@Nick2339
My experience has been this:
- Initially started with request to book. I managed to appear reasonably high on the search results, especially after achieving Suerphost, no problems getting bookings.
- Airbnb started really pushing IB and some guests search with the IB only filter on (even if inadvertently). My bookings suddenly stopped in their tracks. I had to turn IB on even though I didn't want to. The bookings immediately started again.
- Found IB to be okay actually. I added all the settings that were mentioned above and also the three pre-booking questions (only about half of IB guests respond to those questions though). I still got a lot of request to book because many guests have questions and want some interaction before booking, but then I'm a home host. I liked the three penalty free cancellations, and never needed to use up all three in the space of a year.
- Recently, it's all gone to pot. I'm getting far more guests using IB, but most of them are not suitable. I had to call CS three times in one week to cancel instant bookings.
- So, I turned off IB on one of my listings (I have three) and will see how it goes, but it will be hard to tell as it's currently booked until the summer anyway...
Basically, IB worked for me for a long time but now I'm finding it very problematic and would definitely turn it off if it didn't affect my search ranking. There's just so many listings in London, it's easy to get buried.
As for cancellation policy, I went from moderate to strict some time back because I had a string of guests waiting until the deadline for a full refund before cancelling, having tied up my calendar for months, and these were for peak season dates.
Now I host mostly long term, so it's not so relevant, but I still have Strict for when I do accept shorter stays. I don't think it affects bookings at all because most guests don't bother checking the cancellation policy.
Of course, these days, more people are changing their plans, but I'd rather know as far in advance as possible and be able to open up the dates for replacement bookings (you can always refund the guest extra if you want to). With moderate, you could be repeatedly left in the lurch. With strict, you still have some control.