Overview:
In this episode, Greg Robertson chats with Austin Allison, CEO of Pacaso, about his entrepreneurial journey in real estate, starting with Dotloop and transitioning to his current venture, Pacaso. The discussion covers lessons learned from his early career, how Pacaso is revolutionizing second home ownership, and insights into raising capital through innovative approaches like Regulation A.
Key Takeaways:
1. Austin’s Journey in Real Estate:
• Austin Allison started his real estate career early, getting his license at 18. His early experiences selling homes during college inspired him to create Dotloop, which he later sold to Zillow.
• The entrepreneurial lessons from Dotloop, including navigating challenging markets and working with large real estate brands like Keller Williams, set the foundation for his future ventures.
2. The Birth of Pacaso:
• After selling Dotloop, Austin co-founded Pacaso, a platform aimed at democratizing second home ownership by enabling people to co-own luxury homes. The idea stemmed from his own experience of buying a second home and realizing most vacation homes sit unused for much of the year.
• Pacaso allows people to purchase a share of a vacation home, creating more efficient and accessible ways to own luxury properties.
3. The Challenges of Scaling a Startup:
• Pacaso had rapid growth, especially during the early days of the pandemic when people sought second homes, but faced new challenges in 2023 due to rising interest rates and a cooling real estate market.
• The company has refocused on profitability and expanding its market presence globally, with operations in the U.S., Europe, and Mexico.
4. Innovative Fundraising through Regulation A:
• Pacaso recently explored raising capital through Regulation A, a public fundraising method that allows retail investors to buy into private companies. This method democratizes access to investment opportunities typically reserved for institutional investors.
• Austin believes this approach aligns with Pacaso’s mission of making second home ownership more accessible and also raises brand awareness by turning investors into advocates.
5. Future of Pacaso and Second Home Ownership:
• Pacaso aims to continue expanding its product offerings and entering new markets. While the current focus is on high-net-worth individuals, Austin envisions future opportunities to lower the entry point for ownership, making the Pacaso model more accessible to a broader audience.
• Austin emphasizes the long-term potential of Pacaso and the importance of scaling the business carefully to meet the demands of a large, untapped market.
Reach Out:
Austin on LInkedIN
Find out more about Pacaso
• Learn more about Pacaso: Pacaso.com
• Explore Regulation A investment opportunities with Pacaso.
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