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Second home co-ownership company Pacaso has launched a partnership with HomeServices of America companies (HSoA) to help its luxury agents merge the unique model of purchasing with its lineup of offerings.
The partnership includes Berkshire Hathaway HomeServices franchises.
Like a software company providing new features, Pacaso’s model gives luxury agents something new to offer clients, as well as opens their representation services to buyers who were once shut out of the traditional second-home market.
Pacaso’s Vice President of Industry Relations Marnie Blanco said that 55,000 new agents in 12 countries will now have access to the selling resources and listings of Pacaso’s lifestyle-driven inventory, which stretches from Jackson Hole, Wyoming, to Los Cabos, Mexico, and from Malibu, California, to Marbella, Spain.
“The industry continues to embrace co-ownership and we’re excited for the Berkshire Hathaway HomeServices network to see firsthand how Pacaso drives additional leads in the second home market for realtors and how easy it is to grow their business,” Blanco said.
The company’s take on vacation home ownership is that it should be used beyond a few weeks per year, not left empty to absorb local inventory or concern full-time residents. The resulting model leverages the long-standing but rarely commercialized concept of co-ownership, a house purchased in a single LLC and then re-sold in more affordable shares.
Most of Pacaso’s homes can be obtained in one-eighth portions. Owners are provided an array of market-specific vendors on which to lean and a host of ancillary services. Co-ownership is not a timeshare, and occupancy periods are based on share percentage and annual timing, worked out between owners and Pacaso staff.
The company developed a certification program and offers educational opportunities for agents who can earn standard rate commissions and the chance to sell multiple shares in a single home as stand-alone transactions. They’re further incentivized with 500 restricted stock units in Pacaso for each share sold.
Pacaso has partnered with a number of brokerages and notable real estate agents to co-promote its sales model, including, Realm, Engel & Völkers, Ryan Serhant and the Altman Brothers.
The company’s most recent market expansion involves a development partnership in New York State’s wooded Hudson Valley, partnering with NevelHaus, a custom builder of modern eco-homes.
Blanco said the company’s experience to date with Berkshire Hathaway HomeServices agents has been “amazing.”
“They are forward thinking and have embraced the co-ownership model as a new way to grow their business,” she said. “We are excited to engage with even more agents and kudos to [their] leadership for making this possible.”
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