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

🔥 Get Your Free Revenue Management Report: https://www.freewyldfoundry.com/reportIn 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.Key Topics Covered:The Hidden Cost of Strict PoliciesWhy strict cancellation policies discourage early bookingsHow policies impact your booking window and revenueThe psychology behind guest booking decisions (44% of guests prioritize free cancellation)Breaking Down Every Airbnb PolicySuper Strict 30/60 (avoid)Firm: 30-day cancellation windowLimited: 14-day cancellation window (NEW)Moderate: 5-day cancellation windowFlexible: 24-hour cancellation windowMarket-Specific StrategiesShort booking window markets (like Miami): Go flexibleSeasonal markets (ski/beach): Consider firm for peak seasonStable mid-tier cities: Moderate or limited works bestLarge homes vs. small units: Different policies for different property sizesAdvanced TacticsUsing flexible policies to recover from bad reviewsTemporary policy changes to boost momentumThe "last man standing" strategy for 100% occupancy marketsBalancing protection vs. booking velocityAction Items:Check your current cancellation policy immediatelyReview your market's booking window patternsConsider loosening your policy if bookings are slowTest different policies for different property sizes Hosted on Acast. See acast.com/privacy for more information.