Real estate startup Pacaso, founded in 2020 as a second home co-ownership platform, has launched its new membership-based program, Pacaso Agent Collective, the company announced Wednesday.
Membership in Pacaso’s Agent Collective group is open to all real estate agents and brokerages. Current Pacaso Agent Collective members include Ryan Serhant, Josh and Matt Altman, Landon Clements and Roh Habibi.
“The luxury second home market is known for having homes sitting vacant most of the year, which isn’t efficient, enjoyable or sustainable,” according to a statement from Serhant, the CEO and founder of SERHANT. “Pacaso is addressing these issues with their innovative platform. They have figured out how to help more people own luxury homes they may have never before thought they could afford.”
According to Pacaso, real estate agents representing buyers who purchase a share of a Pacaso home earn a 3% referral commission, along with the opportunity to earn equity rewards. Pacaso Agent Collective members have the opportunity to earn additional equity rewards.
Pacaso launched its platform in October 2020 with the goal of “democratizing second-home ownership.”
The platform’s unique co-ownership model, which is made possible through the creation of property-specific LLCs, was the brainchild of former Zillow executives Austin Allison and Spencer Rascoff. Pacaso’s goal is to reduce the headache and cost of second home ownership.
While it may seem like a similar concept to a timeshare, Pacaso focuses on bringing together a group of eight or fewer co-owners to purchase shares of a single-family home, which they have access to throughout the year.
After closing on a home, the co-owners have 100% ownership of the property. However, Pacaso manages the entire co-ownership process by taking care of furnishings, repairs, utilities, general property management and scheduling through its SmartStay app.
“Pacaso has a lot to offer the luxury real estate agent and we’re excited to bring together such an influential, tech-forward group who not only believe in co-ownership but see it as the future of second home real estate,” Marnie Blanco, Pacaso’s vice president of industry relations, said in a statement.