How to use market data to choose the best cancellation policy
Summary
AI-generatedLearn how to leverage market data and listing metrics to choose the optimal cancellation policy for your short-term rental. This video breaks down the differences between major booking platforms and provides a framework for balancing flexibility with revenue protection.
Key insights
A cancellation policy that is too flexible can lead to lost revenue due to last-minute cancellations and difficulty rebooking at optimal prices, while a policy that is too strict can deter potential guests from booking.
Mistakes to avoid
Failing to align cancellation policies across different platforms (e.g., Airbnb, VRBO, Booking.com) can lead to confusion for guests and potential revenue loss if a less strict policy is chosen on one platform but not others.
Tools & resources
PriceLabstool
PriceLabs is a tool that can provide market data on booking windows, seasonality, and cancellation policy trends for comparable listings.
Frequently Asked Questions
Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial