Glossary for Professionnal Property Managers

Master the Language of Hosting. Whether you’re launching your first listing or optimizing a portfolio of properties, the GuestWisely Glossary is your ultimate navigation tool. From Airbnb algorithms to Zero-waste initiatives, we’ve decoded the essential terms, tools, and regulations that define modern hospitality.

We’ve cut through the noise of endless forums to provide clear, concise insights backed by real-world examples. Designed for speed and precision, this resource puts the answers you need right at your fingertips, so you can get back to delivering exceptional guest experiences.

A  –  B  –  C  –  D  –  E  –  F  –  G  –  H  –  I  –  K  –  L  –  M  –  N  –  O  –  P  –  Q  –  R  –  S  –  T  –  U  –  V  –  W  –  Y  –  Z

A

• Abandonment Rate: The percentage of potential guests who begin the booking process on your direct website but leave before completing the payment. High rates often indicate a complicated checkout process or hidden fees revealed too late.

• Access Code: A generated PIN provided to guests for keyless entry into a property via smart locks. In modern PMS systems, these are often unique to each guest and expire automatically after checkout.

• Accessible Tourism: Travel services, facilities, and property modifications designed to be inclusive for guests with disabilities or special needs (e.g., wheelchair ramps, visual alarms).

• Accounting Integration: The connection between your Property Management System (PMS) and financial software (like QuickBooks or Xero) to automatically sync transaction data, reducing manual data entry errors.

• Acquisition Cost: The total marketing and sales cost incurred to gain a new guest booking or to sign a new property owner to your management portfolio.

• Add-on Services: Supplemental services or products offered to guests for an additional fee to increase revenue per booking (e.g., mid-stay cleaning, equipment rentals, grocery stocking).

• ADR (Average Daily Rate): A critical KPI measuring the average rental income earned per paid occupied room. Formula: Total Room Revenue / Number of Nights Sold.

• Advance Payment: The portion of the total booking cost required upfront to confirm a reservation, ensuring cash flow and commitment from the guest.

• Affiliate Marketing: A marketing strategy where you pay a commission to external partners (bloggers, influencers, other websites) for traffic that results in a confirmed booking.

• Agreement: A legally binding contract between the property manager and the guest (often specifically called a Rental Agreement). Unlike the standard Terms of Service checked on an OTA, this document explicitly outlines liability waivers, strict house rules, check-in/out procedures, and payment terms. Collecting a signed agreement is often required by insurance providers and is a critical layer of protection against chargebacks and property damage.

• AirCover: Airbnb’s proprietary comprehensive protection program for hosts, which includes liability insurance and damage protection, distinct from standard landlord insurance.

• Airbnb: The dominant Online Travel Agency (OTA) for short-term rentals; often used colloquially to refer to the entire industry.

• Airbnb Plus: An exclusive tier of Airbnb listings that have been verified for high quality, design, and comfort, usually requiring an in-person inspection.

• ALOS (Average Length of Stay): The average number of nights guests stay at your property over a given period. Higher ALOS reduces turnover costs but may lower nightly rates.

• Amenities: Features or supplies provided to enhance the guest experience. “Essential” amenities include WiFi and linens; “Value-add” amenities include hot tubs, espresso machines, or workspaces.

• Amenity Fee: An additional mandatory charge (often daily) for access to resort-style facilities like pools, gyms, or beach clubs.

• Anchor Pricing: A psychological pricing strategy where a higher “original” price is displayed next to a discounted price to make the current rate appear more attractive.

• Annual Depreciation: An accounting method allowing property owners to deduct the loss of value of the property and its assets (furniture, appliances) over time from their taxable income.

• API (Application Programming Interface): A software bridge that allows two applications (e.g., GuestWisely and Airbnb) to communicate in real-time. This is superior to iCal syncing as it transmits rates, messages, and content, not just availability.

• Arbitrage (Rental Arbitrage): The business model of leasing a property long-term from a landlord and re-renting it short-term for a profit, typically with the landlord’s explicit legal permission.

• Asset Management: The strategic management of a property to maximize its financial value and return on investment, going beyond day-to-day operations to include renovations and long-term planning.

• Automated Messaging: Pre-written emails or texts triggered by specific events (booking confirmation, 2 days before check-in, 1 day after check-out) to streamline guest communication.

• Availability Calendar: A visual interface showing the dates a property is booked, blocked for maintenance, or available for rent.

• Automation: The use of software to perform repetitive tasks without human intervention, such as sending door codes, scheduling cleaners, or posting reviews.

B

• Baby Boomers: A demographic cohort (born 1946–1964) often characterized by having higher disposable income, booking further in advance, and preferring traditional amenities over tech-heavy features.

• Back-of-House: Operational activities that the guest never sees but are essential to the business, including maintenance coordination, laundry logistics, and accounting.

• Back-to-Back Booking: A scheduling scenario where one guest checks out in the morning and the next guest checks in that same afternoon, requiring tight coordination with cleaning teams.

• Badge: A visual icon displayed on a listing (e.g., “Superhost”, “Premier Host”) that signals quality and reliability to potential guests.

• BAR (Best Available Rate): The lowest non-restricted rate available for a booking that allows the guest flexibility; often used as a baseline for applying discounts.

