Purchasing STR with existing bookings through VRBO. What to do?!

[Matt Medes]

Hey Everyone!

I am under contract on a STR that already has a few weeks booked in July/August. The problem I am dealing with is that the current management company has the property listed with VRBO and the summer nightly rate is WAY lower than what it should rent for during those weeks. I plan on listing it with Airbnb and VRBO while managing it myself. It does have great reviews on VRBO, but I won't close on this for another month and I am afraid the summer will get booked with those LOW rates. I don't want to lose out on profits, but want to make sure those guests are able to rebook. I know we have to honor the bookings within 90 days of closing and will get any monies from bookings within that period at closing. Just not sure how I want to go about this!

Any input on this would be greatly appreciated! 

Matt