Glossary
Operations
87 termsA
Accessible PropertyA vacation rental property that is designed or adapted to accommodate guests with disabilities or mobility limitations.Actual Cash Value (ACV)Actual cash value pays the replacement cost of damaged property minus depreciation, reimbursing the item's depreciated worth at the time of loss.AirCoverAirCover for Hosts is Airbnb's built-in host protection that provides guest-caused damage protection and host liability insurance, included at no extra cost for Airbnb bookings.Anti-Discrimination PolicyRules and legal requirements ensuring vacation rental hosts do not discriminate against guests based on protected characteristics.
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Booking ConfirmationAn official acknowledgment sent to a guest confirming that their vacation rental reservation has been secured.Booking ModificationA change made to an existing vacation rental reservation, such as adjusting dates, guest count, or property selection.Business Interruption InsuranceBusiness interruption insurance replaces lost rental income and covers ongoing expenses when a covered peril makes a property untenantable.
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Cancellation PolicyThe rules governing refunds and penalties when a guest cancels a confirmed reservation.Certificate of Insurance (COI)A certificate of insurance is a document proving that active coverage exists and summarizing its types, limits, and effective dates.ChargebackA payment reversal initiated by a guest's bank or credit card company, disputing a vacation rental charge.Chart of AccountsA chart of accounts is the structured, categorized list of all accounts a business uses to record and organize its financial transactions.Check-InThe process by which a guest arrives at and gains access to a vacation rental property at the start of their stay.Check-OutThe process by which a guest departs a vacation rental property at the end of their stay.Cleaning ChecklistA standardized list of cleaning and preparation tasks that must be completed during turnover between guest stays.Cleaning FeeA one-time charge added to a reservation to cover the cost of cleaning and preparing the property between guests.ConsumablesSingle-use guest supplies that are used up during a stay and must be replenished for the next guest.Contactless Check-InA guest arrival process that uses technology to enable property access without in-person interaction.
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Damage ProtectionDamage protection covers the cost of guest-caused property damage during a stay, either through a security deposit, host insurance, or a platform-provided guarantee.Damage WaiverA non-refundable fee that covers accidental guest damage, replacing the need for a traditional security deposit.Data PrivacyThe practices and regulatory requirements for collecting, storing, and processing guest personal information in vacation rentals.Deep CleanA periodic, thorough cleaning that goes beyond a standard turnover to address areas not covered between every stay.Dispute ResolutionThe process of handling and resolving conflicts between property managers and guests, including damage claims and refund requests.Double BookingWhen the same property is accidentally reserved by two different guests for overlapping dates.
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Gap NightAn unbooked night between two reservations that is too short to attract a new booking.Good Neighbor PolicyA set of community conduct rules that vacation rental guests must follow to minimize disturbance to surrounding residents.Group BookingA group booking is a vacation rental reservation made for a large party — typically eight or more guests — often for special occasions, reunions, or corporate retreats.Guest CommunicationAll messaging and interactions between property managers and guests throughout the booking lifecycle.Guest JourneyThe complete end-to-end experience of a guest from initial property discovery through post-stay follow-up.Guest OnboardingGuest onboarding is the process of communicating property information, check-in instructions, and house rules to guests between booking confirmation and arrival.Guest RegistrationThe legal requirement for short-term rental operators to collect, record, and in many cases report guest identity information to local authorities.Guest ReviewWritten feedback and star rating left by a guest after their stay at a vacation rental property.Guest ScreeningThe process of verifying guest identity and evaluating risk before confirming a reservation.Guest VerificationGuest verification is the process of confirming a guest's identity through ID documents and platform checks before approving or completing a booking.Guest Welcome BasketA curated selection of snacks, essentials, or local treats left for arriving guests as a hospitality touch.
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InquiryA pre-booking message from a prospective guest asking about availability, pricing, or property details before committing.Insurance EndorsementAn insurance endorsement, also called a rider, is an amendment that adds, removes, or modifies coverage on an existing policy.Inventory ManagementThe process of tracking and replenishing supplies, amenities, furnishings, and consumables across vacation rental properties.
