Dictionary

This Glossary is provided to help guests understand more about the rental of inns, resorts and vacation rentals. It is not comprehensive but serves as a primer for terms guests may encounter in renting specialty lodging. Not all terms apply to all properties or managers.

Market Share

The percentage of business within a market category.
Origin: Vacation Rental Association

Market Volume Market Volume

The total number of customers within a market category.
Origin: Vacation Rental Association

Media

Methods of disbursing information to a mass audience such as Radio, Television, Websites, Newspapers and other publications. Also referred to as the "Press", media are those which accept advertising.
See also: Press Origin: Redstone Systems

Mid Rise Building

A building, often used for office space and usually between four and 12 floors.
Origin: Vacation Rental Association

No Smoking

In most jurisdictions, guests are not allowed to smoke in properties or anywhere inside the buildings. Usually there are rules that prohibit smoking within a certain distance of the building or its entrance ways or that prohibit smoking anywhere on the grounds. Most owners of lodging facilities prohibit smoking anywhere on the grounds or in the building
See also: Smoking Penalty Origin: Vacation Rental Association

Office Space

Space inside a larger building rented to tenants for the purpose of conducting business. Usually nicely finished and conductive to office business duties.
Origin: Vacation Rental Association

Press

Originally meant to include newspapers, magazines and pamphlets but has grown to include any media which offers news and information such as radio, television and the internet.
See also: Media Origin: MayPartners

Press Release

A news article or feature story written by the subject of the story for delivery and potential placement in the media.
Origin: Vacation Rental Association

Reach

The percentage of people within a specific target audience reached by an advertising campaign.
Origin: Vacation Rental Association

Rent By Owner

A property that is rented directly from the owner, rather than through a property management firm. Also refers to websites which offers homes directly from owners.
See also: Direct Marketing terminology, Client, Owner, Target, Lead, Complex, Hijack Origin: Vacation Rental Association Link: VRIA.org

Repair

The work necessary to return property, equipment or amenities to their original condition to do damage caused by owner, guest or other situations. Usually charged to the person responsible for the damage.
See also: Maintenance Origin: Vacation Rental Association

Sales Manager

Staff position that oversees all activity in the sales department of an organization. Includes recruitment, hiring and training of sales agents. Setting of prices, specials and discounts. Requests advertising and public relations efforts. Coordinates rates and availabilities with Network Managers. Administers order fulfillment.
Origin: Vortex

Share By Owner

Timeshare unit dates that are rented directly from the owner, rather than through a property management firm.
See also: Direct Marketing terminology, Client, Owner, Target, Lead, Complex, Hijack Origin: Vacation Rental Association Link: VRIA.org

Shared Office Space

A business environment office rented on a short term basis such as by the week or month. Often includes access to other services such as a reception area, conference room, phones, internet connectivity or secretarial staff.
See also: Executive Suites, Temporary Office Origin: Plumbob Publishing

Temporary Office Space

A business environment office rented on a short term basis such as by the week or month. Often includes access to other services such as a reception area, conference room, phones, internet connectivity or secretarial staff.
See also: Executive Suites Origin: Vacation Rental Association

Tenant

A person or persons who rents a real estate property for an extended stay. As opposed to a "Guest" who rents a property for a short stay. The difference between a Guest and a Tenant is usually determined by local governing bodies such as states, counties, cities or home owner associations. Many jurisdictions consider tenants to be those who stay for more than 30 days. Tenants and Guests have different rights of use for the property.
See also: Guest Origin: Vacation Rental Association

Termination

The basis on which a party to a contract - written or verbal - may terminate the contract.
Origin: Vacation Rental Association

Terms & Conditions

The list of conditions, usually in writing and often printed on a website, that govern a contract or order. They spell out how payments are handled, what the policies and procedures are, what happens in the case of certain events. They govern the customer's comportment and obligate them to other rules and regulations.
See also: Rules, Regulations Origin: Istay

Unilateral Termination

When one party terminations a contract prior to the term of the contract, the other party may delcare it a unilateral action and access termination fee.
See also: Termination, Termination for Breach, ,Mutual Termination Origin: Vacation Rental Association

Unwelcomes

When a guest or tenant misuses a property, misbehaves, fails to pay as agreed or violates other conditions of the owner or manager's terms they are referred to as unwelcome and not allowed to rent the property again.
See also: Industry Origin: Vacation Rental Association Link: Unwelcomes.org

1 2 3 4 5 6 7 8 9 10 11 12