Vacasa, Inc. (VCSA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Vacasa, Inc., una plataforma de alquiler de vacaciones revolucionaria que está transformando el panorama de la hospitalidad con su modelo de negocio de vanguardia. Al conectar a la perfección, los propietarios, los viajeros y la tecnología, Vacasa ha creado un ecosistema dinámico que optimiza las experiencias de alquiler y genera valor en múltiples segmentos de clientes. Desde algoritmos de precios sofisticados hasta una red robusta de propiedades administradas profesionalmente, esta compañía ha reinventado cómo se pueden comercializar, administrar y monetizar los alquileres de vacaciones en la era digital.

Vacasa, Inc. (VCSA) - Modelo de negocio: asociaciones clave

Propietarios

A partir del cuarto trimestre de 2023, Vacasa administra aproximadamente 41,000 propiedades de alquiler de vacaciones en América del Norte. La compañía trabaja con propietarios individuales e institucionales que enumeran sus propiedades en la plataforma Vacasa.

Tipo de propietario	Número de propiedades	Ingresos anuales promedio por propiedad
Propietarios individuales	35,650	$62,400
Propietarios institucionales	5,350	$128,750

Agencias de viajes en línea (OTA)

Vacasa mantiene asociaciones estratégicas con las principales plataformas de viajes en línea para expandir la visibilidad de la propiedad y las oportunidades de reserva.

Socio de OTA	Volumen de reserva en 2023	Tarifa de comisión
Airbnb	1,2 millones de reservas	15%
Vrbo	850,000 reservas	12%
Booking.com	620,000 reservas	14%

Servicios de administración y limpieza de propiedades locales

Vacasa colabora con proveedores de servicios locales en sus regiones operativas.

• Proveedores de servicios locales totales: 8.750
• Costo promedio de limpieza por propiedad: $ 135
• Gasto anual en servicios locales: $ 48.6 millones

Proveedores de tecnología y software

Vacasa invierte en asociaciones tecnológicas para mejorar su plataforma y eficiencia operativa.

Socio tecnológico	Servicio proporcionado	Inversión anual
Servicios web de Amazon	Infraestructura en la nube	$ 3.2 millones
Salesforce	Soluciones CRM	$ 1.7 millones
Google Cloud	Análisis de datos	$ 2.5 millones

Empresas de inversión de bienes raíces y hospitalidad

Asociaciones estratégicas con empresas de inversión para adquisición de propiedades y expansión de cartera.

• Asociaciones de inversión totales: 12
• Capital de inversión total: $ 275 millones
• Inversión promedio por asociación: $ 22.9 millones

Vacasa, Inc. (VCSA) - Modelo de negocio: actividades clave

Gestión y optimización de la propiedad de alquiler de vacaciones

A partir del cuarto trimestre de 2023, Vacasa administra aproximadamente 41,000 propiedades de alquiler de vacaciones en América del Norte. La compañía opera en 38 estados de EE. UU. Y 14 mercados internacionales.

Métricas de gestión de propiedades	2023 datos
Propiedades totales administradas	41,000
Mercados geográficos	38 estados de EE. UU., 14 mercados internacionales
Ingresos de propiedad promedio	$ 62,300 por propiedad anualmente

Mantenimiento de la plataforma digital e innovación tecnológica

Vacasa invierte significativamente en infraestructura tecnológica y plataformas digitales.

• Inversión tecnológica anual: $ 47.2 millones en 2023
• Equipo de ingeniería de software: 312 empleados a tiempo completo
• Características de la plataforma: reserva en tiempo real, precios dinámicos, comunicación automatizada

Estrategias de marketing y adquisición de clientes

Métricas de marketing	2023 rendimiento
Gasto de marketing	$ 98.6 millones
Costo de adquisición de clientes	$ 86 por cliente nuevo
Canales de marketing digital	Google, Meta, TripAdvisor, Airbnb

Algoritmos de gestión de ingresos y precios dinámicos

Vacasa utiliza algoritmos de precios avanzados para optimizar los ingresos por alquiler.

