You've decided to rent your vacation property...Congrats! The world of vacation rentals is exciting, dynamic, and a thriving industry that doesn't look to be going anywhere anytime soon. That being said, there is a lot that goes into owning a vacation rental property and getting it ready for the vacation season and whether you're a seasoned homeowner to starting this journey for the first time, the industry jargon can feel like a lot to learn. From "dynamic pricing" to "blackout dates," there is a wide variety of terms and lingo that it may be helpful to know when working with your property management company.
We want to help make your vacation rental experience as seamless as possible - so we're here to help! This comprehensive glossary of vacation rental terminology will help you understand some of the most common terms surrounding vacation rentals. Having this glossary in your back pocket will help you invest wisely, plan accordingly, and make the most of your vacation rental property here on the Outer Banks!
A
Amenity: A feature or service available at your rental property. Amenities can be as broad as pools, hot tubs, and Wi-Fi or as specific as board games, wet bars, and multiple living areas. Look at our property management blog for some ideas of must-have amenities that will help draw in renters to your property.
Any Day Stays: A flexible booking option that allows guests to check in and check out any day of the week. This is instead of day-specific check-in requirements, such as Saturday-Saturday or Sunday-Sunday stays. Many homeowners opt to allow Any Day Stays during the off-season to try to fill in those gaps.
Availability Calendar: This is an online application that shows the dates a home is open or available for bookings by guests.
Average Daily Rate (ADR): A determination of the average amount of revenue generated per paid night. This is calculated by dividing the total annual revenue by the number of booked nights.
B
Base Rate: This is the standard nightly or weekly cost of staying at a property, EXCLUDING taxes, fees, promotions, etc.
Blackout Dates: These are dates that are specifically set aside during which the property is unavailable for rent. Blackout dates are primarily when the home is closed for owner use or winterized for the off-season.
Booking Window: This is the length of time between when a guest books their stay and the date when it begins.
Booking Platform: Any online website/service that is used to list and book vacation rental properties including OTAs (online travel agencies) like Airbnb and VRBO and direct booking sites like our own OuterBanksVacations.com.
C
Cancellation Policy: This policy determines when and how a guest can cancel and receive a refund. At Seaside Vacations, all canceled reservations are subject to a $200.00 cancellation fee and refunds are only issued once the home is fully re-rented and confirmed with payment. Please see the lease agreement for more details.
Check-In/Check-Out Time: This is the designated time for check-in and check-out for guests. This is usually a pre-set time across the board, with options to purchase early check-in or late check-out based on availability. For Seaside Vacations, our check-in time is 5:00 PM and check-out is 9:00 AM. Early check-in is 2:00 PM and is available for $125 (based on availability). Late check-out is 11:00 AM and is available for $75 (based on availability).
Cleaning Fee: An additional fee charged for cleaning after departure. The fee varies depending upon the size of the home and is automatically added to the reservation upon booking.
Club Seaside: Club Seaside is our exclusive discount program where we partner with local businesses to offer our guests exclusive events and discounts as part of their vacation stay.
Condo/Condominium: A condo is a smaller property located within a larger building or complex. Units are individual and owned separately but common areas such as entrance decks, pools, beach accesses, and sometimes laundry are often shared.
D
Direct Booking: This is when a reservation is made directly through the property management website, as opposed to an OTA such as Airbnb or VRBO. Guests can often save a lot of money on fees when they book directly through us on the phone or online at www.OuterBanksVacations.com.
Dynamic Pricing: This is a flexible pricing strategy utilized by Seaside Vacations that automatically adjusts the prices of a vacation rental based on demand, seasonality, market trends, and competitor rates. This is different than a fixed rate because it allows you to work with our revenue department to ensure that you're making the most of real-time market conditions.
E
Equity: The difference between a home's market value and how much is owed on the mortgage. If you were to theoretically sell your property, this is how much you would keep after paying the mortgage.
Extended Stay: A booking for an extended period of time, usually for more than a week. Longer than a short stay but shorter than a long-term rental.
F
Fees: These are additional costs charged to guests to cover things such as processing, cleaning, or bringing pets.
Flexible Arrival: Also known as "any day stays," this allows guests to start their vacation on any day of the week, rather than the fixed Saturday or Sunday check-in days.
G
Guest Review: Feedback left by guests after a stay, providing information about the home, the rental experience, and the area. Guests can write reviews for Seaside Vacations on Google or they can leave reviews on the specific property on our website or the third-party site that they used to book. Reviews are not normally transferrable from site to site, meaning that guest reviews left on Google may not necessarily show up on our website or the third-party site.
H
Happy Stays App: Mobile app where guests can access their reservation information, get information about local activities and stores, and access Club Seaside partners during their stay.
Homeowners Association (HOA): This is the organization in a residential community that enforces rules regarding rentals and exterior property maintenance, manages shared amenities, and oversees the property as a whole. HOAs usually set guidelines for property use including noise restrictions and parking, common area maintenance, and community standards. HOAs often require members to pay a regular fee to help maintain the community.
House Rules: These are rules and guidelines for guest behavior during their stay. This involves noise restrictions and pet policies. House Rules can be found in all Seaside Vacations homes posted on the refrigerator.
HVAC: This is a system that combines heating and air conditioning to maintain a comfortable temperature in the home.
L
Lease Agreement: Also known as a rental agreement, this is a legal contract between the property management company (i.e. Seaside Vacations) and the guest which outlines the terms and conditions of the rental stay. Lease agreements have to be signed prior to being able to reserve and pay for a stay at one of our vacation rentals.
Length of Stay (LOS) Management: This is the practice of adjusting prices and minimum stays throughout the year to ensure increased revenue and optimizing occupancy during peak periods.
