Property Management

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.

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.

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

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.

Similar to a welcome app, but a physical book for the guests to hold. In a welcome book, hosts can compile all important information into one place, helping to reduce questions from guests while reinforcing their impression of you as an organized owner.

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.

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.

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.

The term vacation rental management refers to the process of renting out properties for short-term vacation stays. This encompasses a variety of activities such as bookings, guest communication, cleaning, maintenance, and marketing to potential clients.

Tools to simplify the distribution and monitoring of tasks.

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

Self-catering accommodation is a type of vacation rental that provides guests with the necessary kitchen and cooking facilities to prepare their meals. This accommodation type can take many forms, such as a vacation rental home, apartment, villa, cottage, cabin, or even a houseboat.

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

Different categories of rooms are 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.

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.

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.

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

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

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.

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

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.

A vacation rental or short-term rental home.

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

In the vacation rental and hospitality industry, Preparation Time Before Arrival (PTBA) refers to the necessary time required to prepare a property or accommodation for the arrival of the next guest. Typically, this process involves tasks such as cleaning, laundry, restocking supplies, and performing necessary repairs or maintenance work.

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

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

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

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

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

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

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.

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.

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

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

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

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

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.

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

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

A fixer-upper refers to a property that is in need of repairs, updates, or renovations. These properties are often sold at a lower price point compared to similar properties in the same area that are in good condition.

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

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

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

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.

A tool that makes certain days unavailable for arrivals.

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

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

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

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.

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

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.

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

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

A system for transferring property availability between systems.

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

The desirable or useful features of a property. For example, air-conditioning, wifi or a barbecue.

Technology that streamlines short-term rental property management operations by setting up triggers to activate action flows, such as contacting visitors, screening guests or making payments.

A property which has been adapted or modified to be suitable for disabled travelers and wheelchair users.

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.