Airbnb's New Cancellation Rules: What Every Host Needs to Know (October 2024 Update)
Summary
This article from Get Paid For Your Pad discusses Airbnb's cancellation policies, and why strict policies can cost hosts bookings. The article covers various cancellation policies and recommends hosts review their market's booking window and consider flexible policies for short booking windows. The article also provides a framework for revenue management routines.
Key Insights
- •44% of guests prioritize free cancellation.
- •The article suggests that strict cancellation policies might cost hosts thousands in lost bookings.
Action Items
- ✓Review your market's booking window patterns.Effort: mediumImpact: medium
- ✓Check your current cancellation policy immediately.Effort: lowImpact: medium
- ✓Consider loosening your policy if bookings are slow.Effort: lowImpact: medium
Tools & Resources
- →Free Revenue Management Report: Get Your Free Revenue Management Report: https://www.freewyldfoundry.com/report
Watch Out For
- ⚠Using strict cancellation policies in markets with short booking windows.
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