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BeyondBNB CSM Onboarding > STR Terminology > Flashcards

STR Terminology Flashcards

1
Q

STR

A

Short-term rental

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2
Q

Short-term rental

A

Anything under 30 night minimums

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3
Q

ABB

A

Airbnb

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4
Q

Revenue

A

Total money generated

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5
Q

Profit

A

Retained earnings after expenses

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6
Q

Retained Earnings

A

Money left over after expenses & dividends

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7
Q

Capital

A

Available Cash For Investment

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8
Q

Equity

A

The value of the asset, less any debt raised against it.

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9
Q

Expenses

A

Cost of doing business, think mortgage, electricity, management, software etc.

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10
Q

ROI

A

Return on investment

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11
Q

Net-income

A

Income after expenses

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12
Q

Passive income

A

Income that is generated without any input from the individual

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13
Q

Supply

A

The amount of competition in the marketplace

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14
Q

Demand

A

The amount of people looking to stay in STRs

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15
Q

Market demand

A

The amount of people looking to stay in STRs within your market

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16
Q

Booking channels

A

Airbnb, BDC, VRBO

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17
Q

Booking platforms

A

Airbnb, BDC, VRBO

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18
Q

OTA

A

Online Travel Agency - Airbnb, BDC, VRBO

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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

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20
Q

Co-Host

A

Someone that manages a STR on behalf of someone else

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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

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22
Q

Rental arbitrage

A

Rent the property as a long-term rental, then put it on the STR market to make a profit

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23
Q

Property investor

A

An individual that invests their own money to purchase a property to generate revenue, not to live in.

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24
Q

Owner

A

The owner of the STR

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25
Q

Scale

A

Wanting to bring on more listings, whether that be through investment, co-hosting or rent-to-rent

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26
Q

Pricing software

A

A tool that helps you gain market insights and make data driven decisions about your nightly rates as well as dynamically update those rates

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27
Q

Pricelabs

A

Pricing software

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28
Q

HostAway

A

A good channel manager for 3 listing +

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29
Q

Guesty for Hosts

A

A good channel manager for <3 listings

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30
Q

Revenue management

A

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

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31
Q

Booking.com

A

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.

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32
Q

VRBO

A

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

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33
Q

Expedia

A

Booking channel that owns VRBO

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34
Q

HomeAway

A

Booking channel owned by Expedia Group

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35
Q

Furnished finder

A

Monthly furnished rentals

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36
Q

Guests

A

People that stay in the Airbnbs

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37
Q

Host

A

Someone that operates a STR

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38
Q

Hosting

A

Hosting a STR

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39
Q

Superhost

A

A badge given by Airbnb after they meet certain criteria. Generally with reviews.

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40
Q

Low-season

A

When the demand is lower in your market

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41
Q

Peak-season

A

When the demand is the highest in your market throughout a specific period

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42
Q

Off-peak

A

Any months outside of peak-season

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43
Q

Shoulder-season

A

The time before and after peak season when the demand is ramping up or ramping down

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44
Q

LLC

A

Limited Liability Company

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45
Q

Rates

A

The nightly price you set

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46
Q

Minimum night stay

A

How many nights can be booked as a minimum in your listing

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47
Q

Minimum night stay strategy

A

Having your minimum night stays staggered intelligently to fill up your calendar as much as possible

48
Q

Prices

A

The price you set for your nightly rate

49
Q

Pricing strategy

A

Having your pricing aligned with current market demand

50
Q

Average lead booking time

A

The average number of days people book their stay in advance. Fluctuates throughout the year with seasonality.

51
Q

Cleaners

A

People that clean your STR

52
Q

Cleaning fees

A

The amount you charge for each stay to ideally cover cleaning expenses

53
Q

Handy man

A

Someone who can come and fix things at the property

54
Q

Party-protection

A

Ways to prevent parties - noise monitors, doorbell cams etc

55
Q

Problems / challenges

A

Problems your potential client is facing - such as not getting enough weekday bookings

56
Q

SEO

A

Search engine optimization - how to get to the first page of given booking channel

57
Q

Booking conversions

A

The percentage of people going from LOOKING at your listing, to BOOKING

58
Q

Multi-channel

A

Being across the 3 major booking channels

59
Q

Constraint

A

The specific issue/s you’re facing that are creating the ‘problem’

60
Q

Comp set

A

Competitive market set - the properties in your area that are most comparable to your own

61
Q

Local market

A

STRs within your geographic location

62
Q

RevPAR

A

Revenue Per Available Room (night) (Total Revenue / Total Bookable Night) (eg. $5,000 / 30nights = $166.67 RevPAR)

