Second homeownership platform Pacaso released a series of new customer benefits available through its mobile app, called Pacaso Access.
Customers can now view new listings 24 hours before they’re made available to the public, according to an announcement Wednesday, that added, “the program enables buyers to view recently sold homes and receive resale alerts for previously sold-out homes,” which often sell out before they’re posted.
Pacaso buys luxury homes in resort communities and popular second home destinations under an LLC, and sells shares of that company, amounting to shared ownership in the property. People can buy as little as a 1/8 share, or up to 1/2 of a home.
The company employs only local service providers to tend to a house, including maintenance teams, decorators and property managers. It also works with local agents, paying them three percent commission and offering 500 RSU, or restricted stock units.
In light of some instances of public backlash relating to absorption of local housing stock, Pacaso will participate in regionally important causes and non-profits as a show of support to the communities in which it operates.
In Maui, it’s most recent new market, Pacaso donated $10,000 to Puko’a hina’ole, the island’s only water quality lab. It has also made policy to not invest in any home in Hawaii under $4 million, or four times the state’s median value.
Pacaso Access will cost users a $1,000, one-time fee that will also include closing cost credits tiered according to percentage of ownership. Buyers will receive $2,500 for an 1/8 share, $5,000 for 1/4 and $10,000 for a 1/2 share.
“We built Pacaso Access into our app in direct response to feedback from buyers who want to be the first to learn about new listings,” said Austin Allison, Pacaso Co-Founder and CEO, in a statement. “By providing early access to new listings, Pacaso Access buyers are empowered with a leading edge in order to transact on our fast moving homes.”
Allison’s business model, which he created alongside fellow former Zillow executive Spencer Rascoff, appears to be catching on, with the release of new share availability in Hawaii, Florida, California and Marbella, Spain, since November, 2021. It has also spawned a direct competitor, Salt Lake City-based Ember, which closed on $17.4 million in funding, led by well-known venture capitalist Peter Thiel.
Another new market will be announced this quarter, Pacaso added. To date, it operates in 35 markets in the U.S. and Europe.