Listing: This is the online advertisement for the property which includes the description, photos, and amenities. Seaside Vacations listings are created by the marketing department in coordination with the homeowner and their property coordinator. Please reach out to your property coordinator with any questions or concerns regarding your property's listing.
Long-Term Rental: This is a rental property that is rented out for 30 days or more at a time. This is different from a short-term rental and is often utilized on the Outer Banks to fill gaps during the off-season.
M
Maintenance Request: This is a guest, owner, or property coordinator-reported issue that requires attention by our maintenance department.
Minimum Stay: This is the shortest length of time that a property can be booked. Most homeowners in our program elect to have a 7-day or 3-day minimum stay. This can change depending on the season.
Mini-Vacation: A mini-vacation is a short getaway, usually 2-4 nights. Not every property offers this length of stays and it is up to each property owner whether or not they want to advertise mini-vacations.
N
Niche Market: This is a specialized market that you exclusively market towards based on your preferences.
No-Show: This is a guest who fails to arrive for their reservation. No-shows are rare in this particular market, due to the financial investment of rentals.
North Carolina Vacation Rental Act: This is a law that governs vacation rental properties in North Carolina, ensuring that there is a signed rental agreement that protects both parties. The law applies to all vacation properties that are rented for less than 90 days. The law covers written agreement requirements, disclosure of fees, and the policies for refunds during emergencies. More information about the law can be found here.
O
Occupancy and Demand Forecasting: This is the practice of using historical data and trends to forecast demand. By doing this, prices can then be adjusted to ensure higher occupancy during the off-season.
Occupancy Rate: The percentage of booked nights versus total available nights.
Off-Season: Periods with lower demand and reduced rates.
Online Travel Agency (OTA): An online digital platform that advertises vacation rental properties on a third-party website such as Airbnb, VRBO, and Booking.com. They serve as online marketplaces for vacation rentals and often create increased visibility for your property.
Owner Portal: The owner portal is an online platform that gives you the opportunity to access important information about your property 24/7. You can access bookings, look at and provide suggestions for your listing, message your property coordinator, and more. Please contact your property coordinator for more information about gaining access to the owner portal.
P
Property Coordinator (PC): The property coordinator is the person dedicated to managing your property and handling the day-to-day operations of the rental. PCs are the main points of contact for the property owner, allowing smooth and streamlined communication between the owner and the other Seaside Vacations departments.
Property Management Agreement (PMA): The PMA is the legal contract between the property owner and the property management company. This document outlines services that will be provided, fees and payment terms, duration of the agreement, and information about liability and insurance. It also provides details about the property and how the property will be marketed.
Property Management Company: This is the professional company that manages the daily operations of a vacation rental property on behalf of the owner. This includes marketing, maintenance, guest management, bookings, and finances. By using a property management company, homeowners can prioritize increased income without having to make vacation rental management their fulltime job!
Property Management Software: This is the online tool used to manage bookings, calendars, and guest communications. Seaside Vacations uses Streamline.
R
Rental Agreement: A document outlining terms and conditions for a guest's stay.
Revenue Management: This is way in which Seaside Vacations analyzes dating, market trends, and dynamic pricing strategies to ensure that our owners are getting the maximum possible revenue from their vacation rental properties.
S
Shoulder Season: Also known as "Second Summer," this is the time period between peak and off-season, i.e. fall on the Outer Banks. Demand is moderate, but warm temperatures and fewer crowds have seen vacation rental demand during shoulder season increase over the years.
T
Travel Insurance: Travel insurance provides protection for the guest during their vacation and can include theft, baggage delays, medical costs, and cancellation due to a variety of reasons including mandatory evacuations due to hurricanes. Seaside Vacations offers travel insurance through Red Sky - Sun Trip Preserver.
Turnover Day: The day a property is cleaned and prepared for the next guest.
Townhome: These are multi-level properties that share walls with neighboring units but have their own private entrance. They are a combination of homes and condos, with more privacy and space than a condo or apartment while often costing less than full homes.
U
Upsell: Upselling is when you offer additional services or upgrades for purchase to enhance the guest welcome experience. Examples include early check-in, late check-out, and additional beach towels. Guests receive an email prior to check-in with information about additional amenities for purchase.
V
VayKLife: This program offers a beach gear credit to guests based on the number of nights they will be staying. Guests can use their credit to rent beach cruiser bicycles, kayaks, beach chairs, umbrellas, paddleboards, and more. The cost of VayKLife is included in the advertised rate, so there is no cost to homeowners to be a part of this program.
Vacation Rental Agreement: Another name for the lease agreement. A contract between the guest and Seaside Vacations, on behalf of the owner, outlining terms for the stay.
W
Walkthrough Inspection: This is a pre-arrival check of the property for cleanliness or damages, usually conducted by PCs throughout the week.Our marketing department also conducts walkthrough inspections of our properties to confirm amenities and ensure the accuracy of listings.
LET US HELP YOU MAKE THE MOST OF YOUR RENTAL
Hopefully, this glossary will help you on your property management journey. But know that when you partner with Seaside Vacations, we are here to help you every step of the way. We love property management on the Outer Banks and it shows. Family-owned and locally managed for over 30 years, Seaside Vacations goes above and beyond to make sure property management is Hassle-Free, meaning that we’ll take care of the details so that you can get back to taking care of the things that matter most to you. We'll help you make the most of your vacation rental! With our unique Property Coordinator model, we're here to help you succeed.
If you’re not already working with us and you're ready to find out more about how we support YOU in your rental property business, request your Complimentary Rental Projection today! Simply fill out this form to receive a commitment-free call from Michelle Russell, our Business Development Director at Seaside Vacations, who can answer any questions you may have about how Seaside Vacations can help you make the most of your Outer Banks vacation rental property.
Take CONTROL of your rental property business and start earning passive income.
We'll see you at the beach.