• Base Rate: The standard default price of a property set in the PMS before any seasonal adjustments, dynamic pricing algorithms, or discounts are applied.

• Bed Tax: A common synonym for Transient Occupancy Tax (TOT) or tourist tax levied by local governments.

• Benchmarking: The process of comparing your property’s performance metrics (ADR, Occupancy, RevPAR) against a “competitive set” of similar properties in your market.

• Beyond (formerly Beyond Pricing): A dynamic pricing tool that integrates with PMS platforms (like GuestWisely) to automatically adjust nightly rates based on real-time market data, demand, and seasonality.

• Billboard Effect: The marketing phenomenon where listing a property on major OTAs (like Airbnb) increases traffic and direct bookings on your own website, as guests use the OTA to “shop” and then Google the property name.

• Bi-directional Sync: A two-way real-time data connection where the Channel Manager pushes updates to OTAs and pulls booking data back into the PMS simultaneously.

• Blackout Dates: Specific dates blocked off by the owner or manager where the property is not available for booking, often due to personal use, maintenance, or local regulations.

• Bleisure: A growing travel trend blending “business” and “leisure,” where guests extend a work trip for a few days of vacation. These guests require robust WiFi and workspaces.

• Blocked: A calendar status indicating dates are unavailable, distinct from “booked” as there is no paying guest (e.g., blocked for deep cleaning).

• Booking Curve: A visual representation of the pace at which bookings are made leading up to a specific date. It helps managers decide when to lower or raise prices.

• Booking Engine: The software component embedded in a direct booking website that allows guests to select dates, view rates, and securely process payments without leaving the site.

• Booking Pace: The speed at which reservations are created for a future date compared to the same time in previous years.

• Booking Volume: The total number of confirmed reservations received over a specific period. This metric tracks the “velocity” of your business growth and is often used to calculate staffing needs for cleaning and support.

• Booking Window (Lead Time): The period of time between when a reservation is made and the guest’s arrival date. Urban markets often have shorter windows than resort markets.

• Booking.com: One of the world’s largest OTAs, originally focused on hotels but now a major player in the vacation rental market. It differs from Airbnb by typically requiring instant booking and having a more hotel-centric policy structure (e.g., handling payments differently).

• Bounce Rate: A web analytics metric showing the percentage of visitors who land on your website and leave without interacting with a second page.

• Brand Identity: The cohesive look, feel, and voice of your property management business, including logo, color scheme, and communication style, used to build trust and recognition.

• Break-even Point: The specific occupancy rate or revenue amount required to cover all fixed and variable operating expenses, resulting in zero profit and zero loss.

• Buffer: A preset time block (e.g., 4 hours or 1 night) automatically added before or after a booking to ensure sufficient time for cleaning or maintenance.

• Bundle: A sales strategy of packaging multiple services or products together (e.g., Accommodation + Bike Rental + Late Checkout) for a single price.

• Business License: The official permit required by local municipal or state authorities to legally operate a short-term rental business.

• Buy-to-Let: A real estate investment strategy where a property is purchased specifically for the purpose of renting it out to generate income.

C

• Cache: Temporary data stored by a web browser or app. “Clearing the cache” is a common troubleshooting step when pricing or calendar updates aren’t appearing immediately.

• Calendar Sync: The process of ensuring availability is identical across all platforms. This can be done via iCal (slower, availability only) or API (instant, full data).

• Cancellation Policy: The set of rules defining the terms under which a guest can cancel a booking and the penalties or refunds applicable (e.g., Flexible, Moderate, Strict).

• Cap Rate (Capitalization Rate): A real estate valuation measure used to compare different investment properties. Formula: Net Operating Income (NOI) / Current Market Value of the Asset.

• Capacity: The strict maximum number of guests a property can legally and safely accommodate, often dictated by fire codes or insurance policies.

• Cash Flow: The net amount of cash and cash-equivalents being transferred into and out of the business. Positive cash flow indicates liquidity to pay debts.

• Channel Manager: A software tool (vital to GuestWisely) that centralizes and updates rates, availability, and content across multiple listing sites (Airbnb, Vrbo, Booking.com) in real-time to prevent double bookings.

• Chargeback: A forced transaction reversal initiated by the guest’s bank after the guest disputes a credit card charge. This is a significant risk in STR that requires documentation to fight.

• Chekin: A specialized software solution (often integrated with a PMS) that automates the guest arrival process, including ID verification, upselling, and digital key delivery.

• Check-in/Check-out Automation: The use of technology to streamline arrival and departure, such as sending digital guidebooks, automated entry codes, and departure checklists.

• Cleaning Fee: A one-time surcharge passed to the guest to cover the cost of turning over the unit. In recent years, hosts are encouraged to keep this reasonable to avoid “sticker shock.”

• Client: In the context of Property Management, the “client” is usually the property owner, while the “guest” is the person renting the home.

• Cloud-Based: Software that is hosted on the internet and accessed via a browser, allowing property managers to work from anywhere (as opposed to legacy software installed on a specific computer).

• Co-Host: An individual authorized to help manage a listing on platforms like Airbnb. They can message guests and coordinate maintenance but may not be the legal owner of the account.

