‘The sky’s the limit’: Malibu advisor shares how second home co-ownership offers new possibilities
Published Date: January 5, 2023
With spectacular year-round weather and a relaxed lifestyle, Southern California is a dream destination for many second home buyers. High demand and high prices, however, make it a challenging market. That’s where Pacaso shines, said Landon Clements, an Engel & Völkers real estate advisor in California with over 15 years of experience. “It’s fun to offer these high-end exclusive properties to more people, especially in a market like Malibu where if you’re oceanfront, you’re paying top dollar … which could be $10 million,” said Landon. “But with co-ownership, this cost is split eight ways, and suddenly, it becomes much more tangible.” But it’s not just about the price — Landon sees how Pacaso’s fully managed co-ownership model benefits both buyers and agents across the end-to-end experience.
Ownership made easy and worry-free for buyers
One huge plus for buyers is that Pacaso takes care of the maintenance, a responsibility many owners don’t have the time (or desire) to manage. “There’s so much to take care of with a second home, whether it’s thinking about the furnishings or whether the cables are hooked up and if the Wi-Fi is working,” said Landon. “With Pacaso managing the property regularly, all of that worry is taken away.”Pacaso’s hassle-free management also extends to the property’s design and amenities, which helps owners immediately feel like they’re at home. “The house is furnished and ready to go. Everything is fresh and new,” Landon shared. “There’s silverware already in the drawers, and if you have children, there are high chairs and cribs. Pacaso has taken into consideration how each home will be lived in and how owners will enjoy the space.” These extra touches and details help get more buyers on board and make second home ownership more approachable and rewarding.
Simplifying the transaction for her clients
Pacaso simplifies things for agents too, including opening new doors with existing clients. “For me as an agent, it’s been a very good reason for me to reach out to old clients to present something new,” Landon said. Agents can present a second home option that their clients might have not even considered.Once buyers are in, Pacaso reduces the time between putting in an offer and booking their first stay. “There are usually so many hoops you have to jump through, like inspections and escrows. Pacaso helps remove a lot of those blocks, and it makes the transaction so easy that I can have a buyer within their home in two weeks.” This is key to increasing client satisfaction and creating a positive experience.Best of all, agents earn a 3% buy-side commission from each share sold of a Pacaso in any of the company’s 40+ markets — a process that Landon describes as “very straightforward” and quick.
Shaking up the second home market
Landon sees that Pacaso offers agents the ability to unlock opportunities for more people to own a second home in areas previously accessible to only more affluent buyers. “Pacaso is changing the game here, not only for agents being able to sell homes to a wider audience but also for the second home buyer,” said Landon. “To come with your family or friends and make memories in a house that’s truly yours … the sky’s the limit on what we can do and what’s possible.”Interested in working with Pacaso to expand your services and help more clients buy their second home? Check out our agent resources to get started.