Glossary
Plain-English definitions of the terms property managers, owners and agents actually use — from channel managers to RevPAR.
The day-to-day running of a property or portfolio — bookings, turnovers, tasks, team coordination, owner communication, maintenance and documents — as opposed to marketing, distribution or accounting. The 'ops' layer of the business.
The work between one guest checking out and the next checking in — cleaning, laundry, restocking, inspection and any maintenance — coordinated and completed in a tight window. Also called a turnaround.
The cleaning and preparation of a property between stays — cleaning, laundry, restocking and staging to a consistent standard. The backbone of every turnover.
A documented, repeatable process for a recurring task — a turnover checklist, a guest check-in flow, an emergency protocol — so the work is done consistently regardless of who does it.
A logged request to carry out a specific maintenance or repair task at a property, assigned to a person or contractor and tracked through to completion.
A running record of damage or issues found at a property — what, where, when, photos and resolution — kept as evidence for owners, insurers and security-deposit claims.
The point at which a guest arrives and gains access to a property — receiving keys or an access code, instructions and welcome details. Increasingly self-service via smart locks or lockboxes.
The point at which a guest departs and access ends — usually with instructions on keys, rubbish and check-out time. Triggers the turnover for the next stay.
A check-in with no host present — the guest gains access via a smart lock, keypad or lockbox using a code sent in advance. Standard in short-term rentals.
A guide given to guests — digital or printed — covering check-in, Wi-Fi, appliances, house rules and local recommendations. Cuts down repetitive guest questions.
The conditions a guest agrees to for a stay — noise limits, no parties, pets, smoking, maximum occupancy. They set expectations and protect the property and the neighbours.
A refundable amount held against a booking to cover potential damage, taken by the OTA or the operator and returned after check-out if nothing's amiss. Also called a damage deposit.
The messages between host and guest before, during and after a stay — confirmation, check-in details, mid-stay support and review requests. A major time sink, often automated.
Software that syncs a property's availability, rates and bookings across multiple online travel agencies (OTAs) like Airbnb, Vrbo and Booking.com from one place, so the same night can't be sold twice.
A marketplace where guests find and book stays — Airbnb, Vrbo, Booking.com, Expedia. OTAs handle the guest booking and charge the host a commission, typically 3–25%.
A property's public advert on an OTA or website — photos, description, amenities, calendar and price. The unit of inventory an operator manages and distributes.
Keeping calendars in sync by sharing a standard .ics feed between tools — for example, importing Airbnb and Booking.com availability into one calendar. It's one-directional and updates on a delay, so it isn't a real-time API connection.
When the same property is booked for overlapping dates by two different guests — usually because availability didn't sync between channels in time. One of the costliest mistakes in short-term rental operations.
A single view of availability and bookings across several properties at once, so an operator can manage a whole portfolio in one place rather than one calendar per property.
A reservation made straight with the operator — via their own website, a referral or a repeat guest — rather than through an OTA. Direct bookings avoid OTA commission but require the operator to handle payment and trust themselves.
Automatically adjusting nightly rates based on demand signals — seasonality, local events, lead time and competitor pricing — to maximise revenue. Specialist tools like PriceLabs and Beyond do this.
The fewest nights a guest must book — set by season, day of week or demand — to avoid uneconomic one-night stays and reduce turnover frequency. Also called min nights.
An unbookable single night left between two bookings because it's shorter than the minimum stay. Wasted inventory that operators minimise with smart minimum-stay rules.
How far in advance guests book — the lead time between booking and check-in. Short windows mean last-minute demand; long windows let operators plan and price ahead.
The rules governing whether and when a guest can cancel for a refund — from flexible to strict. It balances occupancy against protection from last-minute losses.
A platform that helps manage rental properties day to day. The term covers a wide range — from OTA-focused channel managers to operations and team-coordination tools. No single product does everything, so most operators run a small stack.
A person or company that runs rental properties on behalf of owners — handling bookings, guests, cleaning, maintenance, owner reporting and the day-to-day operation.
The person who owns a rental property and typically hires a manager to run it. Wants visibility on bookings, income and how their property is treated — without doing the work.
A person who helps run a property alongside the owner or primary manager — handling guests, cleaning coordination or operations — often with limited, scoped access rather than full account control.
An agent who places guests or owners with a managed property and, in many markets, refers business to property managers. A key relationship in the property-management network.
A secure login that gives a property's owner their own view of how it's performing — bookings, statements, occupancy and updates — without the manager forwarding screenshots or spreadsheets.
A periodic summary a manager sends a property owner showing income, expenses, fees and payout for their property over a period. The financial accounting between manager and owner.
Giving each person — owner, staff, co-host, agent — only the access their role needs, rather than one shared login. Protects data and keeps everyone on the right view.
The contract between a property owner and a manager — setting the management fee, services, responsibilities and reporting. It defines the commercial relationship.
A structured request from a prospective guest, owner or agent about a property — distinct from a confirmed booking. The top of an operator's funnel.
How easily a property — or an operator — can be found by the people who matter: guests, owners and agents. On OTAs it's paid for in commission; for operators it's largely absent.
The full set of properties an operator manages — from a handful to dozens. As a portfolio grows, tools built for one or two properties stop scaling.
The share of available nights that were booked over a period — booked nights divided by available nights, as a percentage. A core measure of how well a property is being filled.
Total rental revenue divided by the number of booked nights — the average price a property earns per night sold. A core revenue lever alongside occupancy.
Revenue per available rental — total rental revenue divided by the number of available nights. It blends occupancy and rate into one figure, so it's a truer measure of performance than either alone.
The mean number of nights per booking over a period. Longer stays mean fewer turnovers and lower cost per night — a key driver of operational load.
The total value of bookings before any deductions — commission, fees or expenses. A top-line measure of volume, distinct from the net an owner actually receives.
What a manager charges an owner to run their property — usually a percentage of rental revenue (commonly 10–25% for short-term rentals) or a flat fee. The manager's core income.
The money paid out to an owner (or operator) after a stay, once OTA commission, management fees and expenses are deducted. The bottom line of the owner statement.
A furnished property let for short stays — nights or weeks rather than long leases — typically via OTAs or direct booking. Distinct from long-term residential letting in its operations, regulation and turnover frequency.
A furnished property rented to travellers for short stays — a villa, apartment or home let by the night or week. Also called a holiday rental or short-term rental.
A furnished let for a medium stay — typically one to six months — bridging short-term holiday rentals and long-term residential leases. Common for relocations and remote workers.
A furnished apartment let for short or mid stays with hotel-like services — cleaning, linen, sometimes reception — combining the space of a rental with the convenience of a hotel.
The UK and Ireland term for a short-term rental — a furnished property let to holidaymakers, with its own tax and regulatory treatment (e.g. furnished holiday lettings).
The permit many regions require to let a property to tourists legally — for example Spain's VUT (vivienda de uso turístico) or the Balearic ETV. Operating without one risks heavy fines.
Property technology — software and tools that modernise how property is bought, sold, managed and operated. Property management software and short-term-rental tools are part of it.
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