• Code of Conduct: A set of behavioral standards provided to guests, often required by local municipalities, outlining noise limits, trash disposal, and neighborhood respect.

• Commission: The fee paid to an OTA (e.g., 15%) for facilitating a booking, OR the fee a Property Manager charges an owner (e.g., 20-30%) for managing the asset.

• Comp Set (Competitive Set): A specific group of 5-10 properties in your immediate area that are similar in size, quality, and amenities, used as a benchmark for pricing and performance.

• Compliance: The act of adhering to all local laws, zoning regulations, safety codes, and tax requirements to avoid fines or shutdowns.

• Concierge: A personalized service (human or digital) that assists guests with restaurant reservations, activity bookings, and local recommendations.

• Condo-Hotel (Condotel): A building that is legally a condominium but is operated as a hotel, offering short-term rentals and front desk services.

• Connectivity: The ability of your PMS to integrate with other third-party tools, such as smart locks, pricing tools, and guest screening services.

• Contactless Check-in: A safety and convenience feature where guests access the property using a keypad, smart lock, or lockbox without meeting the host in person.

• Conversion Rate: The percentage of people who view your listing and proceed to make a confirmed booking. High views with low conversion usually indicate a price or trust issue.

• Cost Per Acquisition (CPA): A financial metric measuring the aggregate cost to acquire one paying customer or booking.

• Cross-listing: The practice of listing the same property on multiple competing platforms (e.g., Airbnb and Vrbo) to maximize visibility.

• Curated Guidebook: A collection of local recommendations (restaurants, hikes, activities) hand-picked by the host to provide a “local” experience, often delivered digitally.

D

• Damage Deposit: A refundable sum of money held or authorized on a guest’s credit card to cover potential damages discovered after checkout.

• Damage Waiver: A non-refundable fee paid by the guest that acts as a small insurance policy, covering accidental damage up to a certain amount (e.g., $1,500) without requiring a dispute.

• Dashboard: The central user interface of the PMS where a property manager can see a snapshot of critical data: arrivals, departures, unread messages, and revenue.

• Data-Driven: Making management decisions based on concrete metrics and analytics (like market occupancy trends) rather than gut feeling or intuition.

• De-listing: The removal of a property from a platform, which can happen voluntarily by the host or involuntarily by the platform due to policy violations or low ratings.

• Demand: The level of consumer desire to book accommodation in a specific market at a specific time. Demand drives dynamic pricing.

• Deposit: Funds paid upfront. Can refer to the booking deposit (to secure dates) or the security deposit (against damage).

• Destination Marketing Organization (DMO): A local non-profit or government entity (like a Tourism Board) responsible for promoting a location to attract travelers.

• Digital Guidebook: A web-based or app-based manual sent to guests containing house instructions, WiFi passwords, and local tips (e.g., Touch Stay, Guidebook).

• Digital Nomad: A location-independent worker who uses technology to perform their job. They are a key demographic for mid-term stays (30+ days).

• Direct Booking: A reservation made directly through the property manager’s own website or phone, bypassing OTAs and avoiding their commission fees.

• Dispute Resolution: The formal process of resolving disagreements between hosts and guests regarding refunds or damages, often mediated by the booking platform.

• Distribution Strategy: The plan for where inventory is listed online to maximize exposure while minimizing commission costs (balancing OTAs vs. Direct).

• Double Booking: A critical error where two different guests are confirmed for the same property on the same dates. A Channel Manager is the primary tool to prevent this.

• Drive-to Market: A destination that is easily accessible by car from major population centers. These markets are often more resilient during air travel disruptions.

• Dynamic Pricing: An automated pricing strategy that adjusts rates daily based on real-time supply, demand, seasonality, and local events to maximize revenue.

E

• Early Check-in: A service allowing guests to access the property before the standard check-in time. This can be offered as a free perk or a paid upsell.

• Eco-friendly: Properties or management practices that minimize environmental impact (e.g., solar power, recycling, bulk toiletries).

• Emergency Contact: A local individual or service available 24/7 to handle urgent property issues (leaks, lockouts) as required by many municipal STR ordinances.

• Entry Method: The specific mechanism used to grant access, ranging from physical keys and lockboxes to sophisticated WiFi-enabled smart locks.

• Escrow: A financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction.

• Event Pricing: The practice of significantly raising rates during major local events (concerts, festivals, sports games) when demand far outstrips supply.

• Evergreen Content: Marketing material (blogs, area guides) that remains relevant and drives traffic for a long period without needing frequent updates.

• Exclusive Right to Rent: A clause in a property management contract granting the manager sole authority to market and book the property, preventing the owner from renting it out themselves.

• Experience (Airbnb): A standalone product on Airbnb where hosts offer activities (tours, classes, tastings) rather than accommodation.

• Extended Stay: A booking that exceeds the typical vacation duration, often defined as 28 days or more, which may trigger different tenant rights laws.

• Extranet: The backend management portal provided by OTAs (like Booking.com) where hosts log in to manage their listings, rates, and reservations.

F

• Family-Friendly: A property specifically equipped for children, often including amenities like cribs, high chairs, safety gates, and plastic dinnerware.