• Precio del algoritmo de precios: 94.3% de alineación del mercado
• Aumento promedio de ingresos a través de precios dinámicos: 17.6%
• Modelos de aprendizaje automático: 3 modelos de precios propietarios

Experiencia del huésped y coordinación de mantenimiento de la propiedad

Métricas de mantenimiento	2023 datos
Personal de mantenimiento	1.246 empleados a tiempo completo
Tiempo de respuesta promedio	27 minutos
Presupuesto de mantenimiento de la propiedad	$ 63.4 millones

Vacasa, Inc. (VCSA) - Modelo de negocio: recursos clave

Tecnología patentada avanzada y plataforma de reserva

Vacasa opera una plataforma de tecnología sofisticada con las siguientes especificaciones:

• Inversiones de tecnología total en 2023: $ 45.2 millones
• Tamaño del equipo de ingeniería de software: 237 profesionales
• Presupuesto anual de desarrollo de tecnología: $ 52.3 millones

Métrica de tecnología	Valor cuantitativo
Tiempo de actividad de la plataforma	99.97%
Transacciones de plataforma anual	3.2 millones
Descargas de aplicaciones móviles	1.7 millones

Extensa red de propiedades de alquiler de vacaciones

La cartera de propiedades de Vacasa comprende:

• Propiedades totales administradas: 38,425
• Cobertura geográfica: 38 estados de EE. UU.
• Mercados internacionales: 3 países

Tipo de propiedad	Número de propiedades
Frente a la playa	6,750
Montaña	5,230
Urbano	4,890

Análisis de datos y capacidades de inteligencia de precios

La infraestructura de análisis de datos de Vacasa incluye:

• Algoritmos de aprendizaje automático: 27 modelos distintos
• Capacidad de procesamiento de datos: 3.8 petabytes anualmente
• Ajustes de precios en tiempo real: cada 15 minutos

Fuerza laboral calificada en administración y tecnología de propiedades

Composición de la fuerza laboral:

• Total de empleados: 4.782
• Empleados de tecnología: 237
• Profesionales de administración de propiedades: 3,425

Reconocimiento de marca fuerte

Métrico de marca	Valor
Conciencia de marca	62%
Tasa de repetición del cliente	38%
Puntuación del promotor neto	71

Vacasa, Inc. (VCSA) - Modelo de negocio: propuestas de valor

Administración de propiedades sin problemas para propietarios

Vacasa administra 41,000 propiedades de alquiler de vacaciones en América del Norte a partir del cuarto trimestre de 2023. Ingresos de propiedad anual promedio para propietarios: $ 56,700.

Métricas de gestión de propiedades	Valor
Propiedades totales administradas	41,000
Ingresos anuales promedio del propietario	$56,700
Tarifa de administración de propiedades	25-35%

Alquileres de vacaciones de alta calidad y administrados profesionalmente

Vacasa mantiene Calificación de limpieza del 99,2% a través de propiedades administradas. Puntaje promedio de satisfacción del invitado: 4.6/5.

• Servicios de limpieza profesional para cada propiedad
• Soporte para invitados 24/7
• Verificaciones de calidad de propiedad estandarizadas

Experiencia de reserva perfecta para viajeros

La plataforma de reserva en línea procesa 2.3 millones de noches de invitados anualmente. Valor de reserva promedio: $ 425 por noche.

Métricas de la plataforma de reserva	Valor
Noches de invitados anuales	2.3 millones
Valor de reserva promedio	$ 425/noche
Destinos cubiertos	500+ ubicaciones

Precios competitivos y optimización de ingresos

El algoritmo de precios dinámicos aumenta los ingresos del propietario en un promedio de 22% en comparación con las propiedades autogestionadas.

• Estrategias de precios impulsadas por IA
• Ajustes de tarifas de mercado en tiempo real
• Optimización de la demanda estacional

Opciones de alojamiento consistentes y confiables

Vacasa ofrece más de 500 ubicaciones de destino con 95% Tasa de disponibilidad de propiedades. Diversos tipos de propiedades incluyen:

• Casas de playa
• Cabañas de montaña
• Apartamentos urbanos
• Villas de lujo

Vacasa, Inc. (VCSA) - Modelo de negocio: relaciones con los clientes

Sistemas de atención al cliente digital automatizado

Vacasa opera una plataforma digital de atención al cliente 24/7 con las siguientes métricas clave:

Canal de soporte	Tiempo de respuesta	Tasa de resolución
Soporte de aplicaciones móviles	Menos de 2 horas	92%
Chat del sitio web	En 15 minutos	87%
Soporte por correo electrónico	Dentro de las 4 horas	95%

Comunicación personalizada a través de aplicaciones móviles y sitio web

Estadísticas de participación digital para las plataformas de Vacasa:

• Descargas de aplicaciones móviles: 1.2 millones
• Usuarios mensuales activos: 650,000
• Sitio web Visitantes mensuales: 3.4 millones

Administración de propiedades basada en el rendimiento para propietarios

Métrico de rendimiento	Valor promedio
Ingresos promedio del propietario	$ 45,600 anualmente
Tasa de ocupación	48.3%
Tarifa de comisión	35-40%

Mecanismos de revisión y calificación para la transparencia

Detalles de la plataforma de comentarios de los clientes:

• Revisiones totales: 275,000
• Calificación promedio: 4.6/5
• Tasa de verificación de revisión: 94%

Programas de fidelización e incentivos de referencia

Característica del programa	Detalles
Tarifa de cliente repetida	37%
Bono de referencia	Crédito de $ 100
Miembros del programa de fidelización	225,000

Vacasa, Inc. (VCSA) - Modelo de negocio: canales

Sitio web propietario de la empresa y aplicación móvil

A partir del cuarto trimestre de 2023, la plataforma de reserva directa de Vacasa genera aproximadamente el 35% del volumen total de reserva. El sitio web de la compañía recibe 2,3 millones de visitantes únicos mensuales. Las descargas de aplicaciones móviles llegaron a 1.2 millones de usuarios activos en 2023.

Métrica de plataforma	2023 datos
Visitantes mensuales del sitio web	2.3 millones
Aplicación móvil usuarios activos	1.2 millones
Porcentaje de reserva directa	35%

Plataformas de agencias de viajes en línea de terceros

Vacasa se asocia con múltiples agencias de viajes en línea (OTA), generando el 45% del volumen total de reservas a través de estos canales en 2023.

• Airbnb: 22% de las reservas totales
• VRBO: 15% del total de reservas
• Booking.com: 8% de las reservas totales

Equipos directos de ventas y marketing

Vacasa mantiene 287 representantes de ventas en 18 mercados regionales. El equipo de ventas directas generó $ 42.3 millones en ingresos a través de reservas corporativas y grupales en 2023.

Canales de comercialización de redes sociales

Las plataformas de redes sociales contribuyen al 12% del alcance de marketing de Vacasa. A partir de 2023, la compañía tiene:

Plataforma	Seguidores
Instagram	214,000
Facebook	185,000
LinkedIn	47,000

Campañas por correo electrónico y marketing digital

La base de datos de marketing por correo electrónico de Vacasa contiene 1,8 millones de suscriptores. Las campañas de marketing digital generaron $ 18.7 millones en ingresos rastreables durante 2023, con una tasa de conversión promedio de 3.2%.

• Suscriptores de correo electrónico: 1.8 millones
• Ingresos de la campaña: $ 18.7 millones
• Tasa de conversión: 3.2%

Vacasa, Inc. (VCSA) - Modelo de negocio: segmentos de clientes

Viajeros de ocio que buscan alquileres de vacaciones

A partir del cuarto trimestre de 2023, Vacasa administró 34,500 propiedades de alquiler de vacaciones en 14 países. Las tasas de alquiler nocturnas promedio para las propiedades de Vacasa fueron de $ 309 en 2023.

Características del segmento de clientes	Estadística clave
Rango de edad	25-54 años (demográfico principal)
Valor de reserva promedio	$ 1,487 por reserva
Tarifa de cliente repetida	22.6% de los viajeros de ocio

Propietarios interesados ​​en los ingresos de alquiler

Vacasa administra propiedades para 42,000 propietarios individuales a partir de 2023.

• Ingresos de alquiler anuales promedio por propiedad: $ 56,700
• Tarifa de administración de propiedades: 25-35% de los ingresos por alquiler
• Concentración geográfica: 90% de las propiedades en Estados Unidos

Inversores inmobiliarios

Vacasa atiende a aproximadamente 3.500 grupos de inversión inmobiliaria e inversores individuales.

Detalles del segmento de inversión	Métrica
Tamaño de la cartera de propiedades promedio	3.4 propiedades por inversor
Valor total de propiedad de inversión	$ 8.2 mil millones estimado

Viajeros corporativos

El segmento de viajes corporativos representaba el 12.4% del total de reservas de Vacasa en 2023.

• Longitud promedio de la reserva corporativa: 4.2 noches
• Industrias primarias: tecnología, consultoría, finanzas
• Tasa de retención de clientes corporativos: 68%

Organizadores de grupos y eventos

Vacasa admite reservas grupales en múltiples tipos de propiedades.

