vacation Rental Association
When guests can see a beach (Salt or Fresh Water) from some area of the property, not necessarily from all ares of the property. May include Full, Partial or Peekaboo Views.
See also: View, City View, Mountain View, Resort View, Water View Origin: Vacation Rental Association
When guests can see sections of a town or city from some area of the property, not necessarily from all ares of the property.. May include Full, Partial or Peekaboo Views.
See also: View, Beach View, Mountain View, Resort View, Water View Origin: Vacation Rental Association
An online calendar which shows a list of available lodging units (room, suites or homes) in a specified Complex or destination; along with available dates. Usually a left hand menu list the units and a top menu shows days or weeks. Booked units are displayed so that a guest can determine which units are available and then make a selection. Available in virtually all lodging software and many lodging websites. Also called a Tape or Grid.
See also: Availability Calendar Origin: Vacation Rental Association
Composite Vacation Rental manager
A company that provides comprehensive vacation rental management services to second homes such as cabins, cottages, houses and villas by being a locally owned and operated business supported by a centralized back office support team. This allows local staff to focus on housekeeping, maintenance, guest and owner services, while the back office.provides accounting, reservations with work class marketing and advertising.
Origin: Vortex Managers Link: VortexManagers.com
(1) A hotel room that is sold as if it were a home, but lacks certain common home features such as a full kitchen.
(2) Any condominium project where homes are operated as a hotel with a registration desk, cleaning service and more. The units are individually owned. Unit owners also have the option to place their unit in the hotels rental program where it is rented out like any other hotel room. Generally, condotels are sold as a second or third home.
NOTE: Mortgage financing for any property categorized as a Condotel may be labeled as "Non-Warrantable" and not financeable in the USA under Fannie Mae and Freddie Mac lending programs.
Origin: Investopedia & VRIA
Corporate Vacation Rental Manager
Very large corporate company, often venture capital backed, that offers vacation rental management services usually to condos, cabins, houses, villas. They hire local employees or contractors but all other services are located far away in a corporate office. Subjects property owners to unreliable services and responsiveness
See also: Vacation Rental Manager, Absentee Vacation Rental Manager, Property Manager Origin: Vacation Rental Association
A fee paid by guests that covers a maximum amount of damages they may cause. It is paid in advance, is non-refundable and covers unintentional damage up to a certain threshold if reported to the owner or manager prior to departure. Does not cover intentional damage, excessive cleaning, charges due to guest failure to follow booking contract or amounts of the limit
Origin: Vacation Rental Association Link: VRIA.org
A stout box which can be attached to a build, that requires a user to punch in a numerical combination code in order to retrieve a key from inside. Usually a mechanical device, not electronic. Some types can be hung on a door knob.
Limited Vacation Rental Manager
A locally owned and operated company that manages multiple second homes for short-term rental such as cabins, condos, cottages, houses, villas, etc. Provides onsite services and marketing without aid of a support organization. May also refer to an individual who works at such a company.
Origin: Vacation Rental Association
Includes the sales, tourism and sometimes other taxes imposed on lodging by governments in a given destination. Facilities are required to add these taxes to the price of lodging and sometimes other costs.
Origin: Vacation Rental Association
When guests can see surrounding mountains from some area of the property, not necessarily from all ares of the property. May include Full, Partial or Peekaboo Views.
See also: View, Beach View, City View, Resort View, Water View Origin: Vacation Rental Association
Some managers give property owners a 10% rental discount when staying in other properties handled by the manager. Usually this is optional and only available to owners who provide the same discount to other owners. Due to seasonality the discount may not be available ina ll properties at all times - - especially during high seasons.
Origin: William May
Name Your Price
An offer to guests to specify the price they want to pay per night for lodging, and the manager then looks for lodging to meet their criteria
Origin: William May Link: VRIA.org
Per Person Pricing (PPP)
Often used for Vacation Rental homes, a pricing model where a minimum nightly rate is set for a property allowing a base or normal number of occupants. Guests pay an additional fee for each guest over the normal, up to a maximum number of guests allowed in the property. The additional fee is often much higher for unapproved guests.
See also: Dynamic Rates Origin: Istay
A person or company who manages real estate including commercial, residential and other properties. Should not be used for people who manage vacation rentals, as those should be called "Vacation Rental Managers" or "Lodging Managers"
See also: Vacation Rental Manager, Lodging Manager, Absentee Vacation Rental Manager, Corporate Vacation Rental Manager Origin: Vacation Rental Association
Rent By Owner
A property that is rented directly from the owner, rather than through a property management firm. Also refers to websites which offers homes directly from owners.
See also: Direct Marketing terminiology, Client, Owner, Target, Lead, Complex, Hijack Origin: Vacation Rental Association Link: VRIA.org
When guests can see some or all of the resort they are staying in, from some area of the property, not necessarily from all ares of the property.. May include Full, Partial or Peekaboo Views
See also: View, Beach View, City View, Mountain View, Water View Origin: Vacation Rental Association
The type of area in which a property is located. Such as at the Beach, in the Mountains, part of a Resort or in the City.
Origin: Vacation Rental Association
DETAILS: Glossaries and Dictionaries are handy tools. They provide an indication of meaning but additional study may be necessary to comprehend the full meaning. There may be alternate definitions not included here and experts may disagree on the proper explanation of each term.
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