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How to Handle Airbnb Guest Cancellation and Refund

This video discusses the management of guest cancellations in Airbnb and VRBO, focusing on different cancellation policies, and how a properly managed cancellation can increase net profit for hosts. Cancellations can occur from either guests or occasionally, hosts, each entailing different issues.

Airbnb and VRBO offer several cancellation policies: Strict, Moderate, Firm, and Flexible, each having different conditions for refunds. A well-chosen cancellation policy can minimize losses and even boost earnings. Especially during peak seasons, where demand exceeds supply, enabling hosts to surpass 100% of the anticipated revenue. However, it is crucial for hosts to manage cancellations correctly to avoid potential penalties and maintain high occupancy rates.
During high seasons, adopting a Strict Cancellation Policy is most workable since guests might not have many booking options, and any cancellation allows hosts to resell the listing. However, during low seasons, listings are harder to be booked, making each booking valuable. If a booking is cancelled during low seasons, the listing may not be rebooked, necessitating a Strict Cancellation Policy to mitigate risk. Hosts should avoid confusing or complicated discussions within the first 48 hours of booking, as the guests can still cancel with full refund under certain conditions.
Guests may have a certain understanding of cancellation policies and may approach cancellations differently. In some instances, guests cancel bookings online, settling refunds with Airbnb directly, and hosts don't need to get involved. In other cases, guests might ask hosts for full refunds or submit a Request Money claim in the Resolution Center post-cancellation. Hosts should manage such situations tactfully, clarifying any misunderstandings about refunds. It is important for the host to ensure that the host is not at fault for cancellations, as it may lead to penalties by Airbnb/VRBO as well as damaging the standing of the hosting service.

Hosts should also educate guests about additional fees like Airbnb service fees and occupancy taxes which are included in the payment but are not received by the hosts. Misunderstandings often occur when guests are not fully refunded for these additional charges unless the host provides a full refund. Properly explained, hosts can offer to alter bookings to one-day stays, allowing guests to recover some fees proportionally and opening the listing for new bookings, enabling hosts to earn more than 100% for the listing.

The video emphasizes the significance of well-managed cancellations and recommends a Strict policy as generally more favorable for hosts, given its straightforwardness and potential to resell the listing more than once in case of cancellations. The host can compensate for potential lower booking rate due to a strict policy by using other various approaches.

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Chapters in this video
0:00 Introduction
1:18 Guest Cancellation Policy
1:40 Strict cancellation policy
2:06 Moderate cancellation policy
2:25 Firm cancellation policy
2:52 Flexible cancellation policy
3:45 Guest Cancellation during High Seasons
4:36 Guest Cancellation during Low Seasons:
5:30 Scenarios with Guest Cancellation
6:06 The guest cancels the booking online and Airbnb issues partial refund 6:26 The guest cancels the booking but later submits Request Money
7:30 The guest wishes to cancel but asks the host for a full refund

The topics cover in this video include Airbnb, VRBO, Airbnb Hosting for Beginners, Guest Cancellation, Host Cancellation, Cancellation Policy, Strict Policy, Moderate Policy, Firm Policy, Flexible Policy, Refund, Occupancy Rate, Extenuating Circumstances, High Season, Low Season, Resolution Center, Service Fee, Occupancy Tax, Cleaning Fee, Penalties, Net Profit.