Glossary
A glossary of terms written in the context of the short term rental accommodation industry.
3DS / 3DS2
3D Secure (and more recently, 3D Secure 2) is a feature incorporated into a payment gateway allowing for greater security through credit card validation, usually by issuing a one-time password directly to the card-holder’s mobile or email.
Amenities
Amenities refers to the features, facilities, and services for a property to enhance guest comfort, convenience, and overall stay experience. Detailed and accurate amenity information ensures each property well represented on OTAs such as Airbnb, Booking.com and Vrbo.
API
An API (Application Programming Interface) is a set of rules and protocols that allows different software systems to communicate and share data with each other automatically.
ASTRA
Australia and New Zealand Short Term Rental Accommodation, a leading body representing the short term rental industry and professionals in Australia.
Bach
A colloquial term for holiday home used in New Zealand.
Body Corporate
A legal entity required to manage common areas, associated finances and by-laws in a strata-titled complex.
Bond Payment
A bond payment (sometimes called a security deposit) is a sum of money paid by the guest to the host or property manager before or at the start of the stay as a financial guarantee.
Cancellation
A cancellation refers to the act of a guest or property manager terminating a confirmed booking before the scheduled check-in date.
Channel Manager
A system which allows the real-time transfer and updating of property inventory, rates, descriptions and images across a range of distribution channels including OTAs and booking websites.
Checkin
Check-in refers to the process by which a guest arrives at and gains access to the rental property at the start of their stay.
Checkout
Checkout refers to the process when a guest leaves the rental property at the end of their stay.
Cleaner
A cleaner is integral to the success of a short term rental property. In the context of holiday rentals, a cleaner will typically offer a comprehensive cleaning service, re-stock guest consumables such as soaps, and in some cases linen services, ensuring properties are well-presented, clean, tidy and guest-ready.
Co-Host
A co-host is a person who helps the main host (property manager) manage a rental property.
Damage Waiver
A damage waiver is an optional fee that guests can pay to reduce or eliminate their financial responsibility for accidental damages to the property during their stay.
Departure
Departure refers to the guest’s final exit from the rental property at the end of their stay.
Direct Booking
A booking that is made through a channel that goes directly to the property management company, such as a walk-in customer, phone booking or direct website booking. These are desirable for property managers as they do not incur an OTA commission.
GST
GST stands for Goods and Services Tax. It is a value-added tax applied to most goods and services, including accommodation rentals.
Guest
A guest is the person or group who books and stays at a rental property for a temporary period.
Integration Partner
An integration partner is a third-party company or software provider whose system connects seamlessly with a property management platform or booking system to enhance functionality and streamline operations.
Legislation
Legislation refers to the set of laws, regulations, and rules established by governments or local authorities that govern how short-term rentals must operate.
Levy
A levy is a government-imposed fee charged on short-term rental bookings, typically aimed at regulating the industry and generating revenue for public services.
LOS Pricing
Length of Stay (LOS) Pricing refers to a pricing strategy where the rental rate varies depending on how long a guest stays at the property.
Management Rights
Management Rights refer to a legal and business arrangement where an individual or company holds the exclusive authority to manage, lease, and operate rental properties often within a complex, resort, or multi-unit development.
Management Letting Rights
Management Letting Rights (MLR) refer to a legal arrangement common in some countries (notably Australia), where an individual or company holds the exclusive right to manage and rent out units within a larger residential complex or resort.
Maintenance
Maintenance refers to the ongoing upkeep, repair, and care of a rental property to ensure it remains safe, functional, and attractive to guests.
Occupancy
Occupancy refers to the percentage of time a rental property is booked and occupied by guests over a specific period.
OTA
OTA stands for Online Travel Agency. Examples include Airbnb, Booking.com, Expedia, and Vrbo.
OTA Commission
OTA commission refers to the fee charged by Online Travel Agencies (OTAs) like Airbnb, Booking.com, or Vrbo for facilitating bookings through their platforms.
OTP
OTP stands for One-Time Password and is commonly used during account registration, check-in procedures, or payment authorisations.
Owner
An owner is the individual or entity who holds legal ownership of the rental property being offered for short-term stays.
Package
A package (additional charge) is an extra service or bundle provided to guests for an additional fee on top of the base rental price. Examples include cleaning fees, linen fees, booking fees, and wine hampers.
Payment Gateway
A payment gateway is a technology service that securely processes online payments made by guests when booking a rental property.
Payment Service
In Homhero, the payment service integration refers to the setup area where payment gateways such as Merchant Warrior are configured to facilitate the collection, processing, and transfer of payments between guests and hosts or property managers.
Pre-Authorisation
A pre-authorisation, colloquially known as a pre-auth, is a process where the host or booking platform temporarily reserves a certain amount of money on the guest’s credit or debit card before the actual payment is fully processed.
Property
A property refers to the physical space or unit that is offered for rent to guests for temporary stays.
PMC
Property Management Company, a business that specialises in managing rental accommodation on behalf of property owners
PMS
Property Management System, software developed to streamline operations and allow property managers to manage bookings, rates and property listing information.
Rental Guarantee
A rental guarantee is a promise or agreement, usually made by a property manager, rental agency, or platform that the property owner will receive a fixed rental income for their property, regardless of actual bookings or occupancy levels.
Rent Roll
A rent roll is a detailed report or record listing all the rental properties managed by a host or property management company, along with key information about each property’s bookings and income.
Reservation
A reservation is the confirmed booking made by a guest to stay at a rental property for specific dates.
Security Deposit
A security deposit is a sum of money paid by the guest to the host or property manager before or at the start of the stay as a financial guarantee.
Schedules
Schedules refer to the planned and timely messaging between hosts, property managers, and guests throughout the rental process.
SSO
Single Sign On technology allows the user to access password-protected applications through a single click, often by verifying against an existing account in a logged-in state such as a Google account.
STAAA
The Short Term Accommodation Association of Australia is a body for owners and operators within the industry.
STRA
Short Term Rental Accommodation, a term often used in Australia to describe holiday rentals
Strata / Strata Title
Individual ownership of a short term rental property (also known as a ‘lot’) in a complex with shared facilities managed by a Body Corporate.
Sub-Letting
Sub-letting refers to when a tenant or leaseholder of a property rents out all or part of that property to another guest or traveler, usually for a shorter period.
Trust Account
A trust account is a special bank account used by property managers, agents, or hosts to hold guests’ funds securely on behalf of clients (such as rental payments, deposits, or bonds).
VR
Vacation Rentals, a term commonly used in overseas markets for short term rentals
Vrbo
Vrbo (Vacation Rentals by Owner) is a popular online travel agency owned by the Expedia Group on which property owners and managers can list their vacation homes, apartments, cabins, and other short-term rental properties for travelers to book.
Webhooks
Webhooks are automated messages or notifications sent from one system to another in real-time when certain events happen.