cancelation policy

[Deb3707]

I am new to hosting and  a guest brought it ti my attention that my cancelation policy is set to be able to cancel one night before check-in for full refund.  I have just changed it to moderate for 5 nights before check-in.  What is the most common used setting?  Will this change effect previous bookings?  Any input appreciated.  Thanks, deb

[Sarah977]

@Deb3707  Anything you change about your listing only affects bookings made after the change. So already booked reservations will be under the previous Flexible policy.

I don't know that there is a "most commonly used policy". It depends on what a host decides works best for them. A host in a location where guests tend to book months ahead may use a strict policy to avoid guests' bookings blocking their calendars for months, only to cancel a few days beforehand, leaving the host with empty daates they have little chance of rebooking.

Flexible may work fine for hosts who get the majority of their bookings last minute, because they live near a major airport or interstate and usually will have another booking roll in right away.

I have always used Moderate, and it has worked well for me.

[Deb3707]

Thanks for your help.

Deb

[M199]

@Deb3707 

As @Sarah977 states, it really depends on each host.  We are open for the summer season, so for us it is more beneficial to have a flexible policy.  We rarely get cancellations,  and if we do,  we can pretty much count on a new booking in very short time.

My suggestion is to really delve into your local market and competition, as well as setting your goals and expectations.  Good luck!

[Deb3707]

Thanks for your help.

Deb

[Debra300]

@Deb3707,

Welcome to the community blog.  Here are a couple of tips:

1. To respond to a person's comment directly, type "@" and the profile ID search will appear, and list the more recent contributors to the chat.  
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I have listings in two locations.  My spaces in Atlanta metro are primarily rented longer-term.  The Airbnb long-term cancellation policy automatically applies to reservations that are 28 days and longer.  At my St. Lucia guesthouse, I used to have Strict but changed to the Firm cancellation policy and a 90 or 180 day booking window.  As @Sarah977 mentioned, if your property is in a location where you're not likely to get short notice reservations, you don't want your calendar blocked for several months and risk a last minute cancelation.