• Feature: A distinct physical attribute of a property (e.g., ocean view, fireplace, king-size bed) that is used to filter search results.

• First Response Time: The average time it takes a host to reply to a new inquiry. Fast response times are a key factor in search ranking algorithms on OTAs.

• Flash Sale: A short-duration promotion offering deep discounts to drive immediate bookings during low-demand periods.

• Flat Fee: A management pricing model where the owner pays a fixed monthly amount rather than a percentage of the rental revenue.

• Flexible Cancellation: A lenient policy allowing guests to cancel close to the arrival date (e.g., 24 hours prior) for a full refund, which generally increases conversion rates.

• Force Majeure: A contract clause that frees both parties from liability/obligation when an extraordinary event or circumstance beyond their control occurs (e.g., natural disaster, war).

• Forecast: The act of predicting future demand, occupancy, and revenue based on historical data and current market trends.

• Fraud Prevention: Tools and protocols used to verify guest identity and detect suspicious booking patterns to prevent credit card fraud and chargebacks.

• Full-Service Management: A comprehensive service model where the manager handles every aspect of the rental: marketing, guest communication, cleaning, maintenance, and revenue management.

• Furnished Finder: A specific listing platform popular for mid-term rentals, heavily used by travel nurses and corporate travelers.

G

• Gap Night: A single unbooked night sandwiched between two existing reservations. These are often difficult to sell and may require manual pricing adjustments.

• Gateway (Payment): A technology service (like Stripe or PayPal) that authorizes credit card payments for e-businesses and online retailers.

• GDPR (General Data Protection Regulation): Strict European Union regulations regarding data protection and privacy that apply to any business collecting data from EU citizens.

• Geo-targeting: A marketing method determining the geolocation of a website visitor and delivering different content or ads to them based on their location.

• Ghost Host: A slang term for a host who manages a property remotely without ever meeting guests, or sometimes refers to a scam listing.

• Glamping: A portmanteau of “glamorous” and “camping,” describing a style of camping with amenities and resort-style services (e.g., yurts, luxury tents).

• Google Analytics: A web analytics service that tracks and reports website traffic. For property managers with direct booking sites, it is essential for understanding where guests come from (social media, organic search) and how they behave on the site.

• Google Vacation Rentals: Google’s meta-search product that aggregates STR listings from partners and displays them directly in Google Maps and Search results.

• Grace Period: A short timeframe (e.g., 48 hours) after a booking is made during which a guest can cancel without penalty, regardless of the strictness of the policy.

• Gross Revenue: The total income generated by bookings before any expenses, commissions, or taxes are deducted.

• Guest Experience: The cumulative impact of all interactions a guest has with the property and brand, from the initial search to the post-stay review.

• Guest Feedback: Direct, private comments provided by a guest to the host about their stay. Unlike public reviews, this information is not visible to future guests and is used internally to improve operations or fix maintenance issues.

• Guest Journey: The lifecycle stages of a guest’s interaction: Dreaming, Planning, Booking, Experiencing, and Sharing (Reviewing).

• Guest Safety: A broad category of operational protocols and devices intended to protect guests, including smoke/CO detectors, fire extinguishers, first aid kits, and safe access lighting. Ensuring this is often a requirement for insurance and OTA compliance.

• Guest Screening: The process of vetting potential guests using ID verification, background checks, and review history to minimize the risk of parties or damage.

• GuestWisely.io: An all-in-one Property Management System (PMS) designed to streamline operations, automate tasks, and centralize bookings for property managers.

• Guidebook: A comprehensive manual provided to guests containing instructions for the house (appliances, trash) and recommendations for the local area.

H

• High Season: The time of year when a destination experiences the highest influx of tourists, allowing for maximum pricing and occupancy (e.g., ski season in Aspen).

• HOA (Homeowners Association): An organization in a subdivision or condo building that makes and enforces rules for the properties and their residents, often including STR restrictions.

• Hold: A temporary block placed on a calendar or a credit card funds reservation that is not yet a finalized transaction.

• Home Automation: The use of smart devices (thermostats, lights, sensors) that can be controlled remotely to improve energy efficiency and security.

• Homestay: A form of hospitality and lodging where visitors share a residence with a local of the city to which they are traveling.

• Hospitality: The relationship between a guest and a host, wherein the host receives the guest with goodwill, including the reception and entertainment of guests.

• Host: The individual or entity responsible for the listing and the guest experience. On platforms like Airbnb, the “Host” profile is the face of the business, even if a large property management company is actually running the operations behind the scenes.

• Host Fees: The service fees charged by platforms like Airbnb to the host (typically 3% for split-fee structures, or 15% for host-only fee structures).

• Host Rating: The aggregate star score (usually out of 5) displayed on a host’s profile, calculated from reviews across all their listings. A high host rating is critical for maintaining “Superhost” status and search ranking visibility.

• House Manual: A detailed document explaining how to operate the specific systems of the house (HVAC, hot tub, entertainment systems).

• House Rules: The specific guidelines set by the host that guests agree to upon booking (e.g., “No smoking,” “Quiet hours after 10 PM”).

• Housekeeping: The operational department responsible for cleaning, sanitizing, and staging the property for the next guest.

