How to guarantee more income

Updated 3 months ago

Prepayments, flexibility with cancellations, discounts and more. There are plenty of ways to make sure you receive extra bookings and bring in added income. But first, you have to be seen by enough customers.

Learn about visibility basics

Naturally, the goal of any business is to maximize income – and it’s no different for accommodation partners.

Set up a prepayment

A surefire way of securing money up front is to set up a prepayment for all, or some, of your reservation policies. You can easily create a policy that requests full or partial prepayment on your Extranet.

Be flexible with cancellations

It’s important to be flexible and offer a variety of cancellation policies. Cancellations aren’t always a bad thing – they can actually be a business opportunity.

For example, one third of all cancellations occur within 24 hours of the initial booking. Allowing this type of cancellation without any hassle will provide a good guest experience. That way, customers will be more likely to book your property the next time they’re looking to stay in your area.

Plus, if you have auto-replenishment activated, that canceled room will quickly go back on sale so it can be grabbed by another guest.

Learn more about reducing cancellations.

Securing income: Our top tip Check your cancellation policies to find the right balance between allowing quick cancellations and having the peace of mind that you'll still get income if they cancel within a certain amount of time.

Review your policies

Add discounted rates

To generate more business on low-demand dates, you can add special promotions that encourage guests to book your place. Everyone loves a good deal.

You can also add a reduced rate with a more restrictive refund policy all-year round. With a non-refundable rate, guests pay the full price when they book – and are charged a fee if they cancel. So you’re guaranteed income.

Target frequent bookers

If you’re eligible to join the Genius program, you'll get exclusive visibility for our most frequent bookers.

What’s the advantage? On average, Genius properties tend to see a 7% increase in bookings.

We have over 20 million Genius bookers, and they tend to cancel less, book longer stays, and spend more per night than your average guest.

All you have to do is offer this group a discount on your cheapest/most popular room.

The Opportunity Center highlights actionable steps that help you optimize your property listing, improve your visibility, and bring in more revenue.

Discover your Opportunities

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