Since its arrival on the market less than two years ago, Pacaso, the real estate platform for assistance in the purchase and co-ownership of a luxury second home, has paid the agents with whom it has collaborated more than 21 million dollars (€21.7 million at current exchange rates) in sales commissions.
The American company buys single-family homes in High Standards to then market them under a joint ownership regime, so that each can have up to a maximum of eight owners. Agents who close the sale of a share of one of these luxury homes earn a 3% commission on its price, in addition to a stake in Pacaso through 500 restricted stock units (RSU).
Pacaso makes the process as simple as possible for the agent, taking charge of scheduling visits with potential buyers, helping to resolve any type of doubt and managing inspections or the security deposit, among others. Similarly, in the event that the buyer decides to sell his share of the house, Pacaso offers the agent who handled the initial purchase a 1% commission about this transaction.
“We are delighted with the confidence that Pacaso has managed to earn in less than two years within the industry. Co-ownership is consolidating as a very relevant option for both agents and buyers,” he stressed. Marnie White, vice president of industry relations by Pacasso. “With Pacaso, agents have the opportunity to increase their profits and increase their customer base.”
“Best of all, agents have the ability to refer clients beyond their city or country, which skyrockets their business. No matter where the agent is, they can take advantage of referring any of their clients to one of the 40 destinations where Pacaso has a global presence,” Blanco points out.
“There is no doubt that Pacaso’s position is strong, the proof of this is the success of our product in the industry. Well-known names like Compass, Sotheby’s, Engel & Volkers, Keller Williams, Berkshire Hathaway Home Servicesand many independent agents introduce their clients to the Pacaso condominium model and homes,” says Blanco.
The company entered the market in October 2020 and has since operated in 40 destinations worldwide in four countries, including Spain. Pacaso grew revenue by 315% year-over-year, specifically topping 2021 data in the first six months of this year alone.
“Pacaso has created a whole new way for real estate agents to increase their potential client base in the second home market. The client, on the other hand, you have the possibility of becoming co-owner of a luxury house at a significantly lower price,” he said. Josh Dotoli, Agent founder of Compass in South Florida.
The condominium model is increasingly established in the real estate sector. Proof of this is that since 2021 The Real Estate Standards Organization and its members define this model as real estate. For its part, Engel & Vӧlkers, RE/MAX and Better Homes and Gardens Real Estate included Pacaso homes in their networks so that their agents could offer the company’s services and Leading Real Estate Companies of the World selected Pacaso for its Solutions Group program, a collection of business resources available to a global network of 550 real estate companies .