• Hybrid Rental: A flexible rental strategy where a property switches between short-term (vacation) and mid-term (monthly) rentals based on seasonal demand.

I

• iCal (iCalendar): A standard file format used to sync calendar availability between different platforms. It is generally slower and less detailed than an API connection.

• ID Verification: A security measure where a guest must upload a government-issued ID to prove their identity before a booking is confirmed.

• In-stay Communication: Messages sent to guests during their stay (e.g., “Is everything okay?”) to proactively address issues before they become negative reviews.

• Inbound Marketing: A strategy to attract customers by creating valuable content and experiences tailored to them (blogs, social media) rather than paid advertising.

• Incidentals: Minor expenses incurred by guests during a stay (like pay-per-view movies or broken glasses), often covered by a security deposit.

• Influencer Marketing: Partnering with social media personalities to promote a property in exchange for a free stay or payment.

• Inquiry: A message sent by a potential guest asking questions about the property or dates before actually committing to a reservation.

• Instant Book: A feature on OTAs that allows guests to book a reservation immediately without waiting for the host to manually approve the request.

• Insurance: Specialized policies (like Proper Insurance) designed for STRs that cover commercial liability, loss of income, and building damage, which standard homeowner policies often exclude.

• Integration: The technical connection between different software tools (e.g., connecting GuestWisely to a smart lock provider) to create a seamless workflow.

• Inventory: The stock of rental units a property manager has available to sell at any given time.

• Invoice: A formal document issued by the property manager to an owner (for management fees and expenses) or to a guest (for manual direct bookings) requesting payment. Modern PMS platforms can automate the generation and sending of these documents.

• IoT (Internet of Things): The network of physical objects—”things”—that are embedded with sensors and software to connect and exchange data (e.g., noise monitors, smart thermostats).

K

• Key Exchange: The logistical process of handing over keys to the guest. This has largely been replaced by keyless entry but still exists in some markets via “Key Cafes” or meet-and-greets.

• Keyless Entry: Access systems that use a keypad, mobile app, or biometric scanner, eliminating the need for physical keys and allowing for remote access management.

• KPI (Key Performance Indicator): Quantifiable metrics used to evaluate the success of an organization or a particular activity (e.g., RevPAR, Occupancy Rate, Review Score).

L

• Landing Page: A standalone web page created specifically for a marketing campaign (e.g., “Winter Special” or “List Your Home With Us”) focused on a single call to action.

• Last-Minute Booking: A reservation made very close to the arrival date (often within 0-7 days). These guests are often price-sensitive but fill expiring inventory.

• Lead Time: The number of days between the date a booking is made and the check-in date. Analyzing this helps in setting pricing tiers.

• Length of Stay (LOS): The duration of a guest’s booking. Managers may implement “Minimum LOS” restrictions to reduce turnover costs.

• Listing: The individual advertisement page for a specific rental unit on an OTA. It serves as the “product page” and includes the title, photos, description, amenities, house rules, and availability calendar.

• Listing Optimization: The continuous process of improving a property listing’s photos, title, description, and settings to rank higher in OTA search results.

• Local Guide: A curated list of recommendations for the area provided by the host, adding value to the guest experience.

• Local Host: A host or manager who lives in the same geographic area as the rental property. This is often marketed as a benefit to guests, implying faster response times for emergencies and better local knowledge compared to remote corporate managers.

• Lockbox: A secure physical box that holds keys and is opened by a combination code. A low-tech but reliable backup for smart locks.

• Long-term Rental: Typically defined as a lease of 6-12 months or more, governed by landlord-tenant laws rather than short-term lodging laws.

• Low Season: The time of year with the lowest demand, often requiring lower prices and creative marketing to attract bookings.

M

• Maintenance: The routine upkeep and emergency repair of the property. “Preventative Maintenance” is scheduled to avoid breakdowns during guest stays.

• Management Fee: The commission a property manager charges the owner for their services, typically ranging from 15% to 40% of gross rental revenue.

• Market: The specific geographic area and demographic in which the property competes for guests.

• Markup: The practice of adding a percentage to the cost price of a service (like concierge items) to create a profit margin.

• Master Cancellation Policy: A setting in a PMS that allows a manager to apply a single cancellation policy across all properties and channels.

• Maximum Occupancy: The limit on the number of persons allowed in the unit, often strictly enforced to comply with insurance and local ordinances.

• Merchant of Record: The entity that is legally authorized to process a customer’s credit card and is liable for the transaction and any chargebacks (can be the OTA or the Property Manager).

• Meta-Search: Search engines (like TripAdvisor, Trivago, Google Hotels) that aggregate results from multiple OTAs to show users price comparisons.

• Mid-term Rental: Rentals that fall between short vacation stays and long-term leases, typically 30 days to several months.

• Minimum Stay (Min Night): A restriction requiring a booking to be at least a certain number of nights. Used strategically to screen against parties and reduce cleaning frequency.

• Mobile-First: A design philosophy where websites and listings are optimized for smartphones first, as a majority of travel bookings are now made on mobile devices.

• Multi-Calendar: A PMS feature that displays the availability of all properties in a portfolio on a single screen, allowing for easy drag-and-drop management.

