, who were introduced by a mutual friend, the wecasa home co-ownership model is similar to a timeshare, but with an ownership structure more like that of professional sports teams.
Conconi — who graduated from Simon Fraser University with a Master of Finance and founded a mortgage technology company called Lendesk that was later acquired by Rocket Mortgage — also points out that many timeshare homes often end up empty for large chunks of the year, and that their model dissuades this, as people who have an ownership stake in the property are much more inclined to use it.
The first home is located in BC’s most-famous resort town: Whistler. It’s a 5,200 sq. ft home on a 16,000 sq. ft lot, with six bedrooms and seven bathrooms, and 1/8 ownership costs $1,216,509, including taxes. This price also includes a 12% service fee from wecasa, which asks as the company’s primary source of revenue. Though co-owners will also have to pay monthly operating costs, 1/8 of which are estimated to be $1,750 per month for this property.for its abundance of vineyards and wineries.
Proudfoot and Conconi tell STOREYS that they have two models when it comes to acquiring properties. The first is what they call the “right-size” model, where they work with an agent and client who is interested in selling aof their home. The other is the “exclusive marketing model,” where they work with the existing owner to convert it into a full wecasa property, acquiring the property via a limited partnership.