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 (former GM 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.
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
Connect with Spencer & Austin:
Connect with Rob and Greg:
Zillow’s Q2 2020 Earnings Call
Jack Ryan on Industry Relations EP055
CoStar’s Acquisition of Homesnap
Brad Inman’s Interview with Andy Florance
The FTC Suit to Block CoStar’s Acquisition of RentPath
Cloud Agent Suite