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Ask HN: Which real estate startups need a broker licence?

1 points by newman8r ↗ HN
I'm working on a project that has a similar business model to pacaso.com (another interesting 2020 startup) - I'm curious if their model requires a real estate license. I've posted my concept mockup at https://www.parcelplot.us

From what it seems, Pacaso isn't claiming to actually buy or sell property on behalf of anyone, they're setting up an LLC for fractional real estate investment, and:

> choosing and managing the property management company; maintaining the LLC and resolving any disputes between owners or the municipality; continually innovating and improving the Pacaso app

But it does seem like it's a gray area. Obviously I'll need to consult an attorney but I wanted to get a better idea of the situation first.

6 comments

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sharemywin
I'd also be worried about the SEC
newman8r
Yeah that's a good point. I think Pacaso deals with it by not holding any ownership in the properties, so they're not actually selling shares.

Their model just seems to be organizing an LLC with a special operating agreement, giving access to their app, etc. Almost like a legalzoom with a much bigger fee.

sharemywin
just remember this regulators eventually catchup up and if it looks like a fish and smells like fish you can call it what ever you want. I'm not trying to say don't do it. just make sure you understand the legality.
newman8r
Agreed - I hadn't really considered the SEC angle, I'll make sure I get proper legal advice for that as well.
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