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New partner series: setting up a damage deposit and prepayment policy

Hi everyone,

There might be moments when you want to protect your property against unplanned situations. I’d like to share the below two tips with you which might help you manage the unforeseen. 

If you find yourself in a situation where you want to be able to secure upfront revenue, you can consider a prepayment policy. Through this policy, you can collect the payment of reservations prior to guests staying at your property. Our new partners might get some temporary restrictions to set this up, but if you’d like to set up a prepayment policy whenever these restrictions are lifted, our guide here explains how to do this.

Another situation where you may want to make sure that you have protection against is damage that might occur during guest stays. A damage deposit can deter people from booking your property, but that can also help you safeguard your property by collecting money for potential damages in advance. If you believe that this is best suited to your particular situation, this guide explains how to set up a damage deposit. 

I hope that the above insights will help you make more informed business decisions for your property!

Do you have any other tips?

👉Click here to find the rest of our weekly onboarding post series for new partners.