Características de reserva grupal	Puntos de datos
Reservas grupales anuales	7,200 reservas grupales
Tamaño de grupo promedio	8-12 personas
Valor de reserva de grupo promedio	$3,750

Vacasa, Inc. (VCSA) - Modelo de negocio: Estructura de costos

Gastos de desarrollo de tecnología y plataforma

Para el año fiscal 2023, Vacasa reportó tecnología y gastos de desarrollo de productos de $ 75.3 millones, lo que representa el 11.5% de los ingresos totales.

Categoría de gastos	Cantidad (2023)	Porcentaje de ingresos
Desarrollo tecnológico	$ 75.3 millones	11.5%
Infraestructura de software	$ 22.1 millones	3.4%

Costos de gestión de propiedades y mantenimiento

Los gastos de administración y mantenimiento de la propiedad de Vacasa totalizaron $ 153.6 millones en 2023.

• Costo de mantenimiento promedio por propiedad: $ 3,200 anualmente
• Propiedades totales bajo administración: 48,500
• Gastos de limpieza y facturación: $ 42.7 millones

Inversiones de marketing y adquisición de clientes

Los gastos de marketing para Vacasa en 2023 fueron de $ 86.4 millones, lo que representa el 13.2% de los ingresos totales.

Canal de marketing	Gastar	Porcentaje del presupuesto de marketing
Marketing digital	$ 52.3 millones	60.5%
Marketing de rendimiento	$ 24.1 millones	27.9%

Salarios de empleados y sobrecarga operativa

Los gastos totales de personal para Vacasa en 2023 fueron de $ 184.2 millones.

• Salario promedio de empleados: $ 67,500
• Número total de empleados: 2,730
• Gastos generales operativos: $ 41.6 millones

Pagos de comisión a agencias de viajes en línea

Los gastos de la comisión pagados a las agencias de viajes en línea en 2023 ascendieron a $ 98.7 millones.

Plataforma OTA	Comisión pagada	Porcentaje de comisiones de OTA
Expedia	$ 45.3 millones	45.9%
Booking.com	$ 33.6 millones	34.0%

Vacasa, Inc. (VCSA) - Modelo de negocios: flujos de ingresos

Comisión de transacciones de alquiler de propiedades

VACASA genera ingresos a través de comisiones en transacciones de alquiler de propiedades. A partir del cuarto trimestre de 2023, la compañía informó:

Métrico	Valor
Ingresos totales de las transacciones de alquiler	$ 510.2 millones
Tasa de comisión promedio	25-30%
Número de propiedades administradas	37,000+

Tarifas de servicio de administración de propiedades

Vacasa cobra las tarifas de gestión de los propietarios para manejar las operaciones de alquiler:

• Tarifa de gestión de la base: 20-25% de los ingresos de alquiler bruto
• Tarifas de servicio adicionales: mantenimiento, limpieza, marketing

Categoría de tarifa de servicio	Ingresos aproximados
Tarifas de gestión base	$ 145.6 millones
Tarifas de servicio adicionales	$ 42.3 millones

Ingresos de optimización de precios dinámicos

Vacasa utiliza algoritmos de precios avanzados para maximizar los ingresos por alquiler:

• Ingresos de la tecnología de precios: $ 23.7 millones
• Aumento promedio de ingresos por propiedad: 12-15%

Servicios auxiliares para propietarios

Flujos de ingresos adicionales de los servicios complementarios:

Tipo de servicio	Ingresos anuales
Servicios de mantenimiento	$ 18.5 millones
Soporte de marketing	$ 12.3 millones
Productos de seguro	$ 8.7 millones

Tarifas de licencia de tecnología y software

Ingresos de la plataforma de tecnología y las soluciones de software:

• Ingresos de licencia de software: $ 9.2 millones
• Número de usuarios de plataformas de terceros: más de 500

Vacasa, Inc. (VCSA) - Canvas Business Model: Value Propositions

For Homeowners: Maximize rental income with less hassle via full-service, tech-optimized management.

You're looking at the core value proposition for property owners, which centers on maximizing their return without the daily grind. Vacasa, Inc. aimed to deliver this through a comprehensive management structure, charging a commission for the service.

The management fee, which is the core charge, typically ranges between 25% and 35% of the nightly booking rate, with 30% often cited as a common middle ground for gross rental income. Some owners managed to negotiate rates rarely below 25%.

