Pacaso named Marnie Blanco as vice president of industrial relations on Thursday. She will oversee strategic industry partnerships and relationship growth.
Pacaso, a real estate startup looking to create co-ownership opportunities for second homes, has named industry veteran Marnie Blanco as vice president of industry relations. According to a company announcement on Thursday, Blanco will spearhead the startup’s strategic industry partnerships, industry relationships and advocacy goals.
“Marnie and I worked together at dotloop, my previous startup, for many years,” said Pacaso CEO and co-founder Austin Allison in the announcement. “I have always been impressed with their real estate understanding and ability to execute. We are thrilled and happy to have her on board. “
Prior to Pacaso, Blanco was Vice President of Industry Relations at dotloop and helped the Zillow Group brand partner with MLSs, associations and third-party integration partners. Blanco began her real estate career as Vice President of eBusiness at RE / MAX, where she led technology innovation, product management, product marketing and training for the network’s broker and agent technology platforms.
“I’m in love with the Pacaso concept,” said Blanco of the opportunity to work with the startup. “I think it’s brilliant and opens up so much potential to enrich people’s lives. Viewing second homes is actually a hobby of mine and I am fortunate to be able to combine that passion with my industry experience at this new company. “
“The Pacaso team, the model and its dynamism are incredibly exciting!” She added.
Blanco isn’t the only person passionate about Pacaso – the company received $ 75 million in equity funding and $ 1 billion in additional debt funding just seven months after it was founded. This makes it the fastest US company to achieve a unicorn rating.
Pacaso, the brainchild of Allison and Zillow’s co-founder Spencer Rascoff, enables buyers to purchase an eighth to one-half stake in a second home. Buyers can select a home through Pacaso or another location, and Pacaso will work with the buyer to purchase the home through their Property LLC, The Pacaso Home LLC.
The first time buyer chooses their ownership interest in the home, and then Pacaso finds additional buyers to buy the remaining portions of the home. Buyers can buy their share with cash or offer a 50 percent down payment and finance the rest.
Pacaso secures the financing of the home through The Pacaso Home LLC and signs the mortgage as a corporate guarantor. Meanwhile, buyers are signing an owner-occupied operating agreement that gives them a 100 percent interest in the LLC for the property.
Pacaso takes care of all management and design aspects of the house for a transaction fee of 1 percent. Co-owners can use the SmartStay app to reserve their time in the home two days to two years in advance. Co-owners must wait 12 months after closing to sell their stake. According to Pacaso, this works in the same way as selling an “entire house”.
Allison and Rascoff said Pacaso’s rapid rise was due to a robust second home market and the fact that Pacaso enables everyday people to enjoy the benefits of a second home with no financial burden.
“The pandemic has made the desire to own a second home more pronounced and intense than before the pandemic, and the reason for this is flexibility,” Allison Inman said in a previous article. “They have more families who can work from home, more families who can partially work from home, and even for the families who go back to the office when things have calmed down, we are in a new world entered, in which there is a new culture that encourages flexibility. “
“It allowed us to do what would otherwise have taken us a couple of years. We could do it in six months,” he added.
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