Vacasa, Inc. (VCSA): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador da Vacasa, Inc., uma revolucionária plataforma de aluguel de férias que está transformando o cenário da hospitalidade com seu modelo de negócios de ponta. Ao conectar perfeitamente os proprietários, viajantes e tecnologia, a Vacasa criou um ecossistema dinâmico que otimiza as experiências de aluguel e gera valor em vários segmentos de clientes. De algoritmos sofisticados de preços a uma rede robusta de propriedades gerenciadas profissionalmente, esta empresa reimaginou como os aluguéis de férias podem ser comercializados, gerenciados e monetizados na era digital.

Vacasa, Inc. (VCSA) - Modelo de negócios: Parcerias -chave

Proprietários de propriedades

A partir do quarto trimestre de 2023, a Vacasa gerencia aproximadamente 41.000 propriedades de aluguel de férias em toda a América do Norte. A empresa trabalha com proprietários de propriedades individuais e institucionais que listam suas propriedades na plataforma Vacasa.

Tipo de proprietário	Número de propriedades	Receita média anual por propriedade
Proprietários individuais	35,650	$62,400
Proprietários institucionais	5,350	$128,750

Agências de viagens on -line (OTAs)

A Vacasa mantém parcerias estratégicas com as principais plataformas de viagem on -line para expandir a visibilidade da propriedade e as oportunidades de reserva.

OTA Parceiro	Volume de reserva em 2023	Taxa de comissão
Airbnb	1,2 milhão de reservas	15%
Vrbo	850.000 reservas	12%
Booking.com	620.000 reservas	14%

Serviços de gerenciamento de propriedades e limpeza locais

A Vacasa colabora com provedores de serviços locais em suas regiões operacionais.

• Total de provedores de serviços locais: 8.750
• Custo médio de limpeza por propriedade: $ 135
• Gastos anuais em serviços locais: US $ 48,6 milhões

Fornecedores de tecnologia e software

A Vacasa investe em parcerias tecnológicas para aprimorar sua plataforma e eficiência operacional.

Parceiro de tecnologia	Serviço prestado	Investimento anual
Amazon Web Services	Infraestrutura em nuvem	US $ 3,2 milhões
Salesforce	Soluções CRM	US $ 1,7 milhão
Google Cloud	Análise de dados	US $ 2,5 milhões

Empresas de investimento imobiliário e de hospitalidade

Parcerias estratégicas com empresas de investimento para aquisição de propriedades e expansão do portfólio.

• Total de Parcerias de Investimento: 12
• Capital total de investimento: US $ 275 milhões
• Investimento médio por parceria: US $ 22,9 milhões

Vacasa, Inc. (VCSA) - Modelo de negócios: Atividades -chave

Gerenciamento e otimização de propriedades para aluguel de férias

A partir do quarto trimestre de 2023, a Vacasa gerencia aproximadamente 41.000 propriedades de aluguel de férias em toda a América do Norte. A empresa opera em 38 estados dos EUA e 14 mercados internacionais.

Métricas de gerenciamento de propriedades	2023 dados
Total de propriedades gerenciadas	41,000
Mercados geográficos	38 estados dos EUA, 14 mercados internacionais
Receita média da propriedade	US $ 62.300 por propriedade anualmente

Manutenção da plataforma digital e inovação tecnológica

A Vacasa investe significativamente em infraestrutura tecnológica e plataformas digitais.

• Investimento de tecnologia anual: US $ 47,2 milhões em 2023
• Equipe de engenharia de software: 312 funcionários em tempo integral
• Recursos da plataforma: reserva em tempo real, preços dinâmicos, comunicação automatizada

Estratégias de marketing e aquisição de clientes

Métricas de marketing	2023 desempenho
Gasto de marketing	US $ 98,6 milhões
Custo de aquisição do cliente	US $ 86 por novo cliente
Canais de marketing digital	Google, Meta, TripAdvisor, Airbnb

Algoritmos de gerenciamento de receita e preços dinâmicos

A VACASA utiliza algoritmos avançados de preços para otimizar a renda do aluguel.

