Glossary
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.
Client Closet
A space with a lock in which a property owner stores assets not to be accessed by guests. Although the word closet is commonly used, the space may be closet, room or just a drawer.
See also: Client Lock off Origin: Vacation Rental Association
Collection
The process of securing payment from customers who owe you money. Includes contacting the customer by mail, email, fax or phone. Use of a collection agency. The filing of suit in court.
See also: Collection Agency Origin: Vacation Rental Association
Commissions
A percent of the total product cost paid to travel agents and other travel product distributors for selling the product to the consumer. May also refer to compensation paid employees inside an organization.
Origin: Vacation Rental Association
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
Composite Vacation Rental manager
A company that provides comprehensive vacation rental management services to second homes such as cabins, cottages, houses and villas by being a locally owned and operated business supported by a centralized back office support team. This allows local staff to focus on housekeeping, maintenance, guest and owner services, while the back office. Provides accounting, reservations with work class marketing and advertising.
Origin: Vortex Managers Link: VortexManagers.com
Concierge
An person whose job is to serve as the guest's liaison with the owner or lodging manager and arranging activities, attractions, facilities and services. Services are sometimes performed via phone contact.
Origin: Vacation Rental Association
Conditions
See Terms & Conditions
See also: Terms & Conditions 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
Configuration
The arrangement of furniture, equipment and other features of a property including the specific layout and location.
Origin: Vacation Rental Association
Confirmation
The document usually sent to guests confirming that they have entered into a contract for the occupancy of a lodging unit such as a hotel room, vacation rental home, condo or similar lodging.
Origin: Vacation Rental Association
Confirmation of Booking Form
Form that includes the rental contract and rules sent to prospective renters at the time that they book your vacation home.
Origin: Istay
Confirmed (Booking)
An oral or written statement by the manager that they have received the guest's order and will honor a booking providing the guest honors their obligations, such as paying timely or arriving on time. Confirmed bookings may be Guaranteed or Advance Lodging Guarantee. Used in software as a Booking Status
See also: Abandoned, Aborted, Blocked, Cancelled, Hold, Incomplete, In Error, Order, Out of Service, Quoted, Unblocked Origin: Vacation Rental Association
Convention and Visitors Bureau
These organizations are local tourism marketing organizations specializing in developing conventions, meetings, conferences, and visitations to a city, county or region.
Origin: Vacation Rental Association
Conventions and Trade Shows
Major segment of travel industry business. Trade shows differ from conventions in that they have exhibit space that provides product exhibition and sales opportunities for suppliers, as well as information gathering and buying opportunities for customers.
Origin: Vacation Rental Association
Cooperative Marketing
Marketing programs involving two or more participating companies, institutions, organizations or even competitors. Sometimes includes property owners.
Origin: Vacation Rental Association
Cosmetics
Improvements to a home such as installing a new fireplace that are relatively inexpensive and make a big difference to the look of the home.
Origin: Vacation Rental Association
Cover
Each diner at a restaurant.
Origin: Vacation Rental Association
Covered Trip
A period of round-trip travel away from Home to a destination outside your city of residence; the purpose of the trip is business or pleasure and is not to obtain health care or treatment of any kind; the trip has defined departure and return dates specified when the Insured enrolls; the trip does not exceed 180 days.
Origin: CSA Travel Insurance
CVRO - Certified Rental Owner
Owners of lodging who study for and pass a test about their competence to manage vacation rental lodging are awarded a CVRO - Certified Rental Owner designation. The course of study includes awareness and a pledge to maintain properties that are properly outfitted, clean, maintained and truthful in advertising. The term CVRO is a trademark owned by the Vacation Rental Association.
See also: CVRM, CVRI, VRIA Origin: Vacation Rental Association
CVRP - Certified Vacation Rental Profession
Managers of lodging who study for and pass a test about their competence to manage vacation rental lodging are awarded a CVRP - Certified Vacation Rental Professional designation. The course of study includes awareness and a pledge to maintain properties that are properly outfitted, clean, maintained and truthful in advertising. The term CVRP is a trademark owned by the Vacation Rental Association.
See also: CVRO, VRIA, IVVR, VVR Origin: Vacation Rental Association Link: VRIA.org