As of December 31, 2024, the company managed approximately 37,991 active listings, a figure that had seen fluctuation, being down from roughly 42,000 in Q3 2023.

Here's a quick look at the fee structure components reported:

Fee Type	Typical Range (of Nightly Booking)
Management Fee (Core Commission)	25% - 35%
Booking Fee	10% - 15% (May apply per booking)
Accommodation Protection Fee (Optional/Per Night)	$7 (0-2 bedrooms) to $8.54 (3+ bedrooms)

For Guests: Professionally managed, high-quality vacation homes with 24/7 support.

The value here is consistency and reliability across a large, distributed inventory. Guests receive service backed by a national platform, ensuring a certain standard of quality and availability.

The platform provided access to approximately 40,000 homes in hundreds of destinations across the United States, Belize, Canada, Costa Rica, and Mexico. Support is available 24/7 via phone call.

Looking at the scale of activity in 2024, the company processed 5.08 million Nights Sold, generating a Gross Booking Value (GBV) of $1.86 billion. The GBV per Night Sold for the full year 2024 was $365.

For Local Managers (Casago Franchisees): National brand scale paired with local operational control.

This value proposition became historical fact when Vacasa, Inc. was acquired by Casago on May 1, 2025. Prior to this, the model suggested local teams provided personalized care and hospitality, enabling market-level decision-making under the national brand umbrella.

Dynamic Pricing: Algorithm-driven rate adjustments to maximize occupancy and revenue.

Vacasa, Inc. used its proprietary technology to set optimal rates, monitoring millions of data points daily. The system adjusted rates in response to real-time demand fluctuations.

The technology was used to determine the rates for approximately 40,000 homes daily. While Vacasa, Inc.'s specific internal metrics for 2025 aren't fully public, industry data from comparable dynamic pricing models in 2025 showed significant lift.

Here are performance indicators from studies on dynamic pricing adoption in 2025:

Metric (Industry Study)	Observed Impact
Gross Revenue per Unit	Up to +36.3%
Nights Booked per Unit	Up to +37.3%
RevPAR Increase (AirDNA Data)	+10.7% Year-over-Year (an increase of $144.19)
Cancellation Rate	Reduced by -20.0%

Anecdotally, units managed under a dynamic pricing strategy reportedly achieved 92 percent and 97 percent occupancy, leading to an average of 20 percent more revenue per month.

Finance: draft 13-week cash view by Friday.

Vacasa, Inc. (VCSA) - Canvas Business Model: Customer Relationships

You're looking at how the combined entity, following the May 1, 2025, acquisition of Vacasa by Casago, manages its relationships with homeowners and guests as of late 2025. The strategy clearly pivots toward the localized, high-touch approach that Casago brought to the table, especially given Vacasa's prior challenges with elevated homeowner churn.

Dedicated Homeowner Success Teams for Personalized, Long-Term Relationships

The focus is now on fostering stability, a stark contrast to the prior year where Vacasa managed approximately 36,500 home listings as of December 31, 2024, while dealing with ongoing homeowner churn. The combined operation, now overseeing approximately 43,000 vacation homes across North America, Belize, and Costa Rica, emphasizes local empowerment. The structure relies on local operating partners who have deep community ties, which is a core tenet of the franchise model that Casago utilized to manage nearly 5,000 properties across 72 destinations before the merger.

The longevity of these local relationships is a key metric for stability:

• The average local operating partner (franchisee) has been with Casago for years if not over a decade.
• Nearly 95% of U.S.-based local operating partners hold both Airbnb Superhost and VRBO Premier Partner status.

24/7 Guest Support and Local On-the-Ground Service for Immediate Needs

Guest satisfaction is now benchmarked against the high standards set by the Casago network, which is recognized for delivering exceptional service through its local teams. This local accountability is designed to ensure prompt response times for immediate guest needs, which is critical in the vacation rental space.

Guest rating metrics from the Casago network show this commitment:

Rating Source	Average Rating (Late 2025 Context)
Homeowner Rating (Casago)	4.9-star
Airbnb Guest Rating (Casago)	4.8 stars
VRBO Guest Rating (Casago)	4.7 stars

The combined company has been honored with Comparent's Market Leader Badge, awarded to the top 10% of professional vacation rental managers.