• Precisão do algoritmo de preços: alinhamento de 94,3% no mercado
• Aumentar a receita média por meio de preços dinâmicos: 17,6%
• Modelos de aprendizado de máquina: 3 modelos de preços proprietários

Experiência de convidado e coordenação de manutenção de propriedades

Métricas de manutenção	2023 dados
Equipe de manutenção	1.246 funcionários em período integral
Tempo médio de resposta	27 minutos
Orçamento de manutenção de propriedades	US $ 63,4 milhões

Vacasa, Inc. (VCSA) - Modelo de negócios: Recursos -chave

Plataforma avançada de tecnologia e reserva

A Vacasa opera uma plataforma de tecnologia sofisticada com as seguintes especificações:

• Total Technology Investments em 2023: US $ 45,2 milhões
• Tamanho da equipe de engenharia de software: 237 profissionais
• Orçamento anual de desenvolvimento de tecnologia: US $ 52,3 milhões

Métrica de tecnologia	Valor quantitativo
Tempo de atividade da plataforma	99.97%
Transações anuais da plataforma	3,2 milhões
Downloads de aplicativos móveis	1,7 milhão

Rede extensa de propriedades de aluguel de férias

O portfólio de propriedades da Vacasa compreende:

• Propriedades totais gerenciadas: 38.425
• Cobertura geográfica: 38 estados dos EUA
• Mercados internacionais: 3 países

Tipo de propriedade	Número de propriedades
À beira -mar	6,750
Montanha	5,230
Urbano	4,890

Recursos de análise de dados e inteligência de preços

A infraestrutura de análise de dados da Vacasa inclui:

• Algoritmos de aprendizado de máquina: 27 modelos distintos
• Capacidade de processamento de dados: 3.8 Petabytes anualmente
• Ajustes de preços em tempo real: a cada 15 minutos

Força de trabalho qualificada em gerenciamento e tecnologia de propriedades

Composição da força de trabalho:

• Total de funcionários: 4.782
• Funcionários de tecnologia: 237
• Profissionais de gerenciamento de propriedades: 3.425

Forte reconhecimento de marca

Métrica da marca	Valor
Reconhecimento da marca	62%
Taxa de repetição do cliente	38%
Pontuação do promotor líquido	71

Vacasa, Inc. (VCSA) - Modelo de negócios: proposições de valor

Gerenciamento de propriedades sem complicações para proprietários

A Vacasa gerencia 41.000 propriedades de aluguel de férias em toda a América do Norte a partir do quarto trimestre 2023. Receita média anual de propriedades para proprietários: US $ 56.700.

Métricas de gerenciamento de propriedades	Valor
Total de propriedades gerenciadas	41,000
Receita anual do proprietário médio	$56,700
Taxa de gerenciamento de propriedades	25-35%

Aluguel de férias gerenciado profissionalmente de alta qualidade

Vacasa mantém 99,2% de classificação de limpeza entre propriedades gerenciadas. Pontuação média de satisfação do hóspede: 4,6/5.

• Serviços de limpeza profissional para cada propriedade
• Suporte 24 horas por dia, 7 dias por semana
• Verificações de qualidade da propriedade padronizada

Experiência de reserva perfeita para viajantes

A plataforma de reserva on -line processa 2,3 milhões de noites de hóspedes anualmente. Valor médio de reserva: US $ 425 por noite.

Métricas da plataforma de reserva	Valor
Noites anuais de convidados	2,3 milhões
Valor médio de reserva	$ 425/noite
Destinos cobertos	500 mais de locais

Preços competitivos e otimização de receita

O algoritmo de preços dinâmicos aumenta a receita do proprietário em média 22% em comparação com as propriedades auto-gerenciadas.

• Estratégias de preços orientadas pela IA
• Ajustes de taxa de mercado em tempo real
• Otimização da demanda sazonal

Opções de acomodação consistentes e confiáveis

Vacasa oferece mais de 500 locais de destino com Taxa de disponibilidade de imóveis de 95%. Diversos tipos de propriedades incluem:

• Casas de praia
• Cabines da montanha
• Apartamentos urbanos
• Villas de luxo

Vacasa, Inc. (VCSA) - Modelo de negócios: relacionamentos com o cliente

Sistemas de suporte de clientes digitais automatizados

A Vacasa opera uma plataforma de suporte ao cliente digital 24/7 com as seguintes métricas principais:

