A short-term loan used to cover the gap between purchasing a new short-term rental property and securing long-term financing. This can be useful for investors who need to act quickly on a property purchase.
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Glossary Terms
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Some property management companies offer brokerage services to help owners buy or sell short-term rental properties. These services can include market analysis, property valuation, and negotiation support.
In short-term rental management, the point at which your total revenue equals your total expenses. This is a key metric for determining the profitability of your rental property.
The process of monitoring, influencing, and improving how your short-term rental brand is perceived online. This includes responding to reviews, managing social media, and addressing negative feedback.
The software and digital tools used to automate, streamline, and manage various business processes within a short-term rental operation, such as property management systems (PMS).
The implementation of consistent and documented procedures for all major business processes within a short-term rental company to ensure quality, efficiency, and scalability.
The fundamental redesign and implementation of core business processes within a short-term rental operation to achieve dramatic improvements in performance, efficiency, and guest satisfaction.
The overall effectiveness and efficiency of a short-term rental business’s processes in consistently delivering high-quality guest experiences and achieving business objectives.
The measurement and evaluation of how effectively and efficiently business processes are being executed within a short-term rental operation.
The practice of contracting specific business processes, such as guest communication, cleaning, or maintenance, to external service providers specializing in short-term rentals.
A standardized graphical representation used to document and communicate business processes within a short-term rental operation, such as BPMN (Business Process Model and Notation).
A systematic approach to managing and optimizing all business processes within a short-term rental company to improve efficiency, reduce costs, and enhance guest satisfaction.