United States | 2021

Pacaso Breaks Traditional Model with Revamped Co-Ownership

Entrant Company

BAM Communications

Category

Real Estate

Client's Name

Pacaso

Sub-Category

Rising Star (< 2 years)

Pacaso modernizes the decades-old practice of co-ownership by creating a marketplace that makes buying, owning and selling a second home easy. On average a second homeowner only uses the home 5-6 weeks a year and nearly 10 million second homes sit unoccupied for 11 months a year in the U.S. - a waste of supply in a market experiencing record-high demand, leaving many would-be buyers priced out. Inspired by his own experience buying a second home, Pacaso co-founder and CEO Austin Allison set out to create an entirely new category of co-ownership to address these challenges to help make the dream of second home ownership possible for more people. Austin launched Pacaso in October 2020 and by March 2021, he had successfully raised $90M over the course of two rounds of funding and became the fastest company to reach Unicorn designation in less than 6 months - indicating a massive increase in demand and interest for second homes. Pacaso curates listings in top second home markets, bringing together and organizing the ownership group; managing the legal and financing process; designing and furnishing the home, providing the technology so owners can easily and equitably schedule time, manage the home on an ongoing basis and support a frictionless resell process in partnership with a real estate agent. Pacaso empowers a new, more diverse and inclusionary sphere of second home buyers to own a share of a second home, from 1/8 to 1/2, and experience true real estate ownership. By enabling up to 8 families to co-own a single home, Pacaso is effectively removing buyers from an already strained market. Additionally, the company is an invested local employer, supporting an average of 10 local businesses per property (e.g. real estate agents, property managers, cleaning companies, etc.). Inspired by Pablo Picasso’s innovative thinking, Pacaso is revolutionizing co-ownership by challenging traditional buying options while also making better use of the current housing stock, effectively reducing waste and driving true ownership. Pacaso co-owners can comfortably enjoy their fully managed Pacaso in the market of their dreams.

Credits

CEO, Pacaso
Austin Allison
Co-founder/Chairman, Pacaso
Spencer Rascoff
2021
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