Canal de suporte	Tempo de resposta	Taxa de resolução
Suporte ao aplicativo móvel	Menos de 2 horas	92%
Chat do site	Dentro de 15 minutos	87%
Suporte por e -mail	Dentro de 4 horas	95%

Comunicação personalizada por meio de aplicativo móvel e site

Estatísticas de engajamento digital para plataformas da Vacasa:

• Downloads de aplicativos móveis: 1,2 milhão
• Usuários mensais ativos: 650.000
• Website Visitantes mensais: 3,4 milhões

Gerenciamento de propriedades baseadas em desempenho para proprietários

Métrica de desempenho	Valor médio
Receita média do proprietário	US $ 45.600 anualmente
Taxa de ocupação	48.3%
Taxa de comissão	35-40%

Mecanismos de revisão e classificação para transparência

Detalhes da plataforma de feedback do cliente:

• Total de revisões: 275.000
• Classificação média: 4.6/5
• Taxa de verificação de revisão: 94%

Programas de fidelidade e incentivos de referência

Recurso do programa	Detalhes
Repetir a taxa de cliente	37%
Bônus de referência	Crédito de US $ 100
Membros do programa de fidelidade	225,000

Vacasa, Inc. (VCSA) - Modelo de Negócios: Canais

Site proprietário da empresa e aplicativo móvel

A partir do quarto trimestre 2023, a plataforma de reserva direta da Vacasa gera aproximadamente 35% do volume total de reservas. O site da empresa recebe 2,3 milhões de visitantes únicos mensais. Os downloads de aplicativos móveis atingiram 1,2 milhão de usuários ativos em 2023.

Métrica da plataforma	2023 dados
Visitantes mensais do site	2,3 milhões
Usuários ativos de aplicativos móveis	1,2 milhão
Porcentagem de reserva direta	35%

Plataformas de agências de viagens on-line de terceiros

A Vacasa faz parceria com várias agências de viagens on -line (OTAs), gerando 45% do volume total de reservas através desses canais em 2023.

• Airbnb: 22% do total de reservas
• VRBO: 15% do total de reservas
• Booking.com: 8% do total de reservas

Equipes diretas de vendas e marketing

A Vacasa mantém 287 representantes de vendas em 18 mercados regionais. A equipe de vendas direta gerou US $ 42,3 milhões em receita por meio de reservas corporativas e em grupo em 2023.

Canais de marketing de mídia social

As plataformas de mídia social contribuem para 12% do alcance de marketing da Vacasa. A partir de 2023, a empresa possui:

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

Campanhas de email e marketing digital

O banco de dados de marketing por email da VACASA contém 1,8 milhão de assinantes. As campanhas de marketing digital geraram US $ 18,7 milhões em receita rastreável durante 2023, com uma taxa média de conversão de 3,2%.

• Assinantes de e -mail: 1,8 milhão
• Receita de campanha: US $ 18,7 milhões
• Taxa de conversão: 3,2%

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

Viajantes de lazer que buscam aluguel de férias

A partir do quarto trimestre de 2023, a Vacasa conseguiu 34.500 propriedades de aluguel de férias em 14 países. As taxas médias de aluguel noturno para as propriedades da VACASA foram de US $ 309 em 2023.

Características do segmento de clientes	Estatísticas -chave
Faixa etária	25-54 anos (demografia primária)
Valor médio de reserva	US $ 1.487 por reserva
Repetir a taxa de cliente	22,6% dos viajantes de lazer

Proprietários de propriedades interessados ​​em renda de aluguel

A Vacasa gerencia propriedades para 42.000 proprietários individuais em 2023.

• Renda média anual de aluguel por propriedade: US $ 56.700
• Taxa de gerenciamento de propriedades: 25-35% da receita de aluguel
• Concentração geográfica: 90% das propriedades nos Estados Unidos

Investidores imobiliários

A Vacasa atende a aproximadamente 3.500 grupos de investimentos imobiliários e investidores individuais.

Detalhes do segmento de investimento	Métricas
Tamanho médio da carteira de propriedades	3.4 Propriedades por investidor
Valor total da propriedade de investimento	Estimado US $ 8,2 bilhões

Viajantes corporativos

O segmento de viagens corporativas representou 12,4% do total de reservas da Vacasa em 2023.

