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💻 How to Tackle Cancellations and Last-Minute Changes to Your Bookings

💻 How to Tackle Cancellations and Last-Minute Changes to Your Bookings

Ready to learn how to handle cancellations like a pro? Hint: Flexibility is key. 🗝️🗝️🗝️

March 13, 2025

MARCH 13th, 2025

Good afternoon STR Report Community!

In today’s issue, you will find:

📱Today’s Article: 💻 How to Tackle Cancellations and Last-Minute Changes to Your Bookings

📈 Trending Market Highlights: Savannah, GA & Hamptons, NY

✉️ STR News: Artificial intelligence and cybersecurity: How worried should travel brands be? & more

💸 Mortgage Rate Watch

🌺 Unique Airbnb of the Week

🏫 Subscriber Perks: Beginner’s Guide E-Book, Guest Communication Messaging Templates, Airbnb Welcome Guide Template, STR Buy Box Template & Tax Savings E-Book

✅ Community Perks: Personal Airbnb Investment Finder & STR Loans & More

📬 See our collection of newsletters here: Prior Newsletters

Your booking got cancelled? Remember to stay calm. 🙂‍↕️

Community Perks with The STR Report

🔎 Personal Airbnb Investment Finder – Connect with an expert to handpick profitable Airbnb properties that match your criteria. With 200+ successful deals, all cash-flowing, you’re in good hands.

🤑 STR Loans & More – Need funding for your next short-term rental? Expect expert guidance, personalized service, and the best possible rates.

💻 How to Tackle Cancellations and Last-Minute Changes to Your Bookings

Navigating Cancellations and Changes in the Short-Term Rental World

Running a short-term rental can often feel like balancing multiple moving parts. When cancellations or last-minute changes occur, staying calm and organized is key. There are effective strategies to manage these situations while maintaining guest satisfaction and minimizing stress. 😌

1. Keep Calm and Stay Flexible

Cancellations happen. A guest may find a better deal, change their plans, or even have to reschedule for a family emergency. It’s essential to keep your cool. If possible, try to work with the guest to find another date that suits both of you, or offer them an alternative spot in your listing if you’ve got a second room or unit. If they’re leaving early, there’s often an opportunity to rebook quickly.

2. Set Clear Policies (and Stick to Them)

While it’s important to stay flexible, don’t forget to set clear cancellation policies upfront. Have a transparent and well-worded cancellation policy listed on your site and in your booking agreement, so guests know the rules from the get-go. That way, both you and your guest can feel secure in the agreement. Plus, it’s a little easier to enforce if things go sideways.

3. Offer Special Deals for Last Minute Bookings

When a guest cancels at the last minute, it can feel like the rug has been pulled out from under you. Offer a special deal for last-minute bookings to quickly turn things around. Just make sure to promote this option in advance so you’re ready for any sudden vacancies.

4. Respond Like a Pro: Communication is Important

The key to managing last-minute cancellations is clear communication. Respond quickly to any requests or changes and keep your guests in the loop. If they’ve had to cancel or adjust their plans, offer them empathy and try to make the situation as painless as possible. A quick response shows you're on top of things, which can help foster good will—and who knows, they might book with you again in the future!

5. Use Technology to Your Advantage

Take advantage of booking platforms that offer automated communication or allow you to adjust booking calendars with ease. Many platforms allow you to instantly adjust availability, rebook canceled dates, and even offer discounts. Streamlining these tasks with tech tools means you can focus on the more important stuff, like finding ways to fill that room fast!

6. Turn Cancellations into Opportunities for Improvement

Cancellations don’t have to be a loss; they can be a chance to make things better. Use the downtime to refresh the space, update listings, or even offer a discount to previous guests as an incentive to come back. Guests appreciate a host who’s constantly improving and willing to offer a better experience next time.

Wrapping Up: Embrace the Change

While cancellations and last-minute changes can be a hassle, they’re also an inevitable part of running a short-term rental. The key is to stay adaptable, maintain clear communication, and use every situation as an opportunity to learn and improve. The unexpected can turn into a chance to shine, so handle it with a smile, and your guests will be back before you know it!

Don’t want to deal with cancelations? Get in touch with an expert property manager & have them handle it for you.

Savannah, Georgia

Downloadable Savannah, Georgia Short-Term Rental Market Report

	Savannah STR Market Report.pdf1.98 MB • PDF File

Average Daily Rate (ADR): $208 per night
Occupancy Rate: Peaks in June at 78%, with an annual average of about 57%
Annual Revenue Potential: Around $76,000 per year

Read our full Savanah, Georgia Short-Term Rental Market Report attached above.

Hamptons, New York

Downloadable Hamptons, New York Short-Term Rental Market Report

	Hamptons STR Market Report.pdf5.05 MB • PDF File

Average Daily Rate (ADR): $239 per night
Occupancy Rate: Peaks in August at 71%, with an annual average of about 35%
Annual Revenue Potential: Around $84,308 per year

Read our full Hamptons, New York Short-Term Rental Market Report attached above.

📲Artificial intelligence and cybersecurity: How worried should travel brands be?
As AI increases both cybersecurity risks and defenses, organizations must adapt to emerging threats, with a focus on proactive protection, decentralization, and the looming challenge of quantum computing, while also managing the growing concerns of fraud and AI-enabled cyberattacks.

👩‍🦰 IWD spotlight: Investment inequality in the STR industry
Women in the short-term rental industry face systemic gender biases that hinder their access to investment, and bridging this gap requires enhanced education, mentorship, and diverse funding opportunities.

💰 Avantio unveils dynamic pricing tool to boost revenue generation
Avantio has launched a dynamic pricing tool that helps property managers optimize revenue and occupancy by automatically adjusting rates based on market performance, demand fluctuations, and competitive analysis, with a focus on simplicity and ease of use.

🏡 HomeToGo acquires Interhome for €160 million
HomeToGo has agreed to acquire Interhome for approximately €160 million, strengthening its position as Europe’s largest vacation rental platform, while also expanding its B2B segment and enhancing its AI-powered marketplace technology.

💸💸Mortgage Rate Watch – March 13, 2025

Current Mortgage Rates (as of March 13, 2025):

30-Year Fixed: 6.99% (-0.08%)
15-Year Fixed: 6.44% (-0.06%)
30-Year Jumbo: 7.00% (+0.01%)
30-Year FHA: 6.22% (+0.03%)
30-Year VA: 6.24% (+0.03%)
7/6 SOFR ARM: 6.44% (+0.05%)

Market Overview:

Mortgage rates have shown a moderate decline across most loan types, reflecting movements in mortgage-backed securities (MBS) and Treasury yields. This trend indicates investor sentiment about slowing inflation and potential Federal Reserve rate cuts later in the year. The 30-year fixed mortgage rate has fluctuated between 6.11% and 7.52% over the past year, offering some relief to homebuyers after months of elevated borrowing costs.

However, the housing market remains challenging due to affordability issues and low inventory.

Rate Trends & Forecast:

Short-Term: Mortgage rates are expected to remain within a certain range, with minor fluctuations influenced by economic data and Federal Reserve signals.
Long-Term: The Federal Reserve's policies on interest rates will be key to future mortgage rate movements. If inflation continues to ease, we may see gradual declines in rates throughout 2025.

For real-time mortgage rate updates, visit Mortgage News Daily.

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