STR Terminology Flashcards
1
Q
STR
A
Short-term rental
2
Q
Short-term rental
A
Anything under 30 night minimums
3
Q
ABB
A
Airbnb
4
Q
Revenue
A
Total money generated
5
Q
Profit
A
Retained earnings after expenses
6
Q
Retained Earnings
A
Money left over after expenses & dividends
7
Q
Capital
A
Available Cash For Investment
8
Q
Equity
A
The value of the asset, less any debt raised against it.
9
Q
Expenses
A
Cost of doing business, think mortgage, electricity, management, software etc.
10
Q
ROI
A
Return on investment
11
Q
Net-income
A
Income after expenses
12
Q
Passive income
A
Income that is generated without any input from the individual
13
Q
Supply
A
The amount of competition in the marketplace
14
Q
Demand
A
The amount of people looking to stay in STRs
15
Q
Market demand
A
The amount of people looking to stay in STRs within your market
16
Q
Booking channels
A
Airbnb, BDC, VRBO
17
Q
Booking platforms
A
Airbnb, BDC, VRBO
18
Q
OTA
A
Online Travel Agency - Airbnb, BDC, VRBO
19
Q
Channel manager
A
A central hub to operate your STR business from. Inc calendar syncing, messaging, payments, organizing cleaners. Basically a CRM for STRs
20
Q
Co-Host
A
Someone that manages a STR on behalf of someone else
21
Q
Rent-to-rent
A
Rent the property as a long-term rental, then put it on the STR market to make a profit
22
Q
Rental arbitrage
A
Rent the property as a long-term rental, then put it on the STR market to make a profit
23
Q
Property investor
A
An individual that invests their own money to purchase a property to generate revenue, not to live in.
24
Q
Owner
A
The owner of the STR
25
Scale
Wanting to bring on more listings, whether that be through investment, co-hosting or rent-to-rent
26
Pricing software
A tool that helps you gain market insights and make data driven decisions about your nightly rates as well as dynamically update those rates
27
Pricelabs
Pricing software
28
HostAway
A good channel manager for 3 listing +
29
Guesty for Hosts
A good channel manager for <3 listings
30
Revenue management
The practice of increasing revenue through market data and insights.
AKA, getting booked at the right price at the right time through the right channel to the right person
31
Booking.com
A booking channel that has 5-7 x more exposure than Airbnb - generally our clients can see up to 30% of bookings generated here, depending on location and property type.
32
VRBO
Vacation Rental By Owner - A booking channel that has 50% the exposure of Airbnb - generally our clients can see up to 5% of bookings generated here. Owned by Expedia Group
33
Expedia
Booking channel that owns VRBO
34
HomeAway
Booking channel owned by Expedia Group
35
Furnished finder
Monthly furnished rentals
36
Guests
People that stay in the Airbnbs
37
Host
Someone that operates a STR
38
Hosting
Hosting a STR
39
Superhost
A badge given by Airbnb after they meet certain criteria. Generally with reviews.
40
Low-season
When the demand is lower in your market
41
Peak-season
When the demand is the highest in your market throughout a specific period
42
Off-peak
Any months outside of peak-season
43
Shoulder-season
The time before and after peak season when the demand is ramping up or ramping down
44
LLC
Limited Liability Company
45
Rates
The nightly price you set
46
Minimum night stay
How many nights can be booked as a minimum in your listing
47
Minimum night stay strategy
Having your minimum night stays staggered intelligently to fill up your calendar as much as possible
48
Prices
The price you set for your nightly rate
49
Pricing strategy
Having your pricing aligned with current market demand
50
Average lead booking time
The average number of days people book their stay in advance. Fluctuates throughout the year with seasonality.
51
Cleaners
People that clean your STR
52
Cleaning fees
The amount you charge for each stay to ideally cover cleaning expenses
53
Handy man
Someone who can come and fix things at the property
54
Party-protection
Ways to prevent parties - noise monitors, doorbell cams etc
55
Problems / challenges
Problems your potential client is facing - such as not getting enough weekday bookings
56
SEO
Search engine optimization - how to get to the first page of given booking channel
57
Booking conversions
The percentage of people going from LOOKING at your listing, to BOOKING
58
Multi-channel
Being across the 3 major booking channels
59
Constraint
The specific issue/s you're facing that are creating the 'problem'
60
Comp set
Competitive market set - the properties in your area that are most comparable to your own
61
Local market
STRs within your geographic location
62
RevPAR
Revenue Per Available Room (night) (Total Revenue / Total Bookable Night) (eg. $5,000 / 30nights = $166.67 RevPAR)
63
ADR
Average Daily Rate - The average of the rate you charge throughout a certain period (ie month of Jan)
64
Marketing Strategy
The practice of increasing your exposure and coverting more people to booking
65
Market data
The data you gather from a pricing software that can help you make data-driven informed decisions
66
Traffic
The amount of people looking at your listing (all booking channels combined)
67
Systems and automations
Generally done through a channel manager to save you time
68
Syncing calendars
If you're on multiple booking channels, you need to make sure your calendars are connected so you don't get double bookings
69
iCal sync
A way to sync calendars through the booking channels without a channel manager. Takes anywhere from 15 mins up to 24 hours to sync and can result in double bookings.