• Multi-Channel Distribution: The strategy of listing properties on several different sites (Airbnb, Vrbo, Booking.com, Direct) to maximize visibility and reduce dependency on one platform.

N

• Net Operating Income (NOI): A calculation used to analyze the profitability of income-generating real estate investments. Formula: Total Revenue – Operating Expenses (excluding mortgage/tax).

• Net Rate: The amount the property manager/owner actually receives after all commissions and markups have been stripped out.

• Niche: A specialized segment of the market that a property targets (e.g., pet-friendly travelers, remote workers, eco-tourists).

• Nightly Rate: The cost per night to rent the property. This rate is dynamic and changes based on day of week, season, and demand.

• No-Party Policy: A strict rule prohibiting parties or events, essential for protecting the property and maintaining good relationships with neighbors.

• No-Show: A guest who has a confirmed reservation but fails to arrive and does not cancel. Policies usually dictate that the guest still pays for the stay.

• Noise Monitor: A privacy-safe device (e.g., Minut, NoiseAware) that measures decibel levels and alerts the host if noise exceeds a threshold, without recording conversation.

• Non-Refundable: A rate plan where the guest pays a lower price in exchange for forfeiting the right to a refund if they cancel.

O

• Occupancy Rate: The percentage of available nights that were actually booked. Formula: (Nights Booked / Nights Available) x 100.

• Occupancy Tax: A tax levied by local governments on short-term stays, also known as Lodging Tax, Hotel Tax, or TOT. It is usually collected from the guest and remitted to the city.

• Off-Season: The period of lowest demand. Smart managers use this time for renovations, deep cleans, or aggressive marketing.

• Onboarding: The systematic process of adding a new property to your management portfolio, including photography, listing creation, and lock installation.

• Online Reputation Management: The practice of monitoring and influencing how your property is perceived online, primarily through responding to guest reviews.

• OpEx (Operating Expenses): The day-to-day costs incurred to run the rental business, such as cleaning, utilities, supplies, and software subscriptions.

• Orphan Night: A single unbooked night between two bookings that is difficult to fill because it may not meet the minimum stay requirement.

• OTA (Online Travel Agency): Third-party marketplaces like Airbnb, Booking.com, and Expedia that facilitate bookings between guests and hosts for a commission.

• Outsourcing: The business practice of hiring a party outside a company to perform services (like cleaning or 24/7 guest support) rather than doing it in-house.

• Overbooking: A situation where more bookings are accepted than there are rooms available. This is a major error that usually results in relocation costs and penalties.

• Owner Portal: A secure, limited-access section of the PMS where property owners can log in to view their booking calendar, block dates, and see financial statements.

• Owner Statement: A monthly financial report generated for the property owner detailing revenue, expenses, and the net payout they will receive.

P

• Parity (Rate Parity): The practice of maintaining consistent rates across all distribution channels. Some OTAs contractually require this, though it is legally contested in some regions.

• Payments / Payment Gateways: The secure infrastructure (e.g., Stripe, PayPal, Authorize.net) that processes credit card transactions. It acts as the bridge between the guest’s bank and the property manager’s bank account, handling encryption and authorization.

• Payment Processor: A third-party company (like Stripe) that handles the technical aspects of processing credit card transactions for a fee (usually ~2.9% + 30¢).

• Payment Schedule: The timeline determining when funds are collected from the guest (e.g., 50% at booking, 50% 30 days before arrival).

• Peak Season: The busiest time of year for a destination, where demand exceeds supply, allowing for the highest rates.

• Pet Fee: An additional fee charged to guests bringing pets, used to cover the extra cleaning required to remove allergens and hair.

• Platform: The underlying software or website infrastructure used to manage or list rentals (e.g., the GuestWisely Platform).

• PMS (Property Management System): The central software hub (like GuestWisely) used by managers to coordinate reservations, availability, payments, and reporting across all channels.

• Policy: A set of established guidelines covering areas like cancellations, payments, and house rules that govern the rental agreement.

• Portal / Platform / Booking Site: Synonyms for Online Travel Agencies (OTAs) or listing sites. These are the third-party marketplaces (Airbnb, Vrbo, Expedia) where inventory is distributed to reach potential guests.
• Portal Commission: The percentage fee deducted by the booking site (Portal) from the booking total before the payout is sent to the host. This cost of doing business must be factored into pricing strategies to protect margins.

• Portfolio: The complete collection of properties that a property manager manages.

• Preferred Software Partner: A status awarded by OTAs (like Airbnb or Vrbo) to software providers (like PMSs) that have demonstrated superior technical reliability, feature completeness, and high-quality integration with the OTA’s API.
• Premier Connectivity Partner: The highest tier of partnership status granted by Booking.com to software providers. It indicates the software offers the most advanced connection quality, stability, and access to new features.

• Pre-Approval: A status where a host gives a specific guest permission to book their requested dates, usually following an inquiry.

• Pre-Check-in: The digital process of gathering necessary guest information (ID, arrival time, deposit) before they arrive at the property.

• PriceLabs: A popular revenue management tool (dynamic pricing software) that uses data science to suggest daily rates and minimum stay requirements, integrating with PMSs to push these rates to all sales channels automatically.

