Technology is making traditional 'time-shares' with all of their problems and negative connotations a thing of the past. The concept of 'fractional-ownership' backed by a watertight legal framework and end-to-end property management has been gaining popularity in the United States and is now being rolled out in Europe.
Vivla is one of the companies bringing the model across the pond. The Spanish startup recently raised €26 million from investors including Spotahome backer Samaipata and FJ Labs (backer of many early-stage PropTech ideas around the world) as well as Chelsea and Spain footballer César Azpilicueta.
We spoke to the company's CEO & co-founder Carlos Emilio Gómez to find out more about Vivla and its fractional-ownership model...
What problem does VIVLA solve?
VIVLA was born with one objective: to increase the number of people who can access a second home. With this mantra in our head, we work really hard every day in order to achieve this goal: we offer people the best customer service we can by establishing personalized attention and delivering the best experience in terms of professional support.
How does fractional ownership work?
First of all, you pay only for the part of the house you need. Thanks to our share system, buyers can own a beautiful villa by purchasing only the number of fractions they want. It's the buyer’s decision.
Next, VIVLA’s key value lies in the fact that we give owners really good options in terms of finding quality property: they can either access our collection of spectacular European homes in great locations or tell our team of experts what their needs and expectations are when looking for a home.
Finally, our professional team manages every detail of the property and offers unique and personalized services so that owners can make the most of each stay.
What is VIVLA’s biggest challenge?
One of the greatest challenges we face is to educate people and make them aware that there is an option for more affordable and practical ownership other than the traditional home purchase. In this sense, we want to make sure that people understand the concept of fractional purchase and consider it a real option. We believe it is an easy way to own a home without having to deal with the hassle that is usually involved in traditional purchases such as extensive paperwork, costly maintenance work and other formalities.
Our main goal is to make second home fractional ownership mainstream.
Did the idea for VIVLA have anything to do with the effects of COVID-19?
The COVID-19 pandemic has changed our daily habits, producing deep changes in companies and people's routines. Remote work is probably the best example of the new living patterns that have been adopted and implemented. Breaking free from an office space means you can live wherever you want, design your own lifestyle and decide where to draw the limits of your personal space. But a decentralized way of living also requires a big level of flexibility in real estate.
There has been an exponential increase in the demand for second homes post-pandemic times. Housing isn’t an exception when it comes to redesigning priorities and rethinking expenses post COVID-19. Flexibility and easiness are the main elements people are searching for at all levels, and real estate is usually painful for owners due to bureaucracy. VIVLA allows buyers to focus on the benefits of owning a house, sparing them from any possible headaches along the process.
How many employees does VIVLA have?
Currently, we have around 15 employees
What is one thing our readers might not know about but would probably find interesting about fractional ownership?
We are developing a unique and innovative legal framework in collaboration with Garrigues. It is one of the largest law firms in Spain in terms of turnover, with 20.000 million euros, and it is well-known all over the world with offices in New York, Shanghai or London. By establishing this synergy, we can now join forces to lead the fractional ownership market.
Which PropTech companies do you like to look out for in the news?
Airbnb, Clikalia, Spotahome and Ukio among others.
What is VIVLA currently working on?
Because VIVLA was born in 2021, it is yet a very recent business and we are taking our first steps. We are currently closing our first deal with a homeowner who wants to sell his house and we have some people that are interested in buying, so this would most likely be our first transaction.
What is the most common request from clients?
The most common requests from our customers are about how Vivla solves the booking of trips amongst all co-owners, about our legal framework and about how Vivla runs property management.
How do you see the market evolving and what will you be doing to be ahead of the curve?
We always say that our long-term goal is to make second home fractional ownership mainstream. In this sense, because we consider ourselves pioneers in this category, we feel we have to make a great effort to make it happen. We are responsible for being the main experts in this new trend and getting it established.