“Second, the three class-action suits ostensibly have an end game in mind: Divorcing real estate commissions,meaning that a home seller should negotiate listing commissions with a listing agent while a home buyer should negotiate buy-side commissions directly with a buyer’s agent. While this seems like an awfully commonsensical thing to do, the implications for the real estate sales industry would facilitate more transformative change than any technology-based innovation. “
If you’re like me you read about these lawsuits and you’re not sure if you should be overly concerned or not. Jeff does an excellent job of walking us down the path of what may or may not be the future in a world where buy-side commission rates are brought into the sunlight. SPF 2.5 anyone?
What happens when real estate tech royalty get together to brainstorm business ideas? Not surprisingly, a general discussion of underutilized assets lends itself to a new proptech venture.
Spencer Rascoff (former CEO of Zillow) and Austin Allison (founder of dotloop) are the Cofounders of Pacaso, a startup working to democratize access to second homeownership. On this episode of the podcast, real estate tech OGs Spencer and Austin join Rob and Greg to discuss how Pacaso solves the problem around the underutilization of second homes and explain how consumers, agents, and brokers alike benefit from the service.
Spencer and Austin describe how Pacaso manages scheduling and dispute resolution, sharing what differentiates their product from a timeshare or the traditional DIY co-ownership model. Listen in for Spencer and Austin’s insight on current events in the industry, including the radical acceleration of tech adoption through COVID, the long-term impact of the DOJ lawsuit against NAR, and CoStar CEO Andy Florance’s attack on Zillow.
What’s Discussed:
How Pacaso solves the problem around underutilization of second homes
How consumers, agents, and brokers benefit from Pacaso
What differentiates Pacaso from a timeshare
How Pacaso handles scheduling and what happens if one owner uses the home much more than the others
Why Spencer & Austin don’t see Airbnb as competition
How Pacaso manages dispute resolution and governance of a property
Why friction among owners is less likely with Pacaso vs. the DIY model
Spencer & Austin’s response to the idea that Pacaso is ‘rich people solving rich people problems’
How COVID has inspired a demand for co-ownership in city centers
How the digitization of real estate has accelerated through the pandemic and what that means for the industry
Why buyer side representation will not go away (despite the DOJ lawsuit)
Andy Florance’s attack on Zillow and how CoStar’s acquisition of Homesnap will impact residential real estate
“This position will lead marketing programs for the high-growth Real Estate Solutions Marketing Group, supporting the associated business goals, revenue objectives, and product roadmaps. This insight-driven marketing position will have ownership for marketing programs across (paid/organic) channels and touch points to maximize engagement, conversion, retention to grow and scale products within the marketplace. The successful candidate will collaborate closely with the business and product teams to create compelling value propositions for our products and solutions, the foundational materials to drive innovative marketing campaigns and execute multi-faceted marketing programs. This role will report to the Senior Leader, Marketing for Real Estate Solutions.”