• Pricing Strategy: The methodology used to set rates, which can be Static (fixed), Seasonal (varies by month), or Dynamic (varies daily based on algorithm).

• Processing Fee: The transactional cost charged by credit card companies and payment gateways.

• Property Manager (PM): A professional or company hired by a property owner to oversee the daily operations of a short-term rental. Responsibilities include marketing, guest communication, cleaning coordination, and maintenance, usually in exchange for a commission.

• Property Profile: The internal data record of a property containing all its specifications, photos, and owner details.

• Pro-rate: To calculate a cost or fee proportionately. For example, charging for an early check-in based on a fraction of the nightly rate.

• Push Notification: An automated alert sent to a user’s smartphone from an app, used for urgent updates like new bookings or messages.

Q

• QA (Quality Assurance): The systematic process of inspecting a property after cleaning but before the guest arrives to ensure high standards are met.

• Quiet Hours: Specific times (e.g., 10 PM to 8 AM) designated for low noise to respect neighbors, often strictly enforced by local STR laws.

• Quote: A formal price estimate provided to a potential guest for a specific stay, including all taxes and fees.

R

• Rack Rate: A traditional hotel term for the maximum “official” price of a room before any discounts. In STR, this is rarely used as pricing is highly dynamic.

• Ranking: The position in which a listing appears in search results on an OTA. Higher ranking correlates directly with higher booking volume.

• Rate Plan: A specific combination of price and cancellation policy (e.g., “Standard Rate” vs “Non-Refundable Rate”) offered to guests.

• Real Estate Investor: An individual or company that purchases property with the primary goal of generating a return on investment through rental income or appreciation.

• Refund: The return of paid funds to a guest, either voluntarily or per the cancellation policy.

• Registration Number: The unique license ID issued by the local city that must be displayed on all advertisements to prove the rental is legal.

• Regulations: Local, state, and federal laws governing the operation of short-term rentals, covering zoning, taxes, and safety.

• Remote Management: The ability to manage properties from a different geographic location using technology for access, monitoring, and communication.

• Rental Agreement: A legally binding contract between the host and the guest outlining the terms of the stay, liability, and rules.

• Repeat Guest: A guest who returns to book the same property again. They are highly valuable as they require zero acquisition cost.

• Reservation Management: The ongoing process of overseeing bookings from creation to completion. This includes modifying dates, processing cancellations, collecting payments, and ensuring the calendar is accurate to prevent conflicts.
• Reservation Request: A booking type where the guest must ask for permission to stay (unlike Instant Book). The host has a set time (usually 24 hours) to review the guest’s profile and accept or decline the request.

• Resolution Center: Airbnb’s specific internal platform for hosts and guests to request money from each other for damages or missing items.

• Response Rate: The percentage of guest inquiries that a host responds to within 24 hours. Maintaining a high rate is crucial for “Superhost” status.

• Review: Public feedback left by a guest on a listing site after their stay. Reviews are the “currency” of the STR industry; positive reviews drive search ranking and trust, while negative reviews can severely damage future booking volume.

• RevPAR (Revenue Per Available Room): The gold standard metric for performance. It combines occupancy and rate. Formula: ADR x Occupancy Rate.

• ROI (Return on Investment): A performance measure used to evaluate the efficiency of an investment. Formula: (Net Profit / Cost of Investment) x 100.

• Room Type: The classification of the rental unit (e.g., Entire Place, Private Room, Shared Room). “Entire Place” commands the highest premiums.

S

• SaaS (Software as a Service): A software distribution model where applications are hosted by a vendor and available to customers over the internet (e.g., GuestWisely).

• Scalability: The ability of a property management business to handle a growing number of properties without a drop in service quality or system failure.

• Screening: The process of evaluating a guest before accepting a booking to assess risk.

• SEM (Search Engine Marketing): The practice of increasing a direct booking website’s visibility in search engine results pages (SERPs) primarily through paid advertising (e.g., Google Ads, PPC). It complements SEO, which focuses on organic traffic.

• SEO (Search Engine Optimization): The practice of optimizing a direct booking website to rank higher in organic search engine results (like Google) to drive free traffic.

• Service Fee: The fee added by platforms (like Airbnb) to the booking total to cover their operating costs and support.

• Short-Term Rental (STR): The rental of a furnished property for a short period, typically defined legally as less than 30 days.

• Shoulder Season: The travel period between peak and off-peak seasons. Prices are moderate, and marketing often focuses on value and local events.

• Smart Home: A residence equipped with internet-connected devices (lights, locks, thermostats) that enable remote monitoring and management.

• Smart Lock: A keyless electronic lock that allows hosts to generate time-sensitive access codes for guests, a staple of modern STR management.

• Smart Pricing: Airbnb’s proprietary dynamic pricing tool. While convenient, many professional managers prefer third-party tools (like PriceLabs) for more granular control.

• Snooze: A feature on some platforms to temporarily hide a listing from search results without permanently deleting it.

• Social Proof: Psychological phenomenon where people copy the actions of others. in STR, this refers to reviews and star ratings which validate the quality of a listing.

• Staycation: A vacation spent in one’s home country or home city rather than abroad, a market segment that grew significantly post-pandemic.

• Stripe: A leading online payment processing platform favored by direct booking websites for its reliability and security.

