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.

VRAI - Vacation Rental Association

Trade organization that promotes the use and advancement of the vacation rental industry. Umbrella organization for VROA - Vacation Rental Owners Association, VRMG - Vacation Rental Managers Guild and VRGA - Vacation Rental Guests Association. The term VRIA is a Trademark owned by the Vacation Rental Association.
See also: Vacation Rental Owners Association Origin: Vacation Rental Association Link: VRAI.org

VRGA - Vacation Rental Guests Association

Trade association of guests who frequent vacation rental homes, organized to advocate for the benefit of its members
Origin: Vacation Rental Association Link: VRGA.org

VRMA - Vacation Rental Managers Association

The Vacation Rental Managers Association is a trade association of companies that act as sales agents and managers for vacation homes, condos and similar lodging.
Origin: Vacation Rental Association Link: VRMA.org

VRMLS - Vacation Rental Multiple Listing Service

The world's first Multiple Listing Service (MLS) for Vacation Rentals this is an Open-Listing and Open-Distribution system. Owner and Manager Members can post Properties once and have them distributed to websites around the world. Website Publisher Members can retrieve records and display the on their website.

Similar to the MLS's which have server real estate brokerage for decades; VRMLS is owned by the Vacation Rental Association a Not-For-Profit organization. The term "VRMLS" is an owned trademark.
See also: VRIA Origin: Vacation Rental Association Link: VRMLS.org

VROA - Vacation Rental Owners Association

The Vacation Rental Owners Association (VROA) was a trade association comprised of members who own homes and vendors who support them. Became the Vacation Rental Association (VRIA) to support all constituents in the industry.
See also: VRIA, VRMG, VRMLS, VRMA Origin: Vacation Rental Association Link: VROA.org

VVR - Verified Vacation Rental

A lodging unit that has submitted documentation and been verified as a legitimately owned and operated vacation rental by the Vacation Rental Association (VRAI.org). Designated as "Verified Vacation Rental (IVR)". Does not include physical inspection as is included in the "Inspection Vacation Rental (IVR)" Program. The term IVR are trademarks owned by the Vacation Rental Association.
See also: IVR, Inspected Vacation Rental, Blue Ribbon Rental Origin: Vacation Rental Association

Wholesaler Lodging

A lodging operator who sells occupancy through other parties called retailers
See also: Retailers Origin: Redstone Systems

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

Advance Payment

Payment by the renter to the owner equaling a portion of the total rental amount. The advance payment is applied to the total rent cost.
Origin: Vacation Rental Association

Average Daily Rate (ADR)

The average price paid for nightly stays at a lodging establishment. Does not directly correspond to Rack Rates (retail asking price.)
See also: Scheduled Rack Rates Origin: William May

Beach Front Accommodations

Buildings or rooms and living units in a building which is along side a body of water and generally with a reasonably level geographically between the building and the water. Generally means there are no other buildings between the building and the water. Is more specific than Ocean Front Accommodations which may not be on a beach.
See also: Ocean Front Accommodations Origin: Vacation Rental Association

Beach View

When guests can see a beach (Salt or Fresh Water) from some area of the property, not necessarily from all area of the property. May include Full, Partial or Peekaboo Views.
See also: View, City View, Mountain View, Resort View, Water View Origin: Vacation Rental Association

Buyer

Someone who has entered into a contract to purchase a vacation rental home, but has not yet closed the sale. Once purchased they become an "?Owner" or "Second Home Owner." Should not be used for a company, but rather for its owner or CEO.
See also: Direct Marketing terminology, Owner, Target, Lead, RBO, Complex, Hijack, Client Origin: William May Link: VortexMethod.com

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

City View

When guests can see sections of a town or city from some area of the property, not necessarily from all area of the property.. May include Full, Partial or Peekaboo Views.
See also: View, Beach View, Mountain View, Resort View, Water View Origin: Vacation Rental Association

Client

Someone who has hired a professional service such as a property manager, advertising agency, attorney, accountant, etc. Should not be used for a company, but rather for its owner or CEO. Generally not for the sale of goods whose buyers are referred to as Customers.
See also: Direct Marketing terminology, Owner, Target, Lead, RBO, Complex, Hijack, Client Origin: William May Link: VortexMethod.com

Common Calendar

An online calendar which shows a list of available lodging units (room, suites or homes) in a specified Complex or destination; along with available dates. Usually a left hand menu list the units and a top menu shows days or weeks. Booked units are displayed so that a guest can determine which units are available and then make a selection. Available in virtually all lodging software and many lodging websites. Also called a Tape or Grid.
See also: Availability Calendar Origin: Vacation Rental Association

Condotel

(1) A hotel room that is sold as if it were a home, but lacks certain common home features such as a full kitchen.

(2) Any condominium project where homes are operated as a hotel with a registration desk, cleaning service and more. The units are individually owned. Unit owners also have the option to place their unit in the hotels rental program where it is rented out like any other hotel room. Generally, condotels are sold as a second or third home.

NOTE: Mortgage financing for any property categorized as a Condotel may be labeled as "Non-Warrantable" and not financeable in the USA under Fannie Mae and Freddie Mac lending programs.
Origin: Investopedia & VRIA

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

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