Reinventing Vacation Real Estate: How Nikolaus Thomale and Myne Homes Makes Global Ownership Easy | S2 Ep. 159

Summary

Podcast Summary: Reinventing Vacation Real Estate: How Nikolaus Thomale and Myne Homes Make Global Ownership Easy

Podcast Information

• Title: Founder's Story
• Host: Vanessa Panes
• Episode: Reinventing Vacation Real Estate: How Nikolaus Thomale and Myne Homes Make Global Ownership Easy | S2 Ep. 159
• Release Date: December 16, 2024

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Introduction

In episode 159 of Founder’s Story, hosted by Vanessa Panes, listeners are introduced to Nikolaus Thomale, the founder and CEO of Myne Homes. Myne Homes is pioneering the fractional ownership model for luxury vacation properties across Europe, aiming to make second home ownership accessible, affordable, and hassle-free. This episode delves into the challenges of traditional second home ownership and how Myne Homes addresses these issues through innovative solutions.

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The Dream vs. Reality of Second Home Ownership

Vanessa Panes begins the conversation by highlighting a significant statistic:

"More than 50% of the population dreams of owning a second home, but only as little as 2% do. Why is that?"
— Vanessa Panes [00:51]

Nikolaus Thomale responds by identifying three primary barriers preventing the majority from actualizing their dream of owning a second home:

1. Affordability: Luxury vacation homes, especially those with desirable features like proximity to the sea and multiple bedrooms, are prohibitively expensive for most.

2. Underutilization: These properties often remain empty for up to 80% of the year, leading to economic, ecological, and socio-economic waste.

3. Complexity: Managing ownership across different jurisdictions involves navigating varied tax environments, languages, and cultural differences, adding significant stress and complexity.

"A lot of people who can afford [a second home] actually don't want to because of this underutilization."
— Nikolaus Thomale [01:06]

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Myne Homes: Simplifying Fractional Ownership

Vanessa probes into how Myne Homes addresses these challenges:

"Being the founder and CEO of Myne, like what does Myne do to solve this problem. And how does your company work?"
— Vanessa Panes [02:34]

Nikolaus explains that Myne Homes specializes in fractional ownership, allowing up to eight individuals to share ownership of a luxury vacation home. This model drastically reduces the financial burden and mitigates underutilization by ensuring the property is frequently used by multiple owners. Key features of Myne Homes include:

• Affordability: For instance, an €2 million property can be owned for as little as €250k per share.
• Comprehensive Management: Myne handles property management, maintenance, personal storage, and full property setup, enabling owners to enjoy their vacations without logistical headaches.
• Market Reach: To date, Myne Homes has facilitated over €100 million in home sales across prime European destinations such as Mallorca, Tuscany, and the Alps.

"We have sold more than 100 million worth of homes across sought after destinations all across Europe, like on Mallorca and the Tuscany in the Alps."
— Nikolaus Thomale [03:59]

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Global Accessibility and Investment

Addressing potential investors from outside Europe, including the US and the UK:

"Can people from the United States or from the UK buy in Europe?"
— Vanessa Panes [03:59]

Nikolaus confirms that Myne Homes is accessible to international buyers, simplifying investments in non-EU jurisdictions. This inclusivity is particularly beneficial post-Brexit, overcoming barriers that typically restrict non-EU citizens from owning property in Europe.

"Buying a share, fractional ownership of a home like that is actually possible for US citizens or UK citizens as well."
— Nikolaus Thomale [04:08]

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Simplified Selling Process and Market Performance

Vanessa inquires about the resale process:

"If people bought a share, for example, like two years ago and now they want to sell their share, how does that process work?"
— Vanessa Panes [05:13]

Nikolaus reassures that selling a share is as straightforward as selling a full property. Owners can set their prices based on market conditions, and Myne Homes supports the transaction process. The secondary market is robust, with an average resale appreciation of 10%.

