Casago completed its acquisition of Vacasa for roughly $130 million, a fraction of the $4.4 billion valuation Vacasa carried at its 2021 peak. The combined company is now the largest vacation rental manager in North America with 43,000-plus properties. Scale, though, has not meant a smooth ride for owners.
What owners are actually experiencing
Through the integration, Vacasa’s market-by-market operations are being converted into Casago franchises. The rollout has been uneven. Some markets transitioned cleanly, others were sold to third-party operators who are not part of the Casago franchise network, and communication has been inconsistent. On top of that, founder Steve Schwab is reportedly stepping back from the CEO role, with Joseph Riley expected to take over. Leadership change during an integration adds uncertainty for owners who just want their property managed well.
Why this drives churn
When your local team changes hands, your point of contact disappears, or your market gets sold to an operator you did not choose, the relationship you signed up for is gone. That is the moment many owners start looking, not because they are disloyal, but because continuity is the whole point of hiring a manager.
What to weigh if you are reconsidering
- Fee structure. Large managers often run 25% to 35% once add-ons are counted.
- Listing ownership. Confirm you keep your own Airbnb and VRBO listings.
- Contract terms. Month-to-month beats being locked in during a shaky transition.
Our host guide to Vacasa, Casago, and Evolve lays out the landscape without the spin. If you want a flat 12.5% fee and terms you can leave anytime, book a free call.