Pacaso enters the luxury second home market in Spain

The same week it launched its services at Colorado’s most popular ski resorts, the luxury second home platform Pacaso officially entered Europe, according to a press release.

Aspiring homeowners in Marbella, Spain can now take advantage of the unique property model designed by co-founders Austin Allison, who developed dotloop and sold it to Zillow, and former Zillow CEO Spencer Rascoff.

Pacaso foresees rapid expansion abroad. As it does nationally, the company hires a number of local service providers to look after the homes they buy and sell in parts to eight individual buyers. Each home exists in a stand-alone LLC, and income is generated through a 12% fee that covers the ongoing management, LLC setup, and buyer’s acquisition.

Pacaso partner agents selling LLC stock can earn a 4% commission, the company said. Torgeir Wemmestad-Haaland, Founder and CEO of Sovilla broker and developer, has entered into a partnership agreement with Pacaso.

In June, Pacaso announced the hiring of Razor Suleman as the head of Pacaso Global. In the statement, Pacaso said Suleman will also lead growth in Mexico and Canada.

Suleman co-founded a Canadian organization Elevate and started the corporate social network Achievers.

In the statement, Suleman said the initial response to their presence in Spain has been “incredible”.

“We have worked hard to build our business and our local team here in southern Spain, and the support we have received from our partners and crew members reiterates that this market is truly a fit for our condominium model,” he said.

Like the previous efforts of the two founders, Pacaso relies heavily on a mobile app to help owners manage when using the property and plan for concierge services and other ongoing needs.

Additionally, Pacaso has successfully established the term ‘condominium’ as a formal type of property in RESO’s 2020 Real Estate Dictionary of Industry Terminology. The designation will help give credibility to the business model and break out of any stigma associated with timeshare or fractional ownership, which may impact the community’s tolerance for their model.

Pacaso Industrial Relations Manager Marnie Blanco spoke at Inman Connect Las Vegas to help lead a session on evolving luxury sales, and new models are emerging to respond to this change.

“The important thing is to have a turnkey experience,” she said. “It’s the continuing experience of not having to worry about the full management of the house, of not worrying about expenses or fees as these are all managed by Pacaso. Not having to figure out cleaning or maintenance or when you are going to be staying.

Email Craig Rowe

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