"We have done a lot of successful resale transactions in the past with owners seeing 10% average appreciation on their share sales."
— Nikolaus Thomale [05:26]

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Fractional Ownership vs. Traditional Timeshares

Clarifying the distinction between Myne Homes and timeshares:

"How is Myne different from a timeshare that many people know about?"
— Vanessa Panes [06:21]

Nikolaus emphasizes that Myne Homes offers co-ownership of real estate, unlike timeshares which typically offer ownership of specific time slots. This model ensures that owners have a tangible share of the property, enhancing the value and experience.

"You own a real fraction of the property, it's real estate and not just time that you are owning."
— Nikolaus Thomale [06:35]

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Resilience in Various Interest Rate Environments

Discussing the impact of fluctuating interest rates on the fractional ownership model:

"Does this model work in both low and high interest rate environments?"
— Vanessa Panes [07:25]

Nikolaus affirms that Myne Homes thrives regardless of interest rate changes. In fact, higher interest rates have increased demand for fractional ownership as they make traditional second home purchases less affordable.

"We see fractional ownership or co-ownership are just making a lot more sense as well."
— Nikolaus Thomale [07:32]

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Future Prospects and Exit Strategies

When queried about future plans, including the possibility of an IPO:

"Now would like to hear about your exit strategies as the founder of Myne. Is an IPO on the horizon?"
— Vanessa Panes [08:20]

Nikolaus acknowledges the potential for Myne Homes to go public when market conditions are favorable, underscoring the company's mission-driven approach to expanding accessible homeownership.

"We think this is a product and a company that definitely has the potential to go public when the timing is right."
— Nikolaus Thomale [08:30]

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Mission-Driven Approach and Market Potential

Delving deeper into the company's mission and market opportunity:

"We are a very mission-driven company and the goal is to make homeownership and second home ownership accessible to more people and connecting families with unused second homes."
— Nikolaus Thomale [12:53]

Nikolaus highlights the vast potential within Europe's second home market, estimated at €4.9 trillion. By bridging the gap between those dreaming of ownership and the underutilized properties, Myne Homes aims to revolutionize the vacation real estate industry.

"This is a huge, huge opportunity. We talk about a 4.9 trillion euro asset class in Europe alone."
— Nikolaus Thomale [12:53]

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Getting Started with Myne Homes

Wrapping up the discussion, Vanessa asks how listeners can engage with Myne Homes:

"So how can we get started with Myne Homes?"
— Vanessa Panes [13:43]

Nikolaus directs interested parties to the company's website, www.minehomes.com, emphasizing the simplicity of the digital ownership process and the availability of personal agents for property viewings and guidance.

"You would be our owner tomorrow and spend your first holiday in one of these properties in a couple of days or weeks from now."
— Nikolaus Thomale [13:50]

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Conclusion

Vanessa Panes expresses enthusiasm for Myne Homes’ future prospects, thanking Nikolaus Thomale for sharing his insights and the innovative solutions Myne Homes offers to make second home ownership feasible for a broader audience.

"Well, all of us want to buy a second home. Thank you so much for joining us on the Founder’s Story, Nicholas. Thank you."
— Vanessa Panes [14:26]

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Key Takeaways:

• Fractional Ownership: Myne Homes offers an affordable and efficient alternative to traditional second home ownership through fractional shares.
• Comprehensive Management: The company handles all aspects of property management, reducing the typical complexities associated with owning a second home.
• Global Accessibility: Myne Homes is accessible to international investors, overcoming geographical and jurisdictional barriers.
• Market Resilience: The fractional model thrives in varying economic climates, including high-interest rate environments.
• Future Growth: With a mission-driven approach and significant market potential, Myne Homes is poised for substantial growth, including the possibility of an IPO.

