DURHAM, NC / ACCESSWIRE / October 27, 2022 / Plum, the vacation co-ownership startup, was selected to pitch its unique, streamlined model for enabling groups to purchase real property together on the Entrepreneur Elevator Pitch series. Like all of the show's participants, the Durham, NC, headquartered company had just 60 seconds to intrigue investors enough to be invited into the Entrepreneur Elevator Pitch boardroom.
Plum stood out for its novel approach and proven concept. As a result, Plum was allowed into the boardroom to continue the discussion and ultimately received an investment commitment of $175,000 from the co-founder and first CEO of Netflix.
The Seeds of Plum
Plum began as the brainchild of serial entrepreneur Matt Williamson who has become the company's CEO. Williamson found himself on vacation regularly talking about buying vacation properties with his family and friend groups. However, those discussions never came to fruition because no one seemed to know how to get started. Frustrated, Williamson sought a way to make it easier for people to purchase and own real properties. After doing months of research, he realized that the process could be straightforward and enjoyable-not the headache most people might assume.
The result of Williamson's tinkering was Plum, a disruptive service and platform that removes the logistical obstacles to buying real estate in a group setting. Plum vets group members, sets them up as an LLC, and then introduces the LLC to Plum Certified realtors. These realtors can then show and sell the group properties like beach villas and mountain retreats. The group retains full ownership of the property with each member having an equal share.
Unlike the traditional timeshare model, the property owners purchase through Plum actually own the real property, not the time associated with the property. Williamson knows this difference matters, especially for people who want to invest in tangible assets that can produce returns one day. Yet Plum isn't just a conduit for groups to buy property. As part of the Plum system, each group gets to set rules pertaining to all aspects of vacation property ownership, such as fair vacation schedules and property maintenance cycles. Plum also ensures that all groups set up a joint bank account powered by Mercury for normal day to day operations. This bank account also holds the group's Plum Reserve Fund to handle any unforeseen costs that may occur like failing retaining walls or malfunctioning HVAC systems.
Common Use Cases for Plum's Innovative Model
Williamson's desires to purchase vacation properties with family and friends were the impetus for Plum. However, buying real estate with loved ones isn't the only use case for this startup. In fact, Plum users have found the system and platform applicable in three distinct situations.
Sell a Share of a Vacation Home
The first situation involves individuals or groups that already own a piece of real estate and want to create liquidity. The Plum model can help any person or group find one or more people to invest in the existing property. Taking this step gives owners the chance to keep more of their money without having to sell off their property. With their newly formed LLC, they still get the benefit of ownership but don't have to take on all the financial burdens themselves.
Manage an Existing Co-owned Vacation Home
The second situation where Plum can be a huge advantage is for relatives who have inherited a property. This type of circumstance happens regularly and can generate high levels of stress. Plum takes away the friction by making co-ownership easier. Relatives can map out their preferred rules for using the property, right down to renting it to vacationers, if they desire. They can even look for other co-owners to share any expenses by putting the property on the Plum Marketplace.
Buy a Home Together as a Private or Public Group
Being able to leverage co-ownership software unlocks vacation home ownerships for consumers who probably wouldn't do it otherwise. Additionally, Plum's system provides continuous guidance through the life of the co-owners' LLC.
Planning for Plum Deals, Relationships, and Outcomes
Though Williamson's Entrepreneur Elevator Pitch appearance helped bring Plum to a wider audience, the Plum Marketplace has been up and running since launching in early 2022. Thanks to Williamson's vision and due diligence-including conducting more than 60 interviews before starting his product-he was able to put forth an elegant, intuitive solution that has steadily attracted attention and traction.
This isn't to suggest that Plum can't be expanded. Williamson and his team expect to use investment funds from Entrepreneur Elevator Pitch to continuously improve the Plum customer experience. As someone who has built other companies, including a highly successful predictive marketing platform, Williamson is keen on making certain Plum remains agile while staying focused on getting groups Realtor Ready™, introducing owners to potential co-owners, and taking the hard work out of buying and enjoying vacation homes.
About Plum
Founded by serial entrepreneur Matt Williamson in 2022, Plum CoOwnership, Inc., offers the easiest and most efficient way for people to buy and own vacation homes together. The Plum platform has been designed to offer a uniquely simple way to move through the vacation home-buying steps. Plum's advantages include an easy-to-operate platform with an intuitive user interface, legal documentation handling, introduction to Plum Certified real estate agents, access to the Plum Marketplace, and access to support from experts.
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SOURCE: Plum