63
Q

ADR

A

Average Daily Rate - The average of the rate you charge throughout a certain period (ie month of Jan)

64
Q

Marketing Strategy

A

The practice of increasing your exposure and coverting more people to booking

65
Q

Market data

A

The data you gather from a pricing software that can help you make data-driven informed decisions

66
Q

Traffic

A

The amount of people looking at your listing (all booking channels combined)

67
Q

Systems and automations

A

Generally done through a channel manager to save you time

68
Q

Syncing calendars

A

If you’re on multiple booking channels, you need to make sure your calendars are connected so you don’t get double bookings

69
Q

iCal sync

A

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
Q

API sync

A

Instant sync of the calendars via specific channels managers that provide it

71
Q

Security Deposit

A

A refundable deposit you can charge guests to cover any damages

72
Q

Airbnb Security Deposit

A

The amount you set to recoup any damages. Doesn’t actually do anything as it falls under AirCover anyway.

73
Q

Bond

A

A refundable deposit you can charge guests to cover any damages

74
Q

Airbnb insurance

A

Insurance provided by 3rd party company to insure against damages. Not to be confused with Aircover by Airbnb.

75
Q

AirCover

A

Covers you if any damages are made, depending on the decision given by Airbnb. This is not the same as insurance.

76
Q

Smart Pricing

A

Dymanic pricing by airbnb - fastest way to lose money every year

77
Q

Dynamic pricing

A

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
Q

STR Insurance

A

Property insurance specifically for STRs

79
Q

Hobby vs business

A

People that treat it like a hobby won’t be profitable, people that treat it like a business will.

80
Q

Professional hosts

A

Hosts that are using marketing strategies to get seen more, convert more and booked more as a result.

81
Q

Optimize

A

The process of achieving the most optimal outcomes

82
Q

Weekday

A

Sun - Thur night

83
Q

Weekends

A

Fri Sat night

84
Q

Payments by BDC

A

Where Booking.com takes payments automatically on the hosts behalf

85
Q

BDC Preferred partner

A

A way to increase exposure on BDC once you achieve certain metrics - recommended

86
Q

Genuis program

A

Pay more and give a discount to ‘Genius program’ guests as a way to gain additional exposure - not recommended

87
Q

BDC Visibility Booster

A

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
Q

Coaching calls

A

Where clients come to speak in group settings with our revenue managers to get their questions answered

89
Q

Program

A

Online content plus coaching

90
Q

Online content

A

Online video modules to walk people through step-by-step, click-by-click

91
Q

Kick-off call

A

Weekly group calls for new clients as an initiation for the program

92
Q

Discovery call

A

A triage call set when someone is disqualified

93
Q

Strategy Session

A

The sales call

94
Q

Onboarding call

A

After gaining a $100 deposit commitment that they’re going to take action on the next call

95
Q

BC

A

Business Consultant

96
Q

SDS

A

Sales Development Specialist

97
Q

PIF

A

Pay in full (sales terminology)

98
Q

Outbound dials

A

The act of calling those who registered for a lead magnet, but didn’t book a call

99
Q

Evolve

A

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
Q

Vacasa

A

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
Q

BNB Formula

A

A course that teaches rental arbitrage

102
Q

Brian Page

A

The owner of BNB formula that teaches rental arbitrage

103
Q

Airbnb Automated

A

Teaches rental arbitrage - also does a course on it

104
Q

STR Restrictions

A

Local areas that have certain restrictions for Airbnbs

105
Q

Direct bookings

A

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
Q

Overall Conversion rates

A

The % of people that see your listing in search results that follow through to make a booking

107
Q

First page search impression rate

A

The % of times your listing shows on the first page of airbnb search results.

108
Q

Search to listing conversion rate

A

The % of people that see your listing in search results (any page, not just 1st page) that click on your listing.

109
Q

Listing to booking conversion rate

A

The % of people that view your listing page (clicked from search) that follow through to make a booking.

110
Q

Hospitable.com

A

channel manager

111
Q

IGMS

A

channel manager

112
Q

Guesty for Pros

A

A more expensive version of guesty for hosts with more features. Better for larger portfolios and management companies

113
Q

Lodgify

A

channel manager

114
Q

Wheelhouse

A

Pricing automation software.

115
Q

Beyond Pricing

A

Pricing automation software

116
Q

AirDNA

A

Market research and dynamic pricing software

117
Q

Smoobu

A

Channel manager

BeyondBNB CSM Onboarding (10 decks)

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