Pacaso adds third-party listings, DIY co-ownership option
The fractional ownership platform, co-founded by former Zillow CEO Spencer Rascoff, said its latest move “opens up thousands of new listings nationwide.”
Pacaso, a real estate platform that facilitates co-ownership of vacation homes, announced a big change in its scope this week which will bolster its inventory and home-share offerings to buyers — and the agents who work with them.
What is Pacaso? The company launched in 2020 and sells fractional ownership of second homes, primarily in popular vacation destinations. Buyers can purchase between one-eighth and one-half of a property, which Pacaso sets up as an LLC. The company furnishes the homes and continues to provide property management services once all shares have been sold.
What's new? Pacaso announced it is now including third-party listings on its site, which the company said will result "in a 200-fold increase in its homes" and bring "thousands of new listings nationwide" to the platform. Previously, the company only listed homes it had acquired.
In addition to adding new listings, the company said it was introducing a DIY option for buyers interested in pursuing co-ownership outside the Pacaso platform. The new a la carte products include templates for LLC formation and operating agreements.
Pacaso also said it is now offering shares in the $200,000 range and including some leasing opportunities at lower price points. The company has primarily focused on luxury properties, with one-eighth share prices as high as $1 million or more.
What Pacaso said: "Many great consumer-first companies, such as Tesla and Uber, begin with an upscale product before expanding into more accessible price points and products," said Spencer Rascoff, Pacaso chairman and co-founder, and Zillow co-founder and former CEO.
"Just as Uber grew from its first luxury product of Uber Black in select U.S. cities before expanding globally with more offerings, Pacaso is now embarking on an exciting expansion phase to revolutionize vacation home ownership across the nation."
What's in it for agents? Pacaso offers agents a 3% referral commission when they bring buyer clients who purchase a share of one of the company's properties. Agents who complete the company's "Second Home Specialist" certification also get free access to the Pacaso Access program — a fee-based program designed to give buyers an early look at new listings and a rebate at closing.