@Michelle-and-Ray0 good question, I would like to know too. Here is my opinion:
---booking.com ---
CONS: to much cancellations (more than 50%) , high fees for hosts (15%) , unpossible for host to cancel (you have to find and pay another accomodation if you can't host your guest) , you can't write your own listing description, guests give less stars , worse comments and their communication is often poor. I never really understood how cleaning fee works there (who charges it and when). Less bookings than on Airbnb. You can not delete or snooze your listing-you have to call them and ask them to do it. Not user friendly website (my opinion). Host will get paid following month after his guest checks out !!!
PROS: easy to get a support on a phone, more options to charge for cleaning fee, more business guests
---VRBO---
CONS: I am lost on their website (not user friendly) . I am not on subscription but pay for booking and maybe that is the reason for low visibility. High host fees, low booking rate specially if you don't have instant booking enabled.
PROS - host get a security deposit and it is authomaticly returned after a week it if eveything is ok .
I am sure there are other good things but I am not very familiar with VRBO