Your cancellation policy as a short-term rental host can depend on various factors, including your property type, location, and personal preferences. However, it's essential to strike a balance between providing flexibility for guests and ensuring a fair arrangement for yourself.
Here are three common types of cancellation policy you might consider:
1. Flexible cancellation
Full refund for cancellations made a certain number of days prior to check-in.
A partial refund for cancellations made within a shorter timeframe.
No refund for cancellations made on the day of check-in.
Example: Full refund for cancellations made seven days before check-in, 50% refund for cancellations made within six days of check-in, and no refund for cancellations made on the day of check-in.
2. Moderate cancellation
Full refund for cancellations made a moderate number of days prior to check-in.
A percentage refund for cancellations made within a shorter timeframe.
No refund for cancellations made on the day of check-in.
Example: Full refund for cancellations made 14 days before check-in, 50% refund for cancellations made within 7 days of check-in, and no refund for cancellations made on the day of check-in.
3. Strict cancellation
A partial refund for cancellations made a certain number of days prior to check-in.
No refund for cancellations made within a shorter timeframe, including on the day of check-in.
Example: 50% refund for cancellations made 30 days before check-in, and no refund for cancellations made within 29 days of check-in.
It's important to communicate your cancellation policy clearly in your rental listing to set guest expectations. Keep in mind that having a stricter policy may deter some potential guests, so consider the balance between protecting yourself and attracting bookings.
Additionally, you might want to consider implementing extenuating circumstances policies or providing options for guests to purchase travel insurance to cover unforeseen events. Always be responsive and open to communication with guests to handle exceptional situations on a case-by-case basis.
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