The results are fantastic.
Property Managers all over the country have participated in this initiative and we’ve been monitoring this data region by region. For example, SoCal Desert Managers on the Free Cancel until 42 policy saw 1700% more bookings than managers with no free cancel policy. Managers on Free Until 60 days saw 488% more bookings. In Austin, Texas Property Managers who offered Free Cancel until 42 saw 1500% more bookings and Phoenix Arizona Managers saw an 1100% increase.
The holiday season is coming up fast and you’re in a great position to get the best conversion rates this Winter if you make your listing more appealing to vacation rentals seekers now. It is strongly advised that you to consider implementing a free cancel policy.
Why does “Free Cancel” work?
When guests are booking on the major online travel websites like Booking.com and Expedia, they expect a hotel-like booking experience. Travelers are more likely to convert a booking if they perceive the cancellation policy to be more in their favor.
Was there a higher cancellation rate as a result?
The short answer is yes and no. With significantly more bookings the cancellation rate rose, but the net bookings were still higher than before the policy was implemented. Bookings go up, while at the same time, cancellation rates stay relatively stable. It’s a win-win, for managers.