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.
Loaner
Equipment that can be loaned to Guests such as board games, hair dryers, coolers and sporting equipment. Also means equipment and appliances that may be loaned to Owners such as barbecues, patio chairs and even appliances such as refrigerators and ranges. (Used when Owner equipment malfunctions on short notice)
Origin: Istay
Location
A geographic description of where properties are located. Locations are located within Destinations, which are located within States, which are located within Countries. For example, Poipu Beach is a Location. The island of Kauai is a Destination and Hawaii is the state. These geographic descriptions are not precise and are sometimes named to accommodate various geographic features.
See also: Destination, State, Country Origin: Istay
Lock Off
A room or additional rental area which can be separate from the main rental area of hotel, motel or vacation rental unit.
Origin: Vacation Rental Association
Lodging Manager
A person or company who manages lodging faculties such as Inns, Resorts, Hotels, Motels, Vacation Rentals, short-term rentals. Lodging Managers do not manage conventional real estate rentals such as apartments, condominiums, commercial buildings, home owner associations, or long-term residential property.
See also: Vacation Rental Manager, Lodging Manager, Absentee Vacation Rental Manager, Corporate Vacation Rental Manager Origin: Vacation Rental Association
Lodging Taxes
Includes the sales, tourism and sometimes other taxes imposed on lodging by governments in a given destination. Facilities are required to add these taxes to the price of lodging and sometimes other costs.
Origin: Vacation Rental Association
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
Lost & Found
Most owners or managers have a location at which articles found in a lodging property are kept for a short period of time. Owners and managers do not take responsibility for lost and found items nor offer guarantee that such items will be located after a guest's departure.
Origin: Vacation Rental Association
Low Rise Building
Usually a building of 3 or 4 floors or less which usually houses office spaces and sometimes first floor retail space.
Origin: Vacation Rental Association
Low Season
The season when guest occupancy and rates are lowest.
See also: Travel Seasons, Peak Season, Shoulder Season Origin: Vacation Rental Association
Maintenance
The act of maintaining and providing services to a property. Sometimes routine matters such as changing furnace filters, or changing locks. Generally differentiated from work necessary to correct damages.
See also: Repairs Origin: Vacation Rental Association
Make Good Discount
When a guest is invited back to a property, for no cost, to compensate them for inconvenience incurred during the original stay. Usually referred to as just a "Make Good."
See also: Take Back, Charge Back Origin: Vacation Rental Association
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
Member
A person who has subscribed to any website membership plan.
Origin: Redstone Systems
Memberships
Customers who wish to utilize one or more of our websites must sign up for a Membership in that site. Each membership has a username, logon and Membership type. Some sites allow users to view some data before becoming members.
Origin: Redstone Systems
Merchant Account
In order to accept credit cards as payment from customers, a merchant must secure a merchant account from a provider, often a bank or financial institution. Merchant accounts can be difficult to obtain, and the merchant is required to pay fees and a percentage of the invoice amount to the provider for every transactions.
See also: Chargeback, Chargeback Reversal Origin: Vacation Rental Association
Mid Rise Building
A building, often used for office space and usually between four and 12 floors.
Origin: Vacation Rental Association
Mountain View
When guests can see surrounding mountains 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, City View, Resort View, Water View Origin: Vacation Rental Association
Name Your Price
An offer to guests to specify the price they want to pay per night for lodging, and the manager then looks for lodging to meet their criteria
Origin: William May Link: VRIA.org