Did you know that almost 40% of total listings in Cleveland ohio have a firm cancellation policy? Yes, close to 40% of hosts, and hotels have a cancellation policy that is either non -refundable or has some type of strict restrictions. Only 24% of listings have a flexible cancellation policy. The gap between % of listings and % booked based on the cancellation policy type is as follows, the looser your cancellation policy the more bookings you get, but the difference is not huge. For example Flexible bookings are about 22% of total listings, but about 24.4% of total bookings are for listings that have those flexible cancelation plicies.

On the other hand, listings with strict, firm, or super strict policies account for 37.2, and 2.3% of total listings, but only account for 34.6, 2% of total bookings. So there is. gap there.

How would hosts decide whether flexible or firm is the policy for them?

extra person fees

Over 50% of total listings have an extra person fee attached to them, and they in fact account for 53% of total bookings.

STR operators should continue leveraging extra person fees, as they do not show a negative correlation with booking patterns. In fact, they perform an even greater function; keep your risks lower. Every micro-hotel high turnover short term rental, should aim to keep the actual count of occupants per room at less than 2 if at all possible. Fees, are one of the effective levers that may be used to achieve just that.

17% of total listings for certain make a high use of dynamic pricing tools, and these listings are taking 26% of the slice of total bookings. That is a big gap.

9%

Yes a 9% jump. To smart STR operators, it means if using dynamic pricing, use it fully so you can see the benefit, just more or less using as the graph shows 13% of listings do, actually has the opposite result, 13% of listings use dynamic pricing moderately, but only 8% of bookings goes to those listings.. That is an impressive testatement to effective utilization of operati0onal tools. Is it not?