TRENDING
A Vacasa-managed rental in Idyllwild , California
Along with local , 24 / 7 teams to service Vacasa ’ s 35,000-plus homes across more than 400 destinations in North America , Belize and Costa Rica , the key to Vacasa delivering 20 % more revenue to owners with its system , according to Roberts , is the revenue management system that adjusts rates in real-time . It also gives its more than 3 million guests per year an app to book and manage their stays , which more often than not are delivered through 100- plus channel partners , including Airbnb , Booking . com and Vrbo .
“ We have the operational breadth , scale and technology tools that help our team do their job in a most efficient way ,” Roberts explains . “ We can do things like back-to-back rentals , and therefore we don ’ t leave nights stranded . Our rates are not any higher , but we know how to set the right rate that sells through the most nights because what we ’ re really solving for is revenue per available night .”
More recently , Vacasa said it will be adding a smart home management system , including proprietary keyless locks , Wi-Fi router with custom connectivity experience , and a patented noise monitoring system . These technologies will be provided at no additional cost to Vacasa homeowners .
“ Vacasa is a technology play . You must understand that the only way this whole thing works is having the technology platform that supports it ,” says Roberts , a former CEO at OpenTable . “ You have to figure out how to create scalability and skill efficiency .”
With 8,000 employees in its system , about 80 % are out in the field helping owners get their properties ready and avoid those stranded nights . Vacasa accomplishes this via a system to route its cleaning crews in the most efficient ways .
Vacasa is also a public play . It went public in a special purpose acquisition company merger in December through a business combination with TPG Pace Solutions . The transaction implied a pro forma equity value of approximately US $ 4.5 billion and capitalized the business with approximately US $ 485 million in gross cash proceeds . In its most recent second quarter 2022 , earnings call it reported beating its own guidance on revenue and earnings , while forecasting it would reach profitability , on an adjusted EBITDA basis , in 2023 .
Vacasa is also projecting 30 % -unit growth this year , predominantly through direct sales efforts , as well as through the acquisition of smaller mom and pop managers looking to cash out . Compared to the second quarter of 2021 , Vacasa ’ s revenue in
2Q22 beat guidance , growing 31 % to US $ 310 million .
With strong guest demand during the second quarter , gross booking value grew 32 % year-over-year to US $ 676 million and net income in the quarter was US $ 10 million . Nights sold in 2Q were