• Subletting: The act of a tenant renting out their leased apartment to another person. This is often illegal without the landlord’s permission (see “Arbitrage”).

• Superhost (Airbnb) / Premier Host (Vrbo): A status awarded to hosts who meet specific performance criteria (high ratings, low cancellations), granting them a badge and higher visibility.

• Surcharge: An extra fee added to the bill, such as a weekend surcharge or holiday surcharge.

• Sync: The process of ensuring data (calendar, rates, messages) is consistent across all connected systems.

• System of Record: The authoritative data source for a given piece of information. For a PM, the PMS (GuestWisely) should be the system of record, not the OTA.

T

• Tax Authority: The government body responsible for collecting taxes (e.g., IRS, HMRC, or local City Finance Department).

• Templates (Canned Responses): Pre-written message blocks used to quickly answer common guest questions (e.g., “What is the WiFi password?”, “Where is the trash?”).

• Terms & Conditions: The legal rules that a guest must agree to before using a website or making a booking.

• Third-Party: Any entity involved in the transaction that is not the primary buyer (guest) or seller (host), such as the OTA or a cleaning company.

• TOT (Transient Occupancy Tax): A tax charged to travelers when they rent accommodations for short periods. Compliance with TOT is a major legal responsibility for PMs.

• Touchpoints: Critical moments of interaction between the brand and the guest (e.g., Booking, Check-in, Mid-stay check, Check-out).

• Transparency: The practice of being open and honest about fees, property conditions, and house rules to build trust and avoid bad reviews.

• Troubleshooting: The systematic process of solving operational or technical problems (e.g., a guest’s code isn’t working).

• Turnover: The complete process of a guest checking out, the unit being cleaned and restocked, and the next guest checking in.

• Turnover Day: The specific day of the week when a changeover happens. In traditional vacation markets, this is often Saturday-to-Saturday.

U

• Unified Inbox: A core feature of a PMS that aggregates messages from all channels (Airbnb, Vrbo, Direct, Booking.com) into a single stream, preventing missed messages.

• Unique Selling Proposition (USP): The specific factor that makes your property better or different than the competition (e.g., ” The only home with a private heated pool in the area”).

• Unit: A single rental property or room within a complex.

• Upsell: A sales technique where the seller invites the customer to purchase more expensive items, upgrades, or other add-ons (e.g., Late Checkout, Pet Fee).

• User Experience (UX): The overall experience of a person using a product like a website or app, especially in terms of how easy or pleasing it is to use.

V

• Vacation Rental: The traditional term for Short-Term Rentals, usually implying a whole home in a leisure destination (beach, mountain) rather than an urban apartment.

• Value-Added: Features or services that increase the worth of the rental to the guest without necessarily costing the host much (e.g., a curated list of local hidden gems).

• VAT (Value Added Tax): A consumption tax placed on a product whenever value is added at each stage of the supply chain/production, applicable to rentals in many countries outside the US.

• Verification: The process of confirming that a listing is real (to prevent scams) or that a guest is who they say they are.

• Villa: A large, often luxurious detached vacation home, typically found in Europe or tropical destinations.

• Virtual Assistant (VA): A remote worker (often offshore) hired to handle administrative tasks like guest messaging, reviews, and scheduling.

• Virtual Tour: A simulation of an existing property, usually composed of a sequence of videos or still images (Matterport), allowing guests to “walk” through the home online.

• Visibility: A measure of how frequently a listing appears in search results. Visibility is heavily influenced by the platform’s algorithm.

• Voice of the Customer: A research method used to capture the changing needs and requirements of guests, often gathered through reviews and feedback forms.

• Vrbo: A major global OTA owned by Expedia Group, historically focused on traditional vacation destinations and whole-home rentals for families, rather than shared spaces or urban apartments.

W

• Walk-through: A physical inspection of the property to check for damage or maintenance issues.

• Website Builder: A software tool, often integrated directly into a PMS like GuestWisely, that allows property managers to create a professional, branded direct booking website without needing to write code. It automatically pulls listing data (photos, descriptions, rates, availability) from the system to create a live site where guests can book stays commission-free, helping the manager reduce reliance on OTAs.

• Weekend Pricing: The practice of charging higher rates for Friday and Saturday nights due to increased leisure demand.

• Welcome Book: A physical or digital binder left in the property containing house rules, instructions, and local tips.

• Welcome Letter: A personalized note left for the guest to make them feel at home immediately upon arrival.

• Wholesaler: A company that buys rooms in bulk from hotels (and increasingly large STR operators) and resells them to travel agents or OTAs.

• Widget: A small application or booking tool that can be embedded into a third-party website (like a WordPress blog) to allow direct bookings.

• WiFi Speed Test: A verified test of internet speed. Airbnb allows hosts to integrate this into their listing, which is crucial for attracting remote workers.

• Work Order: A formal request for maintenance or repair work to be performed on a property, tracked within the PMS.

Y

• Yield: The revenue generated from the rental.

• Yield Management: A variable pricing strategy, based on understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits. (See Dynamic Pricing).

Z

Zoning: The legislative process dividing an area into zones (e.g., residential, commercial) which dictates whether short-term rentals are legally permitted in that specific location.