Second-home co-ownership innovator Pacaso is doubling down on efforts to make its model more mainstream.
After partnering with Engel & Völkers to actively market properties and encourage adoption of its concept, and working with RESO to formalize the term “co-ownership,” Pacaso has coalesced a group of influential agents into a luxury real estate ambassador program.
Deemed the Pacaso Agent Collective, or PAC, its inaugural members make up an impressive list of Who’s Who in luxury real estate, and reality television.
Frequent Inman Connect speaker and Bravo television personality Ryan Serhant, “The Altman Brothers” Josh and Matt Altman, Landon Clements and Roh Habibi will no doubt help cast a bright light on the company’s brand, as well as further demonstrate how co-ownership can change the way agents help second-home clients land dream properties.
“The Pacaso Agent Collective supports the Pacaso mission and has seen firsthand how co-ownership benefits agents, consumers and the market,” said Vice President of Industry Relations Marnie Blanco, in a statement. “Our hope is that this group will encourage more people to see the beauty of co-ownership and how easy it is to work with Pacaso to enrich more families’ lives via second home ownership.”
While PAC’s early membership is dressed to impress, the company wants them to promote Pacaso’s model industry wide. The company hires a local listing agent, but openly advertises to buyer agents its three percent commission and equity program that offers restricted stock units. Those who become PAC members can earn additional equity rewards, but it’s going to require a bit of social clout.
Pacaso is openly accepting applications from agents who are active on YouTube, Instagram, TikTok or Facebook, with a minimum requirement of at least 20,000 social media followers or 10,000 newsletter subscribers. Other engagement metrics will also be considered.
In short, Pacaso is smartly emulating a branding effort common to the professional sports industry, one that is exceptionally lucrative for apparel brands, car manufacturers and insurance companies. How well it works within real estate might very well hinge on the PAC, but the leader in luxury co-ownership certainly isn’t tiptoeing into the initiative.
“The luxury second home market is known for having homes sitting vacant most of the year, which isn’t efficient, enjoyable or sustainable,” said Serhant in a statement. “They have figured out how to help more people own luxury homes they may have never before thought they could afford. I’m honored to be a member of the inaugural Pacaso Agent Collective and excited for the opportunity to educate more agents, buyers and in the industry on the benefits of co-ownership.”
Pacaso has grown quickly, entering multiple new destination markets almost every month in 2022.
The last few months have seen Pacaso expand its East Coast footprint by acquiring homes along New Jersey’s shoreline and in Cape Cod, Massachusetts, securing a property in the high desert of Arizona, in Maui, Hawaii, and in the ski town of Sun Valley, Idaho.
Pacaso Access, an app for aspiring owners, allows subscribers to receive alerts 24 hours before new home share becomes available. It also deploys an app to owners to facilitate occupancy periods, requests for services and handle other ownership specifics.
The company stated it has reached unicorn status, meaning a valuation of $1 billion or greater, faster than any before it, regardless of industry. It has generated nearly $300 million in revenue in 2021, its first year of operation. It currently operates in 40 markets around the world.