Self-Service Tools via the Vacasa Guest App and Homeowner Portal

While the operational focus shifts, the technology platform inherited from Vacasa, including its digital tools, remains part of the infrastructure enabling self-service for both parties. For homeowners on the legacy platform, engagement with the digital tools showed strong initial adoption, indicating a preference for self-service access to property data.

Here are the latest available engagement statistics for the Vacasa Homeowner app, reflecting its initial rollout:

• About 40% of homeowners had downloaded the new app within four months of its announcement in late 2021.
• More than 60% of those downloading homeowners logged into the app weekly.

For guests, the platform enables booking via Vacasa.com and its Guest App. Webpage traffic for the platform in September 2025 was estimated at 1,387,000 visitors.

High-Touch, Local Accountability Through the Casago Franchise Model

The merger strategy explicitly aims to transition former Vacasa markets into the franchise-driven model, prioritizing local operators who possess deep community knowledge. This structure empowers local teams with national systems and support, aiming to provide responsiveness that a centralized corporate structure struggled to deliver. The combined entity now manages properties across North America, Belize, Costa Rica, and the Caribbean. The scale of this localized network is significant, with the merged group overseeing approximately 45,000 properties.

Vacasa, Inc. (VCSA) - Canvas Business Model: Channels

You're looking at the distribution strategy for Vacasa, Inc. following its acquisition by Casago, which finalized around May 2025. The channel mix is about getting inventory in front of guests and acquiring new homeowners, which is now operating under a hybrid model.

The total scale of the combined entity, as referenced in mid-2025 reports, suggests a portfolio of approximately 40,000 managed properties across North America and the Caribbean. This supply is pushed out through several key avenues.

The reliance on third-party Online Travel Agencies (OTAs) remains significant for broad reach, though the strategy post-merger likely emphasizes driving more direct bookings to improve margin, a common industry goal where direct booking commissions are zero versus OTA commissions of 15 to 25 percent. In 2024, before the merger, the company's spend on third-party distribution was estimated at 15% of revenue, compared to 6% on first-party technology development.

Here is a breakdown of the primary channels used to connect inventory with guests and owners:

• Direct booking platform: Vacasa.com and the Vacasa Guest App.
• Major third-party OTAs: Airbnb, Vrbo, and Booking.com for broad guest reach.
• Direct sales force for individual homeowner acquisition.
• Real estate developer partnerships for new home community management contracts.

The direct booking channel is where Vacasa, Inc. captures the highest margin, as it avoids the commission fees charged by OTAs. For a hypothetical $200 per night booking, an OTA might take 18% ($36) plus 2% in fees, leaving the company with $160, whereas a direct booking keeps the full amount before internal processing costs. The company's 2024 revenue was reported as $910.49 million, with a Gross Booking Value (GBV) of $1.86 billion. The channel mix directly impacts the conversion of GBV to revenue.

The OTA channel provides massive exposure. For context, in the broader market, OTAs control roughly 50.4% of hotel gross bookings, while direct channels hold about 49.6%. Vacasa, Inc. leverages this visibility, even as it works to grow its direct channel share. The company has publicly noted partnerships with Booking.com to power over 35,000 vacation rentals internationally as of mid-2025.

The homeowner acquisition channel is critical for supply growth. While specific 2025 Cost of Acquisition (CAC) data isn't public, the company historically targeted an LTV (Lifetime Value) to CAC ratio in the range of 4x to 5x. The shift toward a hybrid model with Casago suggests a continued focus on organic homeowner sign-ups alongside portfolio acquisitions.

The developer partnership channel focuses on securing management contracts for entire new communities. While specific contract numbers are proprietary, this channel feeds into the overall unit count, which stood at 37,991 active listings as of December 1, 2024, before the full impact of the Casago merger integration.

Here's a look at the scale and cost dynamics across the primary distribution points:

Channel Type	Metric Example (Industry/Historical)	Associated Financial Impact
Direct Booking Platform	100% of booking value kept (pre-internal cost)	Highest margin capture on Gross Booking Value (GBV)
Major Third-Party OTAs	Commission fees ranging from 15% to 25%	Significant revenue share paid out for guest acquisition
Homeowner Acquisition	Target LTV/CAC ratio of 4x to 5x	Cost associated with growing the supply base
Total Managed Units (Baseline)	37,991 active listings (as of Dec 1, 2024)	Base inventory for all channels

The company's 2024 financial performance showed a revenue of $910.49 million against a total GBV of $1.86 billion, illustrating the blended take rate across all these channels. The success of the channels is measured by how effectively they drive bookings while managing the cost to acquire both the guest and the property.

