Lessons from Pacaso’s first global launch, and reflections on how we got here

I recently spent a week in part of Spain's Costa Del Sol, preparing for Pacaso’s first official global market launch. To say it was exhilarating and rewarding would be an understatement. I came away from the experience with a lot of great memories and valuable lessons — like, managing a business with key stakeholders across time zones with a 9+ hour time difference is challenging! That's one of the reasons we are hiring a local crew. I also had the privilege of meeting with local leaders and members of the vibrant real estate community. I immersed myself in Marbella’s amazing culture and found that one week is not enough time in this one of a kind place.

Now that Pacaso is a global company, I’ve had the chance to reflect on our learnings for what it takes to operate across borders and continents. Some are unique to our global expansion, and others apply more generally to the real estate industry. Whether you’re an entrepreneur expanding your ventures internationally or are curious about the future of the real estate industry, I hope my insights help spark some inspiration in your endeavors, wherever they take you.?

Key learnings, from our first home to our first global launch

1. Every market is unique. To be successful in a market, you need a deep understanding and respect for how business is done and how relationships are formed. This is especially true in Europe. In the U.S., there is a lot of commonality from one state to the next. In Europe, each country has vastly different cultures, laws, real estate practices, languages, etc. As we expand throughout Europe, it is important that we localize the business and immerse ourselves in the culture and community to ensure that Pacaso is conforming to the market, not the other way around.
2. It is critical to learn from the community. This requires working in-market with the local team and earning their trust. Even entrepreneurs in their local markets can find it challenging to introduce a new concept. It is even more difficult for businesses to come from the outside, bring a new concept, and expect to build relationships and gain trust from the community in a short period of time. Building and maintaining trust and credibility is crucial to our long-term success, both in the U.S. and abroad.?
3. The strongest communities work together. Real estate is a people business, and face-to-face interactions and relationship-building are important to getting deals done. We hosted a couple of events with top leaders in the Marbella real estate community. What I noticed about the Spanish business culture is that they embrace “co-opetition”— cooperating with a competitor to achieve a common goal or get ahead. It’s an admirable quality that I look forward to learning more from.
4. There are strong opportunities for our business model and Pacaso’s product-market fit in Spain and beyond. At a macro level, the themes of housing affordability and accessibility are consistent from market to market. Just like more people can afford to buy a $800K share over a $4M whole home in Miami, the same is true in Spain. In Marbella, you can get an apartment for $500K, or with Pacaso, you can get part of an epic $4M villa for $700K per share. This is a big opportunity for Pacaso to serve as the category leader.?
5. People want to understand how co-ownership works. In every market we operate in, the first question we hear is, “How do I schedule time in my Pacaso?” The second question is around ownership and how the model differs from timeshares. While every market is different and we have to conform locally, the core of our mission and the spirit of our company applies to all these markets equally.