Rob Greyber travel tips

Vacation rental property manager Vacasa is eliminating 1,300 positions, which was 17 percent of its workforce, as the company determined it had to make deeper improvements to operations. The firings took place Tuesday, just three months after the company axed 280 staffers.

Just a little more than two months into his new role as CEO of U.S.-based property manager Vacasa, Rob Greyber detailed his priorities: Downplay acquisitions of vacation rental portfolios in favor of a more productive sales team and organic growth, and tackle longstanding customer support issues at the local level.

Vacasa Chief Commercial Officer Craig Smith left his post abruptly Monday just four months after taking the position, and TurnKey co-founder T.J. Clark replaced Smith in the role, Skift has learned.

Vacation rental property manager Vacasa saw an increase of homeowner “churn,” namely properties abandoning its platform, in the fourth quarter and into 2023, and forecast that its average gross booking value per home would dip this year.

T.J. Clark, property manager Vacasa’s new chief commercial officer, is in the proverbial hot seat, charged with reversing unacceptably high rates of homeowners leaving the platform, and increasing sales after the company laid off up to 300 sales and marketing staff and 1,000 field personnel in January.

Vacasa, a manager of vacation rentals, has complained in recent earnings calls about problems with supply, as some owners have left its platform. Now it’s complaining about demand.

Expedia Group and Vacasa are both moving forward with tech investments to compete with other big players in the short-term rental industry. Executives from both public companies shared details about current projects during Skift’s Short-Term Rental Summit in New York on Wednesday. 

The major players in short-term rentals — Airbnb, Expedia/Vrbo and Booking.com — seldom work together as a unit when faced with tough city crackdowns around the world.

Expedia Group and Vacasa are both going through tech updates as they work to improve their platforms and compete in the growing industry. 

Property manager Vacasa is seeing itself through some unfavorable market dynamics such as a revenue decline and homeowners expressing disappointment in their income, but is forecasting “slight” profitability on an adjusted EBITDA basis for full-year 2023 as it continues to cut costs and push for operational efficiencies.