It's acceptable to keep a nominal fee for cancellations made 60-90 days out, but within 60-90 days of the rental dates, you may want to establish a policy that protects you from lost revenue. If you re-book your vacation home, it's honorable to refund the cancelled guest.

Be careful! You could run into a situation where a renter calls you several days after you receive the deposit check and cancels due to an emergency. If they request the return of the deposit, you should do so in a prompt manner. But do NOT send them the refund until their check clears your bank. Although they represent the minority, there are people who will try to defraud you by sending a bad check and then requesting a refund before their check clears. Don't be a victim!

And there you have it, protecting you and your renters from the financial burdens of collecting money! Now go and establish a clear written policy which benefits you and your renters.

© 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.

How to Handle Payments for Far-In-Advance Bookings    Consider adjusting your cancellation policy for vacation rentals nine months or more in advance.

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.