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Late Check-OutAn option allowing guests to depart after the standard checkout time, commonly offered as a paid upsell service.Liability InsuranceInsurance coverage that protects vacation rental operators against claims for guest injuries, property damage, or third-party losses.Linen ServiceA professional service providing clean bed linens and towels for vacation rental turnovers, either owned or rented.Lost and FoundThe process and policy for handling personal items left behind by guests at a vacation rental property.
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Maintenance RequestA report submitted by a guest, cleaner, or inspector documenting a needed repair or fix at a rental property.Maintenance ScheduleA planned calendar of preventive and routine maintenance tasks to keep vacation rental properties in optimal condition.Management AgreementA formal contract between a property owner and a management company defining responsibilities, fees, and terms of service.Maximum OccupancyMaximum occupancy is the legally or contractually set limit on the number of guests permitted to stay in a rental property at any one time.Minimum StayThe shortest number of nights a guest must book in order to reserve a property.
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Occupancy Tax ReportingThe process of calculating, filing, and remitting lodging or occupancy taxes collected from short-term rental guests to the appropriate government authorities.Owner BlockAn owner block is a range of dates a property owner reserves for personal use, blocking those nights from guest bookings on the rental calendar.Owner OnboardingThe structured process of adding a new property and its owner to a vacation rental management company's portfolio.Owner StatementsFinancial reports generated for property owners showing rental income, expenses, and net payouts.
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Par LevelThe predetermined minimum quantity of an item that must be kept on hand, triggering reordering when stock falls below it.Payment ProcessingThe handling of financial transactions for booking payments, refunds, and payouts in vacation rental management.PayoutThe disbursement of rental earnings from a property management company or booking platform to the property owner or host after deducting applicable fees and expenses.Pet FeeA charge applied to guests who bring pets to a vacation rental property.Preventive MaintenancePreventive maintenance is scheduled, proactive upkeep performed to prevent equipment failures and property issues before they occur.Property Condition ReportA documented record of a vacation rental property's state before and after each guest stay.Property InspectionA systematic check of a vacation rental property's condition, safety features, and amenities.Property StagingProperty staging for vacation rentals is the process of furnishing, decorating, and styling a rental space to maximize guest appeal in listing photos and during stays.
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Rental Day LimitA legal restriction imposed by local governments that caps the total number of days a property can be rented as a short-term rental per year.Rental QuoteA customized price estimate provided to a prospective guest for a specific property, dates, and guest configuration.Replacement Cost CoverageReplacement cost coverage pays to repair or replace damaged property at today's cost, without deducting for depreciation.Request to BookRequest to book is a booking flow where guests submit a reservation request that the host must manually review and approve before the booking is confirmed.RestockingThe process of replenishing guest supplies and amenities to their target quantities during each turnover.
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Security DepositA refundable amount collected from guests to cover potential property damage during their stay.Self Check-InSelf check-in allows guests to access a vacation rental property independently using a keypad, smart lock, or lockbox — without requiring the host to be present.Self-InsuranceSelf-insurance is the practice of retaining risk and paying losses out of pocket, often through a reserve fund, instead of buying insurance.Short-Term Rental InsuranceSpecialized insurance coverage designed to protect vacation rental properties and hosts from risks specific to short-term renting.Short-Term Rental PermitA government-issued authorization that grants property owners or managers the legal right to operate a short-term rental in a specific jurisdiction.STR ComplianceThe process of meeting all legal, regulatory, and tax requirements for operating a short-term rental property.STR Registration NumberA permit or license ID that many cities require short-term rental hosts to obtain and display on their listings to operate legally.
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Task ManagementA system for assigning, tracking, and coordinating operational tasks like cleaning and maintenance across properties.Transient Occupancy Tax (TOT)A tax levied on short-term accommodation stays, collected from guests and remitted to local government.Trust AccountingA legally required accounting practice in some jurisdictions that separates owner funds from management company operating funds.Trust and SafetyTrust and safety in vacation rentals refers to the policies, tools, and verification systems that protect both guests and hosts from fraud, damage, and unsafe experiences.TurnoverThe process of preparing a vacation rental for the next guest between check-out and check-in.Turnover ChecklistA standardized list of cleaning, restocking, and inspection tasks completed between a guest's check-out and the next guest's check-in.
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