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To date, this is the largest funding round ever raised in the vacation rental management sector, [36] and the largest series B funding round ever raised for an Oregon technology company. [ 37 ] On October 18, 2018, Vacasa raised a Series B extension of $64 million, bringing the company's total funds raised to $207.5 million. [ 38 ]
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The property owner in this case signs a property management agreement with the company, giving the latter the right to let it out to new tenants and collect rent. The owners don't usually even know who the tenants are. The property management company usually keeps 10-15% of the rent amount and shares the rest with the property owner.
Some management companies also act as agencies, marketing the vacation rental property and handling reservations and billing. Most vacation rental management companies work on a commission basis, meaning they do not make a guarantee to the homeowner in terms of weeks that will be rented or revenue earned. [ 8 ]
Rental management software for real estate properties can include end-to-end functionality such as marketing, rental applications, tenant screening, property management, payment processing, and accounting. Running a successful rental business needs staying up-to-date with the latest marketing strategies to attract and retain customers. [8]
Vrbo (/ ˈ v ɜːr b oʊ / VER-boh [1]), an initialism of Vacation Rentals by Owner, is an online marketplace for vacation rentals. It is headquartered in Austin, Texas , and is owned by Expedia Group .
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