Expenses associated with providing essential amenities and consumables for guests, such as toiletries, linens, cleaning supplies, and welcome gifts.
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Glossary Term: Vacation Rental
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The management of all financial aspects of a vacation rental property, including income, expenses, taxes, and insurance.
A strategic planning tool used to identify the Strengths, Weaknesses, Opportunities, and Threats of a vacation rental business.
Effective and timely communication with guests before, during, and after their stay at a vacation rental property, including booking confirmations, check-in instructions, and post-stay feedback.
The overall experience of a guest staying at a vacation rental property, encompassing all aspects of their stay from pre-arrival to post-departure.
Specialized insurance coverage designed to protect vacation rental property owners and managers from risks associated with renting out their properties.
The overall attractiveness and desirability of a vacation rental property to potential guests, influencing booking decisions and guest satisfaction.
Keeping track of all furniture, appliances, amenities, and other items provided in a vacation rental property to ensure everything is in working order and accounted for.
The use of technology to automate tasks and processes related to managing a vacation rental, such as smart locks, automated messaging, and dynamic pricing.
Adhering to all local laws and regulations related to owning and operating a vacation rental property, including zoning ordinances, safety codes, and tax requirements.
The process of creating a unique and memorable brand identity for a vacation rental property to differentiate it from competitors and attract target guests.
The process of improving a vacation rental property’s listing on online travel agencies (OTAs) to increase visibility, attract more bookings, and maximize revenue.