Don’t miss Spencer Rascoff onstage with Brad Inman at Connect Now Tuesday, April 20.
Pacaso, a second-home, co-ownership company backed by former Zillow alums Austin Allison and Spencer Rascoff, has expanded its listing search capabilities by releasing a new version of its mobile app for Apple’s iOS and Android.
The free app showcases a unique selection of homes available for investment around the United States.
Pacaso announced in March that it raised $75 million in equity funding and an additional $1 billion in debt funding.
Pacaso facilitates group investment in high-end, luxury homes by purchasing them, then transferring ownership to a limited liability company held by multiple co-owners. The company’s stated intent is to “democratize” second homeownership.
Pacaso makes money through an upfront 12% service fee, paid at closing, and an ongoing management fee of $99, paid monthly. Pacaso remains in a management role for its properties, handling furnishings, general management and physical upkeep.
The app allows users to browse available homes, share them with aspiring co-owners and friends, and be alerted to new properties or changes to those they’re following.
An earlier version of the mobile app was relegate only to Pacaso owners, who used its SmartStay interface to manage stays and oversee their account. The new version integrates the app’s existing services by allowing users to toggle between the two experiences.
Updated features include the ability to be alerted when Pacaso enters a new market or lists a new home. Home-share cost and expenses statements can be viewed, which provides additional transparency into investment and ownership costs.
“Many people dream about second home ownership,” said Pacaso CEO and co-founder Austin Allison in the release. “Now with our app, there’s a more fun and efficient way to see what’s out there. Whether you are seriously shopping for a home, or just browsing for your own enjoyment, there’s never a shortage of stunning homes in desirable locations.”
Allison remains highly involved in real estate and property technology, having also been part of a noteworthy group of investors who put $1.5 million into showing-tech startup InstaShowing.