70
API sync
Instant sync of the calendars via specific channels managers that provide it
71
Security Deposit
A refundable deposit you can charge guests to cover any damages
72
Airbnb Security Deposit
The amount you set to recoup any damages. Doesn't actually do anything as it falls under AirCover anyway.
73
Bond
A refundable deposit you can charge guests to cover any damages
74
Airbnb insurance
Insurance provided by 3rd party company to insure against damages. Not to be confused with Aircover by Airbnb.
75
AirCover
Covers you if any damages are made, depending on the decision given by Airbnb. This is not the same as insurance.
76
Smart Pricing
Dymanic pricing by airbnb - fastest way to lose money every year
77
Dynamic pricing
Sets your prices automatically based on the market as a whole. It's a useful tool, but only when given guidance. Otherwise, it'll take the worst property, the best property, and put you smack in the middle. Generally under or over charging and a great way to lose money.
78
STR Insurance
Property insurance specifically for STRs
79
Hobby vs business
People that treat it like a hobby won't be profitable, people that treat it like a business will.
80
Professional hosts
Hosts that are using marketing strategies to get seen more, convert more and booked more as a result.
81
Optimize
The process of achieving the most optimal outcomes
82
Weekday
Sun - Thur night
83
Weekends
Fri Sat night
84
Payments by BDC
Where Booking.com takes payments automatically on the hosts behalf
85
BDC Preferred partner
A way to increase exposure on BDC once you achieve certain metrics - recommended
86
Genuis program
Pay more and give a discount to 'Genius program' guests as a way to gain additional exposure - not recommended
87
BDC Visibility Booster
Pay more to gain more exposure on BDC. If you're not getting many bookings, you can start with it until you gain traction, then turn it off.
88
Coaching calls
Where clients come to speak in group settings with our revenue managers to get their questions answered
89
Program
Online content plus coaching
90
Online content
Online video modules to walk people through step-by-step, click-by-click
91
Kick-off call
Weekly group calls for new clients as an initiation for the program
92
Discovery call
A triage call set when someone is disqualified
93
Strategy Session
The sales call
94
Onboarding call
After gaining a $100 deposit commitment that they're going to take action on the next call
95
BC
Business Consultant
96
SDS
Sales Development Specialist
97
PIF
Pay in full (sales terminology)
98
Outbound dials
The act of calling those who registered for a lead magnet, but didn't book a call
99
Evolve
A remote property management company that charges a commission, connects them to a channel manager, uses dynamic pricing and uses VA's to message your guests
100
Vacasa
A property management company that charges a commission, connects them to a channel manager, uses dynamic pricing and uses VA's to message your guests
101
BNB Formula
A course that teaches rental arbitrage
102
Brian Page
The owner of BNB formula that teaches rental arbitrage
103
Airbnb Automated
Teaches rental arbitrage - also does a course on it
104
STR Restrictions
Local areas that have certain restrictions for Airbnbs
105
Direct bookings
The process of getting people to book through your own website to save on booking commissions (~15% coms on all 3 major booking channels)
106
Overall Conversion rates
The % of people that see your listing in search results that follow through to make a booking
107
First page search impression rate
The % of times your listing shows on the first page of airbnb search results.
108
Search to listing conversion rate
The % of people that see your listing in search results (any page, not just 1st page) that click on your listing.
109
Listing to booking conversion rate
The % of people that view your listing page (clicked from search) that follow through to make a booking.
110
Hospitable.com
channel manager
111
IGMS
channel manager
112
Guesty for Pros
A more expensive version of guesty for hosts with more features. Better for larger portfolios and management companies
113
Lodgify
channel manager
114
Wheelhouse
Pricing automation software.
115
Beyond Pricing
Pricing automation software
116
AirDNA
Market research and dynamic pricing software
117
Smoobu
Channel manager
