Pacaso, the technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, today announced a strategic partnership with Engel & Vӧlkers, one of the world’s leading services companies specializing in brokerage in luxury residential real estate. The relationship introduces a new type of ownership, joint ownership, to the already full-service luxury brokerage Engel & Folkers in more than 35 of the top second-tier destinations around the world in which Pacaso currently operates. The Real Estate Standards Organization (RESO) and its members have defined the increasingly popular category of co-ownership as a property type and partnerships with industry leaders such as Engel & Völkers promote co-ownership as the predominant buying decision.
“Brokerage and mediation relationships play an essential role in Bakasso’s success and growth,” said Vice President of Industry Relations Marni Blanco. “As a pioneer in creating the category in co-ownership of luxury second home, we are pleased to align strategically with Engel & Völkers, a longstanding globally recognized brokerage, and their network to continue introducing more potential buyers to the modern way to own a second home.”
Pacaso works closely with interested real estate agents and brokers to help clients buy, sell and own a second home. Real estate agents representing buyers who purchase a stake in Pacaso receive a 3% referral commission, along with the opportunity to earn capital rewards. Pacaso manages the entire process, from scheduling a home tour and answering client questions, to managing inspections, warranty, job title, and reporting.
“As a global brand with a strong presence in many of the leading lifestyle markets, we understand the value of offering our customers new ways to claim ownership of beautiful properties in beautiful places,” said Anthony Heat, President and CEO of Engel & Völkers Americas. “With Pacaso as a trusted partner, our advisors and clients have more opportunities than ever before.”
Pacaso and Engel & Völkers have sold luxury co-owned second homes in popular destinations such as Park City, Aspen, Vail and Malibu.
Paul Benson, Co-Founder and CEO of Nearly 40 Engel & Völkers Stores, explained: “I think we all agree that second home ownership is more desirable than ever. Pacaso entered the market at the perfect time to offer creative options that allow homeowners to not only enter the The second home market, but also to allow well-traveled homeowners options to acquire multiple properties around the world. I am delighted that Engel, Folkers and Pacaso are collaborating to help clients find their dream luxury second home that fits their lifestyle.”
Pacaso generated nearly $300 million in revenue in 2021, the company’s first full year and sold nearly 400 Pacaso units. The company now operates in more than 35 second home destinations around the world and plans to expand to more than 30 new markets in 2022.
Real estate agents and industry professionals interested in learning more about the co-ownership category and how they can work with Pacaso can visit the company’s website.
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