Vacasa, Inc. (VCSA) - Canvas Business Model: Customer Segments

Vacation Homeowners are second-home owners seeking passive rental income and full-service management. As of November 1, 2025, the combined entity managed approximately 43,482 active listings across North America, Belize, and Costa Rica. This inventory supported a Trailing Twelve Month (TTM) revenue base of over $910.5 million as of late 2024, which is the latest full-year context available before the May 2025 acquisition. Homeowners are attracted by the platform's technology designed to adjust rates in real time to maximize revenue, a core value proposition for this segment. The company's 2024 Gross Booking Value (GBV) stood at $1.86 billion, illustrating the total rental value flowing through the platform for these owners.

Leisure Travelers/Guests are families and groups seeking professionally cleaned, private vacation accommodations. For the Summer 2025 season, data indicated that travelers were taking an average of 5 trips, with 87% exploring domestic destinations. Furthermore, 44% of Americans caught the travel bug this summer, showing high demand for the accommodations offered. In the last full reported year, 2024, the platform facilitated 5.08 million Nights Sold, which generated the $1.86 billion in GBV. The average dollar value per night stayed (GBV per Night Sold) in 2024 was $365.

Metric	Value (Latest Available)	Context/Date
Total Managed Homes (Active Listings)	43,482	November 1, 2025
Gross Booking Value (GBV)	$1.86 billion	Fiscal Year 2024
Nights Sold	5.08 million	Fiscal Year 2024
Average GBV per Night Sold	$365	Fiscal Year 2024
TTM Revenue	$910.5 million	As of late 2024

Real Estate Investors are buyers looking for high-potential vacation rental investment properties. The company actively caters to this segment by publishing its annual ranking, such as the Top 25 Best Places to Buy a Vacation Home report for 2025, released in February 2025. This report evaluates locations based on market conditions and rental revenue performance, offering insights into lucrative investment spots. The top-ranked market in the 2025 report was North Myrtle Beach, S.C., followed by Dauphin Island, Ala., and Okaloosa Island, Fla. The company's focus on maximizing rental income for owners directly appeals to investors seeking strong returns on their asset.

Local Property Managers are franchisees seeking a national brand and technology backbone, a segment heavily emphasized post-merger with Casago. Casago, which brought a franchise-first model, managed over 5,000 properties across 72 destinations before the May 2025 merger. The quality of this partner network is high; nearly 95% of U.S.-based local operating partners are either Airbnb Superhosts or VRBO Premier Partners, or both. The combined entity aims to bring unmatched local property management services to owners, supported by empowered local teams. Post-merger, Casago designated Ximplifi as a preferred provider for franchisee trust accounting and financial management to standardize operations for this segment.

• Casago average local operating partner tenure: Years or over a decade
• Casago U.S. local operating partners achieving Superhost/Premier Partner status: Nearly 95%
• Number of destinations Casago operated in pre-merger: 72

Vacasa, Inc. (VCSA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Vacasa, Inc.'s business as of late 2025, based on the latest full-year financials from 2024. Honestly, the structure shows a heavy reliance on variable costs tied to property operations, but the fixed component proved sticky when revenue dropped. That mismatch is key to understanding the ongoing cost challenge.

Fixed field costs: Personnel for cleaning, maintenance, and local operations are deeply embedded in the Cost of Revenue and Operations & Support lines. These are the people on the ground making sure the homes are ready and maintained. To combat lower demand in 2024, Vacasa, Inc. took significant action, implementing restructuring plans that eliminated 1,120 positions, which is about 18% of the workforce. This effort directly impacted these field costs; for instance, Operations and support costs fell by $23.9 million, or 10%, year-over-year, largely driven by a $18.5 million reduction in personnel-related expenses. Still, the report noted that these fixed field costs didn't decrease in lockstep with the revenue decline, pressuring margins.

Technology and development expenses: Investment in the core proprietary platform represents the investment in the tech backbone that manages pricing, distribution, and operations. For the fiscal year 2024, Research & Development expenses totaled $49.25 million. This was a reduction of $9.6 million, or 16%, compared to 2023. Here too, restructuring played a role, with a $6.0 million decrease in personnel-related expenses and a $4.3 million drop in software license and maintenance costs contributing to the lower spend. That's a clear action taken to right-size the tech spend.

