Sharing is CaringAuthor:Lindsey Shook
Pacaso CEO provides a behind-the-scenes view of the co-ownership real estate concept
Inspired by his own goal of second-home ownership, Austin Allison launched Pacaso, a shared home co-ownership platform that interlaces technology with a turnkey real estate concept for the future. The beauty of the business is the process. Pacaso finds ideal vacation properties, designs the interiors and exteriors, sells up to one-eighth fractionals then manages the property with their full-time concierge service. Founded in 2020, they now have homes in 40 cities and have sold 600 units globally. We spoke in-depth with the savvy CEO about the magic behind the business.
–How does this model differ from the traditional time-share industry? One of the many differences between co- ownership and a timeshare is that you actually own real estate, not time. Pacaso’s model is analogous to a small group of family members or friends purchasing a home together, except we professionally manage the experience and you don’t have to know the other owners. As an owner, you just get to enjoy your home in a hassle-free manner and because it’s a real estate asset, its value will move with the market—which means that all equity appreciation realized is yours.
-Why is the turnkey experience so important to the brand identity? We like to say Pacaso is like pressing the easy button on second homeownership. From expert interior design to ongoing management, dedicated local support and equitable, app-based scheduling, we make ownership simple and efficient, meaning Pacaso homeowners just show up and relax. Each home has in-home essentials, a variety of family-friendly features and inviting living spaces to facilitate memorable moments without any bother so owners can focus on spending quality time together.
-What is the benefit for owners to share their home? Pacaso was founded on the belief that we must improve second-home ownership for buyers and communities. The old model of owning a second home is wasteful, unsustainable and restrictive. For buyers, Pacaso makes second- home ownership more accessible by lowering ownership cost and reducing responsibilities for owners through a fully managed owner experience. For communities, co-ownership means less competition for single-family homes, more spending at local businesses and more tax revenue.
-What are you looking for when purchasing properties? Our acquisitions team finds new homes to purchase in our preferred 40 global destinations based on the home-buyer demand. We have specific criteria and parameters for each one-of-a-kind Pacaso second home: our homes are high end; turnkey; offer premium amenities and modern conveniences such as hot tubs, chef’s kitchens and outdoor living spaces; and really have that “wow” factor.
-What are the hottest U.S. markets right now that you are considering? We judge new market entrances based on demand and performance. Our U.S. buyers and owners showed great demand for Cabo and we just launched there in July. We have also seen great interest in more mountain towns and have plans to operate in places like Steamboat Springs [in Colorado] and Lake Arrowhead.
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