🔥 Get Your Free Revenue Management Report: <a href="https://www.freewyldfoundry.com/report" rel="noopener noreferrer" target="_blank">https://www.freewyldfoundry.com/report</a>In this Rev Up Monday episode, Jasper dives deep into one of the most overlooked aspects of revenue management: cancellation policies. Learn why your strict cancellation policy might be costing you thousands in lost bookings and discover the optimal policy for your specific market and property type.<h3>Key Topics Covered:</h3>The Hidden Cost of Strict Policies<ul><li>Why strict cancellation policies discourage early bookings</li><li>How policies impact your booking window and revenue</li><li>The psychology behind guest booking decisions (44% of guests prioritize free cancellation)</li></ul>Breaking Down Every Airbnb Policy<ul><li>Super Strict 30/60 (avoid)</li><li>Firm: 30-day cancellation window</li><li>Limited: 14-day cancellation window (NEW)</li><li>Moderate: 5-day cancellation window</li><li>Flexible: 24-hour cancellation window</li></ul>Market-Specific Strategies<ul><li>Short booking window markets (like Miami): Go flexible</li><li>Seasonal markets (ski/beach): Consider firm for peak season</li><li>Stable mid-tier cities: Moderate or limited works best</li><li>Large homes vs. small units: Different policies for different property sizes</li></ul>Advanced Tactics<ul><li>Using flexible policies to recover from bad reviews</li><li>Temporary policy changes to boost momentum</li><li>The "last man standing" strategy for 100% occupancy markets</li><li>Balancing protection vs. booking velocity</li></ul><h3></h3><h3>Action Items:</h3><ol><li>Check your current cancellation policy immediately</li><li>Review your market's booking window patterns</li><li>Consider loosening your policy if bookings are slow</li><li>Test different policies for different property sizes</li></ol><hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Podurama

Home

Trending

Personal

Your Podcasts

New Episodes

My Files

Favourite Episodes

Tags (Folders)

Recently Played

Bookmarks

Followed Playlists

Airbnb's New Cancellation Rules: What Every Host Needs to Know (October 2024 Update)

Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management

AI Chapters

AI Insights

Reviews