Booking.com is offering some valuable recommendations to help minimize the impact of harmful cancellations.
Click here to access your Booking.com extranet account and utilize the Opportunity Center and Cancellation Characteristics Report provided.
The Opportunity Center suggests actions to take to minimize cancellations and the Cancellation Characteristics Report will provide in-depth insights about your property’s cancellation rate.
In the linked article, Booking.com suggests the following strategies when tackling last-minute cancellations and no-shows:
- Review policies/rates – Consider tightening up your cancellation policies during time periods where most occur OR consider an attractive rate to resell homes at the last minute.
- Resell your home – Consider a discount (like the mobile-rate discount) when a cancelled home is available again, since it is more likely to resell.
- Risk-Free reservations – Opt in to this Booking.com program that places the burden of reselling the room on Booking.com
- Implement prepayment/deposit policies – Refine your deposit policies to help secure revenue up-front
The Cancellation report can evaluate whether your property has a higher cancellation rate than your competition. If this is the case, Booking.com recommends a variety of strategies that include diversifying your rate plans, experimenting with your pricing, offering more ways to pay, and make sure you’re responsive when guests have questions.