The use of technology and software to automatically assess potential guests based on predefined criteria, helping hosts mitigate risks associated with renting to unknown individuals.
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Glossary Terms
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The practice of paying close attention to small but important aspects of short-term rental management and hosting, such as providing thoughtful amenities, ensuring cleanliness, and responding promptly to guest inquiries.
The overall feeling or ambiance of a short-term rental property, often influenced by factors such as decor, lighting, scent, and amenities.
The realistic portion of the total short-term rental market that a property or host can capture in a specific location, considering factors like competition and marketing efforts.
The realistic profit potential of a short-term rental property after accounting for all expenses, including mortgage payments, property taxes, utilities, and management fees.
The average number of nights that guests typically stay in a short-term rental, influenced by factors like property type, location, and seasonality.
The typical timeframe in advance that guests book short-term rentals in a particular market or for a specific property type, influenced by factors like seasonality and demand.
A realistic RevPAR that a short-term rental can achieve based on its attainable occupancy rate and attainable average daily rate (ADR).
A realistic average daily rate that a short-term rental can achieve in a given market, considering factors like property size, amenities, location, and competition.
A pricing strategy where the advertised rental rate only covers the base cost of the stay, and additional fees for cleaning, extra guests, or other services are added later.
A booking that has a higher than usual likelihood of cancellation, modification, or no-show, often due to factors like last-minute booking or a guest’s booking history.
A realistic occupancy rate that a short-term rental property can achieve in a specific market, considering factors like seasonality, competition, and property type.