A legally binding contract between a short-term rental host and a guest that outlines the terms and conditions of the rental agreement, often used for digital signatures and online platforms like Airbnb and VRBO.
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Glossary Term: Short-Term Rental
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The process of determining the market value of a property for short-term rental purposes, considering factors such as location, amenities, rental demand, and comparable properties.
Specialized insurance policies designed to protect short-term rental hosts and their properties from risks associated with renting on platforms like Airbnb and VRBO, covering damages, liability, and income loss.
The process of verifying the identity and assessing the suitability of potential guests before confirming a booking, often involving background checks, reviews from previous hosts, and communication analysis.
Online marketplaces like Airbnb and VRBO that connect short-term rental hosts with potential guests, facilitating bookings, payments, and communication.
The use of smart home technology in short-term rental properties to enhance guest experience, improve security, and automate tasks such as temperature control, lighting, and access control.
Laws and ordinances implemented by local governments to regulate short-term rentals, addressing issues such as licensing, taxes, and permitted rental durations.
Implementing eco-friendly measures in short-term rental operations, such as energy-efficient appliances, water conservation efforts, waste reduction, and the use of sustainable products.
Strategies and techniques used by short-term rental hosts to maximize rental income by optimizing pricing, occupancy rates, and booking channels, often utilizing dynamic pricing algorithms and market analysis.
Costs associated with a short-term rental that can be avoided or reduced when the property is not rented, such as cleaning fees, guest supplies, and booking platform fees.
A type of professional liability insurance that protects short-term rental property managers from financial losses due to mistakes, negligence, or failure to provide promised services.
The process of connecting and activating essential utilities like electricity, gas, water, internet, and waste management for a short-term rental property.