Glossary

This Glossary is provided to users of the website as a guide to terms and information they may find helpful. Definitions are added, edited or removed occasionally.

Canceled Stays

The number of guest stays for check-ins during a given period that canceled prior to arrival.
Origin: William May

Cancellation Rate

The percentage of reservations that canceled prior to arrival
Origin: William May

Dynamic Pricing

Dynamic pricing is a customer or user billing mode in which the price for a product frequently rotates based on market demand, growth, and other trends. In Lodging, rates per day will vary looking forward many months. Also known as Dynamic Rates
Origin: William May

Guesstimating

A house, condo or other living unit used for short-term rental, usually in a resort or recreational area and having sleeping quarters, bath and kitchen. Also known as a Holiday let., Holiday Home, Holiday Cottage, Holiday Villa, Guest house or (in France) a Gite.
See also: Holiday Let, Holiday Home, Holiday Cottage, Holiday Village, Guest House, Gite Origin: Vacation Rental

Guestminders

A co-hosting program for lodging owners offered by members of the Goldener inns & resort Network, such as Inns, Resorts and other multi-unit properties.
See also: Guest minders, guest minder, Origin: GuestMinders Link: GuestMinders.com

HomeMinders

A co-hosting program for vacation rental owners offered by members of the Sunspots Vacation rental network, such as for cabins, condos, homes & villas.
See also: Guestminder Origin: May, William

I-Calendar

Online advanced programming interface (API) system of synchronizing calendars between websites and software. Often used in the lodging industry.
See also: I-Book, I-Rate Origin: William May

Long-Term Rental

Rental of a cabin, condo, apartment, house or villa for mmore than 30 days, usually for 6 or 12 months, usually with option to continue longer. Think of his as "conventional rental and documented with a lease. Usually fully furnished including a kitche, bath and sleeping area.
See also: Short-term Rental, Mid-Term Rentall, Vacation Rental, Holiday Let, Holiday Home Origin: Vacation Rental Association Link: VacationRentalAssociation.org

Occupancy Rate

The percentage of total available nights that have been rented for a property or a group of properties over a specified time period. 2. The percentage of all rental units that are occupied or rented at a given time.
Origin: William May

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

Unauthorized Guest

Property occupants who were not pre-approved by the lodging manager and for whom additional charges will apply. Also referred to as Undisclosed Guest.
See also: Undisclosed Guest, Maximum Occupancy, Normal Occupancy, Sleeps Occupancy, Disclosed Guest, Drop-In Guests Origin: Vacation Rental Association

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

Yield Management

Various price setting techniques designed to increase gross sales of a business, including tools for dynamic pricing, promotions, advertising, discounts, specials and more. Also known as Dynamic Rates, and Dynamic Pricing
Origin: William May

Your Share

Rental program from Sunspot Vacation Rentals that provides advertising and bookings services to owners of timeshares who have dates available to rent.
Origin: May, William

DETAILS: Glossaries and Dictionaries are handy tools. They provide an indication of meaning but additional study may be necessary to comprehend the full meaning. There may be alternate definitions not included here and experts may disagree on the proper explanation of each term.

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