Second-home co-ownership company Pacaso has launched a joint effort with Realm to match luxury properties with Realm’s membership network of luxury real estate professionals.
Pacaso’s listings are being integrated with Realm’s listing network, which currently operates in 42 states in the U.S. and 14 countries, representing approximately 400,000 high net worth individuals who are clients of its members.
In an interview with RealTrends, Julie Faupel, founder and CEO of Realm, said the two companies aligned right from the start in their ways of addressing changes in the industry like the COVID-19 and the “generational shift in wealth and in values.”
Realm collects information on clients and properties, and curates a profile for them. When new inventory gets uploaded into Realm, whether it’s for fractional homeownership or investment properties, a profile is created for each property. Realm’s trusted advisors work with clients to understand their needs and provides them with a choice of listings.
If a client likes a Pacaso listing, Realm will give them access to such listings through the trusted advisor, according to Faupel.
“It’s like a matchmaking,” she said.
Faupel was also the co-founder of Jackson Hole Real Estate Associates in Wyoming, which she sold to Compass last year.
Realm collects lifestyle characteristics of clients.
This is where Pacaso comes in.
“If a Pacaso listing is interesting to a client, we’re going to be able to provide them access to all Pacaso listings everywhere, because we know that that’s a buying affinity that they like,” Faupel explained in an interview with RealTrends. “It goes through their real estate professional or their trusted advisor.”
A stranger will not reach out to a client to talk to them about inventory. Realm has a policy of signing a non-disclosure when members join the organization that anonymizes all information. The only people that see the names and the contact information of the client, are the people who are working with them.
Realm’s proprietary Second Home Experience technology will integrate into Pacaso’s, along with its CRM records, publicly available information and lifestyle attributes that will build detailed profiles on clients and properties.
The clients’ trusted advisors will then present them with Pacaso’s properties, based on these data-driven insights, thereby creating matches and resulting in more accurate leads.
Meanwhile, Pacaso is seeking the support of Realm’s membership network, who are well-respected in the real estate space, while bringing in its approach of providing inventory to Realm’s technologically gated communities, says Faupel.
“It’s so much more than just a partnership, it’s a platform integration,” she added. “We get to take our proprietary technology and optimize Pacaso’s listings.”
Clients will now have answers to questions like how will homeownership work if they own a quarter or an eighth of a home or during what times they can use a property if they co-own it with other people.
“Realm’s AI is always learning,” says Faupel. For example, if the data says Faupel lives in Jackson Hole, Wyoming, and she’s in the market for a new home, she might like Bend, Oregon.
Faupel says Realm would previously advertise through the Wall Street Journal or The New York Times, and hope that it catches someone’s attention. Now that inventory is available to a client’s trusted adviser, it helps them get a clearer idea of what they want in a property.
“Pacaso and Realm are great synergies because we want our communities enabled by data,” she added. “Data is not replacing the need for a trusted advisor. It’s really adding to the experience of the client.”
This March, Pacaso partnered with Engel & Völkers to add co-ownership to the luxury brokerage. It also released a report on second home market activity in July, that found a 25% increase in transactions in Q2 of 2022.