When taking bookings for reservations far in advance and holding dates for a long period of time, you run the risk of renters cancelling, or worse, forgetting about the rental entirely.

Most reservations made very far in advance do pan out. If you are nervous about possibly losing a valuable rental week, I suggest adjusting your deposit and pre-payment policies so that you are covered in case of cancellation.

Here's what I suggest: Take the reservation and deposit. Require 1/2 of the payment at least 60-90 days prior to the arrival date and the other half 30-60 days prior to the arrival date. If they do cancel, you are not out any huge amount of money.

You will still have plenty of time to re-rent that week, especially since it's such a coveted week. You can also offer the renters a payment plan. For example, if I book at $700 week, I offer a plan for them to pay $100 a month for 7 months. Usually a potential renter will jump at the opportunity because they can better budget their finances, even though they are paying more upfront than if they opted to pay with my normal payment policy.

© Christine Karpinski 2006

VRBO Listing Critique: Beech Tree Cottage (Sag Harbor, NY)    With a little tweaking to the headline and photos this VRBO listing could be great.

HomeAway Listing Critique: TurtleCon (Kiawah Island, SC)    This listing faces the challenge of advertising a multi-unit home.

Problem Solving: The Key to Smoothly Renting Your Vacation Home    When considering whether or not to rent their home, a lot of vacation homeowners worry about how to handle the problems that may arise.

Establishing a Clear Refund Policy for Your Vacation Rental Guests    Protect both yourself and your renters by creating a clear refund and cancellation policy for your vacation rental home.

Checklist for Creating a Thorough Rental Agreement    Use this checklist to sort through your own rental agreement and be sure you have all the necessary clauses.

Sample Vacation Rental Lease, Agreements & Contracts    Two sample rental contracts, leases or agreements, a rental invoice or confirmation, and a credit card authorization form that you can use for your vacation rental guests.

Why You Shouldn't Hold Time for Vacation Renters    Your vacation rental property is a hot commodity. Why hold it for an uncertain renter?

The Importance of Keeping Your Bookings at Your Fingertips    Don't miss a booking. Know if you have rental dates available when a renter calls.

How To Avoid Cancellations from Vacation Rental Guests    The best way to avoid a cancellation: Don't book a reservation without having money in hand.

Christine's Blog: Updating Your Rental Agreements (12/11/07)    Christine make a few alterations to her rental contracts.