Proptech unicorn Pacaso launched a new feature within its second home co-ownership model on Wednesday that will give users exclusive access to Pacaso listings before the general public.
The program, titled Pacaso Access, will give buyers a first look at new listings 24 hours before it hits Multiple Listing Services like Zillow and Redfin. Additionally, the program enables buyers to view recently sold homes and receive resale alerts for previously sold-out homes.
San Francisco-based Pacaso’s proprietary tech enables consumers to own a fraction of a luxury home, from one-eighth to one-half. After purchase, Pacaso manages the home including interior design, repairs, utilities and property management, with owners splitting those operating costs and also paying a $99 fee per month.
The co-ownership model is made possible via the creation of a property-specific LLC. Pacaso purchases a home either outright or shares in a home and then partners with local real estate agents to market the properties.
According to the proptech, however, Pacaso resales often sell before they are posted; Pacaso Access intend to give buyers the opportunity to act fast on limited homes.
Because the listing is shown 24 hours in advance, the program does meet MLS compliance and the Clear Cooperation Policy enforced by the National Association of Realtors which requires that properties be listed on the MLS within 1 business day of marketing a property to the public.
To “step over the velvet rope” as Pacaso’s Access page puts it, buyers must pay a one-time access fee of $1,000 to unlock all of the platforms benefits.
Once a participant purchases with the proptech, they will receive a closing cost credit based on the amount of ownership purchased: $2,500 closing credit for one-eighth ownership, $5,000 closing credit for one-fourth ownership, or $10,000 closing credit for half ownership.
“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 cofounder and CEO. “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.”
The product announcement arrived one week after Pacaso unveiled it expanded its co-ownership footprint to Maui – the tenth state in the proptech’s growing stack alongside properties in Spain as well.
Founded in 2020, Pacaso managed to reach unicorn status in just five months – one of the fastest startups to ever do so, according to Crunchbase data. As the brainchild of former Zillow executives Allison and Spencer Rascoff, the proptech’s recent earnings revealed it generated nearly $300 million in full year 2021 revenue and sold approximately 400 Pacaso units in the company’s first year.