Pacaso, the fractional ownership platform co-founded by former Zillow CEO Spencer Rascoff, announced significant enhancements to its services this week, aimed at enriching its inventory and options for prospective buyers and collaborating agents.
Established in 2020, Pacaso facilitates co-ownership of vacation homes, primarily situated in popular leisure destinations. Through Pacaso, buyers can acquire fractional ownership ranging from one-eighth to one-half of a property, organized under an LLC structure managed by the company. Pacaso not only furnishes these homes but also provides ongoing property management services post-sale.
The recent announcement unveils a pivotal shift in Pacaso’s strategy, with the inclusion of third-party listings on its platform. This strategic decision significantly broadens Pacaso’s inventory, resulting in a 200-fold increase in available homes and introducing thousands of new listings nationwide. Prior to this update, Pacaso exclusively featured properties it directly acquired.
In addition to expanding its listings, Pacaso introduces a new do-it-yourself (DIY) option tailored for buyers interested in co-ownership arrangements beyond the confines of the Pacaso platform. This a la carte offering includes templates for LLC formation and operating agreements, empowering buyers to pursue co-ownership autonomously.
Furthermore, Pacaso extends its range of offerings by introducing shares in the $200,000 price range and incorporating leasing opportunities at lower price points. Historically focused on luxury properties, with one-eighth share prices surpassing $1 million, this diversification aims to accommodate a broader spectrum of buyers and preferences.
Spencer Rascoff, Chairman and Co-founder of Pacaso, drew parallels between Pacaso’s expansion and the growth trajectories of other consumer-centric companies. He likened Pacaso’s journey to that of companies like Tesla and Uber, which initially targeted upscale markets before diversifying into more accessible products and price points. Rascoff expressed optimism about Pacaso’s evolution, envisioning a transformative impact on vacation home ownership nationwide.
For agents, Pacaso offers a 3% referral commission for buyer clients acquiring shares in its properties. Additionally, agents completing Pacaso’s “Second Home Specialist” certification gain complimentary access to the Pacaso Access program. This program, a fee-based service, provides buyers with early access to new listings and offers a rebate at closing, enhancing the value proposition for both agents and clients alike.
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