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.

Internet Service Provider (ISP)

A commercial service that sells access to the internet to individuals at properties..
Origin: Vacation Rental Association

Invitees

People who are invited to use a lodging property by the Guest, who is the person who actually rents the property.
Origin: Vacation Rental Association

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

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

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 Locator

Hierachy of Countries, States, Destinations, Locations and Resorts perhaps more logical than using traditional postal codes, cities and states to indicate where a lodging property is situated.
Origin: Istay

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 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

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

1 2 3 4 5 6 7 8 9 10 11 ... 15

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.

SUBMIT: Please send missing terms to this website publisher for possible inclusion. Submissions may not be answered and the publisher does not guarantee that the submission will be considered or included.