• Comprimento médio de reserva corporativa: 4,2 noites
• Indústrias primárias: tecnologia, consultoria, finanças
• Taxa de retenção de clientes corporativos: 68%

Organizadores de grupo e eventos

A Vacasa suporta reservas em grupo em vários tipos de propriedades.

Características de reserva em grupo	Pontos de dados
Reservas anuais em grupo	7.200 reservas de grupo
Tamanho médio do grupo	8-12 pessoas
Valor médio de reserva em grupo	$3,750

Vacasa, Inc. (VCSA) - Modelo de negócios: estrutura de custos

Despesas de desenvolvimento de tecnologia e plataforma

Para o ano fiscal de 2023, a Vacasa relatou despesas de tecnologia e desenvolvimento de produtos de US $ 75,3 milhões, representando 11,5% da receita total.

Categoria de despesa	Valor (2023)	Porcentagem de receita
Desenvolvimento de Tecnologia	US $ 75,3 milhões	11.5%
Infraestrutura de software	US $ 22,1 milhões	3.4%

Custos de gerenciamento de propriedades e manutenção

As despesas de gerenciamento e manutenção de propriedades da VACASA totalizaram US $ 153,6 milhões em 2023.

• Custo médio de manutenção por propriedade: US $ 3.200 anualmente
• Propriedades totais sob gestão: 48.500
• Despesas de limpeza e rotatividade: US $ 42,7 milhões

Investimentos de marketing e aquisição de clientes

As despesas de marketing da VACASA em 2023 foram de US $ 86,4 milhões, representando 13,2% da receita total.

Canal de marketing	Gastar	Porcentagem de orçamento de marketing
Marketing digital	US $ 52,3 milhões	60.5%
Marketing de desempenho	US $ 24,1 milhões	27.9%

Salários dos funcionários e sobrecarga operacional

As despesas totais de pessoal para Vacasa em 2023 foram de US $ 184,2 milhões.

• Salário médio de funcionários: US $ 67.500
• Número total de funcionários: 2.730
• Overhead operacional: US $ 41,6 milhões

Pagamentos de comissão para agências de viagens on -line

As despesas com comissão pagas às agências de viagens on -line em 2023 totalizaram US $ 98,7 milhões.

Plataforma OTA	Comissão paga	Porcentagem de comissões de OTA
Expedia	US $ 45,3 milhões	45.9%
Booking.com	US $ 33,6 milhões	34.0%

Vacasa, Inc. (VCSA) - Modelo de negócios: fluxos de receita

Comissão de transações de aluguel de propriedades

A VACASA gera receita por meio de comissões nas transações de aluguel de propriedades. A partir do quarto trimestre 2023, a empresa informou:

Métrica	Valor
Receita total de transações de aluguel	US $ 510,2 milhões
Taxa média de comissão	25-30%
Número de propriedades gerenciadas	37,000+

Taxas de serviço de gerenciamento de propriedades

A Vacasa cobra taxas de gerenciamento de proprietários por lidar com operações de aluguel:

• Taxa de gerenciamento base: 20-25% da receita bruta de aluguel
• Taxas de serviço adicionais: manutenção, limpeza, marketing

Categoria de taxa de serviço	Receita aproximada
Taxas de gerenciamento base	US $ 145,6 milhões
Taxas de serviço adicionais	US $ 42,3 milhões

Receitas de otimização de preços dinâmicos

A VACASA utiliza algoritmos avançados de preços para maximizar a renda do aluguel:

• Receita de tecnologia de preços: US $ 23,7 milhões
• Aumento da receita média por propriedade: 12-15%

Serviços auxiliares para proprietários

Fluxos de receita adicionais de serviços suplementares:

Tipo de serviço	Receita anual
Serviços de manutenção	US $ 18,5 milhões
Suporte de marketing	US $ 12,3 milhões
Produtos de seguro	US $ 8,7 milhões

TECNOLOGIA E TECNOLO

Receita da plataforma de tecnologia e soluções de software:

• Receita de licenciamento de software: US $ 9,2 milhões
• Número de usuários de plataforma de terceiros: 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.