Marketing

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

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.

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

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.

Final price displayed to the guest, including all fees.

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

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.

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

Message sent from the vacation rental owner or property manager to guests to verify that the booking was made successfully.

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.

Also known as “booking”. It refers to the lease of a property for a given period of time.

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

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

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

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

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

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.

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

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

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

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

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.

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

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

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.

Dates in which a property has no reservations.

The practice of varying the price for rooms or properties to reflect changing market conditions. In particular, charging higher prices at a time of greater demand.

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

Third-party websites for advertising properties online, such as Airbnb, Booking.com, Expedia, Vrbo, etc.

Your website name, the address on the internet where users can access your website.

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

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

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.

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

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

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”.

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

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.

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

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

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

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.

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

A system for transferring property availability between systems.

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

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

A double booking, also known as overbooking, refers to when two or more parties book a vacation rental for the same nights. While it is a common occurrence, double bookings are extremely harmful to the reputation of a vacation rental owner.

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.