Real EstateBrokerageReal Estate Tech

RE/MAX strikes deal to sell shares in Pacaso homes

Through partnership Pacaso to join RE/MAX’s Approved Suppliers program

RE/MAX has entered into a partnership with Pacaso, which will allow agents and their clients access to its portfolio of homes available for co-ownership in 40 global luxury second home destinations.

“At a time when low inventory continues to fuel record high home prices across the nation, it is more important than ever to make efficient use of existing homes and put forward smart solutions,” said Marnie Blanco, Pacaso’s vice president of industry relations. “Pacaso’s innovative co-ownership model creates more inventory which eases market pressure and also equals more sales for realtors, as one Pacaso is up to eight sales opportunities.”

Real estate agents representing buyers who purchase a share of a Pacaso property earn a 3% referral commission, along with the opportunity to earn equity rewards.

Pacaso launched its platform in October 2020 with the goal of “democratizing” second-home ownership.

The platform’s uncommon 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.

Though the model has been criticized eerily similar to a luxury timeshare, the company 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.

Most Popular Articles

FTC fines Opendoor $62M for deceptive practices HW+

The FTC alleges that Opendoor pitched its services to potential home sellers by saying they could make more money selling to the iBuyer than via the open market. The government says that was untrue.

Aug 01, 2022 By

Latest Articles

Power buyer Ribbon lays off 136 employees HW+

Ribbon said the layoff decisions were based on what qualities the employees could offer the company, including “technical depth, institutional knowledge, domain expertise, strong customer service and qualities of a winning attitude, including collaboration, compassion and craftsmanship.”

Aug 08, 2022 By