A listing designation or amenity that highlights features and services catering to the needs of business travelers, such as reliable Wi-Fi, workspaces, and expense-friendly options.
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Glossary Terms
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A day or more left vacant between bookings to allow for cleaning, maintenance, or unexpected delays in guest checkout/new guest arrival.
A viral marketing technique that leverages word-of-mouth and social media to generate excitement and buzz around a product or service. Short-term rental hosts can use buzz marketing by encouraging guest reviews, partnering with influencers, and running contests to create a positive online presence.
A semi-fictional representation of your ideal guest, based on research and data about your existing and potential customers. Creating detailed buyer personas helps short-term rental hosts tailor their marketing efforts, property amenities, and communication strategies to attract their target audience.
The legal framework under which a business operates, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Choosing the right business structure for a short-term rental business has implications for liability, taxation, and administrative requirements.
A formal written document that outlines the goals of a business and how it plans to achieve them. A comprehensive business plan for short-term rentals includes market analysis, financial projections, marketing strategies, and operational plans.
Ongoing expenses incurred in the operation of a business, regardless of the level of sales or production. For short-term rentals, this includes costs like mortgage payments, utilities, property management fees, and cleaning supplies.
A strategic management template used to develop and visualize business models. It helps short-term rental entrepreneurs outline key elements like value propositions, customer segments, revenue streams, and resources.
A unit of energy commonly used to measure the heating or cooling capacity of HVAC systems, important for maintaining comfortable temperatures in short-term rentals.
The visible elements of a brand, such as its name, logo, color palette, and overall aesthetic. A strong brand identity helps differentiate a short-term rental property and attract guests.
An individual or company that acts as an intermediary between short-term rental property owners and potential guests, facilitating bookings and transactions.
A business model that combines a physical presence, such as a property management company, with an online presence, like listings on Airbnb and VRBO.