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.

Issues

A general term describing matters brought to the attention of a lodging property owner or manager. May include questions, complaints or even compliments but an issue not necessarily resolvable if the cause or solution is beyond capability to be solved
Origin: Vacation Rental Association

Istay

Provides software, marketing & reservation services to Inns, Resorts and Vacation Rental Management firms - acting as parts of their back office operations
Origin: Istay Link: Istay.net

IVR - Inspected Vacation Rental

A lodging unit that has been inspected and meets the standards of the Vacation Rental Industry Association (VRIA). Designated as "Blue Ribbon" and "Inspected Vacation Rental (IVR)" These include rules for outfitting, cleanliness, maintenance and truthful advertising, The terms Blue Ribbon and IVR are trademarks owned by the Vacation Rental Industry Association.
See also: Blue Ribbon Rental, VVR, Verified Vacation Rental Origin: Vacation Rental Association

Key Safe

A stout box which can be attached to a build, that requires a user to punch in a numerical combination code in order to retrieve a key from inside. Usually a mechanical device, not electronic. Some types can be hung on a door knob.
Origin: Istay

Leasehold Interest

When an owner of a property leases the property to second party, that party is said to have a leasehold interest. They have certain rights in regard to the use and disposition of the property but not the right to sell the property itself. This usually refers to a leasehold interest in land.
Origin: Vacation Rental Association

Leisure Travel

Travel for recreational, educational, sightseeing, relaxing and other experiential purposes.
Origin: Vacation Rental Association

Limited Vacation Rental Manager

A locally owned and operated company that manages multiple second homes for short-term rental such as cabins, condos, cottages, houses, villas, etc. Provides onsite services and marketing without aid of a support organization. May also refer to an individual who works at such a company.
Origin: Vacation Rental Association

Linens

All bedding, towels and other fabric products used in a lodging facility to comfort to owners, family and guests.
See also: Bedding Origin: Vacation Rental Association

List Rate

The price that a lodging provider expresses as his price to the wholesaler. Usually the wholesaler receives a discount off the list rate.
Origin: Vacation Rental Association

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 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

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 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: Give Back Origin: Vacation Rental Association

Maximum Occupancy

The greatest number of registered occupants allowed to inhabit a property. It may sleep less than this number. Unregistered guests are not allowed. Drop in guests are not allowed.
See also: Normal Occupancy, Sleeps Occupancy, Disclosed Guets, Undisclosed Guests, Drop-In Guests Origin: Vacation Rental Association

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

Mountain View

When guests can see surrounding mountains from some area of the property, not necessarily from all ares 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

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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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