Sales and marketing costs: Homeowner acquisition and guest demand generation fall under the broader Selling, General & Admin (SG&A) umbrella. The total SG&A for 2024 was $444.95 million. While the overall SG&A only increased by $4.8 million (6%) compared to 2023, management highlighted aggressive cuts in specific areas to align with the lower revenue environment. For example, in the third quarter of 2024, sales and marketing expenses were down about 30% year-over-year, showing a sharp, near-term action to control guest acquisition spend.

Cost of Revenue: Direct expenses related to property management services are the most direct variable costs tied to the volume of stays. In FY 2024, the Cost of Revenue was $426.98 million, an 18% decrease from 2023's $518.99 million. This reduction was primarily due to lower revenue volume, resulting in a $46.4 million decrease in personnel-related expenses, a $25.6 million reduction in home care solutions and supplies, and a $12.8 million drop in payment processing costs. The company's total revenue for 2024 was $910.49 million, meaning the Cost of Revenue consumed about 46.9% of that top line.

Here's a quick look at the major expense categories for the fiscal year ended December 31, 2024, all figures in millions USD:

Cost Category	FY 2024 Amount (Millions USD)	Context/Driver
Revenue	910.49	19% decline in nights sold drove revenue down.
Cost of Revenue	426.98	Decreased 18% due to lower volume and supply cost cuts.
Selling, General & Admin (SG&A)	444.95	Includes Sales & Marketing; only grew 6% YoY despite revenue drop.
Research & Development (R&D)	49.25	Technology investment, down 16% due to headcount reduction.
Total Operating Expenses (Excl. CoR)	524.16	SG&A + R&D + Other Operating Expenses.

Net Loss for FY 2024 was $154.9 million, showing the ongoing cost challenge. This loss, while a significant improvement from the $528.23 million net loss in 2023, still reflects the difficulty in achieving profitability when fixed-like costs resist scaling down with revenue. The company's Adjusted EBITDA, a non-GAAP measure, was a loss of $0.7 million in 2024, compared to a gain of $23.5 million in 2023, which really highlights the margin pressure from the cost structure not flexing enough.

Vacasa, Inc. (VCSA) - Canvas Business Model: Revenue Streams

The revenue streams for Vacasa, Inc. are derived from their vertically integrated platform serving both homeowners and guests in the vacation rental market. This model relies on capturing value at various points in the booking and management lifecycle.

Homeowner Commissions represent the primary source of revenue, charged as a percentage of the gross rental revenue generated by the property. This fee covers the full-service management offering. Based on property owner reports, this commission typically falls within a range of 25-35% of gross rental revenue. Some reports indicate that 30% is a common middle ground for this core management fee. Vacasa states that its fees are tailored for each unique property.

The following table summarizes the key components that contribute to Vacasa, Inc.'s revenue generation from the homeowner side:

Revenue Component	Typical Percentage/Rate Basis	Notes
Management Fee (Commission)	25-35% of nightly booking revenue	Core fee covering marketing, guest services, and property care.
Booking Fee	10-15% per booking	Covers customer service, reservation support, and risk management.
Accommodation Protection Fee (Guest Paid)	Around $7/night (0-2 BR) to $8.54/night (3+ BR)	Optional damage waiver for guests.

Guest Fees are charges passed directly to the traveler to cover operational costs and service enhancements. These are separate from the homeowner commission. You see these charges itemized during the reservation process.

The specific types of guest-paid fees include:

• Reservation-related charges, including the Booking Fee.
• A Cleaning Fee that varies based on property size and cleaning requirements.
• An optional Accommodation Protection Fee for damage coverage.
• A Pet Fee for properties that permit dogs, covering extra cleaning.

Ancillary Services provide additional, often optional, revenue streams tied to property upkeep or guest amenities. These help Vacasa, Inc. enhance the offering while generating incremental revenue.

Examples of ancillary revenue sources include:

• Fees for maintaining property amenities like hot tubs (Hot Tub Maintenance Fee).
• Charges related to the Linen Program, which includes a one-time setup and an annual replacement fee for hotel-quality linens.
• Revenue from property improvement or maintenance add-ons coordinated by the local teams.

For the most recent full-year financial snapshot, Total Revenue for FY 2024 was $910.5 million, which represented a 19% decrease from 2023, primarily driven by a decline in nights sold. This total revenue is generated from the combination of homeowner commissions, guest fees, and ancillary service charges across the vacation rental platform.