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Notable Quotes:

• "We have sold more than 100 million worth of homes across sought after destinations all across Europe."
  — Nikolaus Thomale [03:59]

• "You own a real fraction of the property, it's real estate and not just time that you are owning."
  — Nikolaus Thomale [06:35]

• "This is a huge, huge opportunity. We talk about a 4.9 trillion euro asset class in Europe alone."
  — Nikolaus Thomale [12:53]

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This episode of Founder’s Story offers an insightful look into how Myne Homes is transforming the vacation real estate landscape, making the dream of second home ownership a tangible and accessible reality for many.

Transcript

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[Vanessa Panes]

Good day and welcome to the founder story. I am Vanessa Panes, your host. Today we are going to have Nicholas Tomale who is the founder and CEO of Mine Homes, the leading European platform for co ownership vacation homes. Nicholas, welcome.

[Nicholas Tomale]

Vanessa, thanks for having me.

[Vanessa Panes]

Our pleasure. So Nicholas, my first question for you would be more than 50% of the population dreams of owning a second home, but only as little as 2% do. Why is that?

[Nicholas Tomale]

Well, that's a really good question because it's probably something that we've all experienced, right? You spend time at a really nice place, your vacation, maybe with family and friends and at some point somebody comes up with this idea of maybe owning a second home there at this place and really staying there a lot more time. And a lot of people do, and less than 2%, as you rightfully mentioned, actually turn this dream into reality. And that's mainly for three reasons. Number one is affordability, right? A dream home, a second home, especially like three, four bedrooms right next to the sea that has become really, really expensive and most people simply can't afford them. And the second reason is that these homes then actually sit empty 80% of the year. So underutilization of these places is a really big issue. That means the waste of economical, ecological and socioeconomical resources, right? So a lot of people who can afford actually don't want to because of this underutilization. And then there's a third reason that basically puts the rest of them off, which is complexity and all the headaches that go ahead with owning a place in a different place away from home, maybe a different jurisdiction, different tax environment, language cultures, which is just like adding so much stress and complexity to the actual dream of a second home. That's just three of the reasons why there's as little as 2% actually turning their dream into a reality.

[Vanessa Panes]

Basically what's, what we are hearing is there's a lot of like pros and cons for owning as well a second home. So being the founder and CEO of Mine Homes, like what does mine do to solve this problem. And how does your company work?

[Nicholas Tomale]

Well, mine actually simplifies ownership significantly and we specialize in fractional ownership of luxury vacation homes, meaning up to eight people share such a home. Imagine a 2 million home like the place right behind me, which you could now own 1/8 of for as little as 250k, which makes it a lot more affordable for a lot more people. Right. And mine handles everything from property management, from maintenance through owner storage of personal items. We fit these properties out till the teaspoon, as we say, and it's really like being able to access this place and own it for a fraction of the cost. We have sold more than 100 million worth of homes across sought after destinations all across Europe, like on Mallorca and the Tuscany in the Alps. And it's just like incredible to see how this ownership of a second home becomes affordable and effortless for a lot more people. So they can enjoy all the perks of owning a premium second home without the has.

[Vanessa Panes]

That is very impressive. Nicolas, can you tell us, can people from the United States or from the UK buy in Europe?

[Nicholas Tomale]

Yeah, absolutely. So we are a European company. Our destinations that we service and that we operate in are all across Europe. And it is absolutely possible for people from outside of Europe, so for example the US or the UK to actually invest in a mind share or multiple shares. And it's actually something that makes it easier for especially people who are not from Europe originally, because you can imagine investing today in a different jurisdiction, in a different country with a different language is probably even more stressful and complex for someone from the us. And since Brexit, the same thing goes for the uk. Unfortunately, there's even barriers to entry, especially for people who are not from the eu. In some destinations. You can't really buy without being a EU citizen, which mind swaps as well, because buying a share, fractional ownership of a home like that is actually possible for US citizens or UK citizens as well.

[Vanessa Panes]

That's good to know. Thank you. So if people bought a share, for example, like two years ago and now they want to sell their share, how does that process work? And do they sell it like a whole homeowner?

[Nicholas Tomale]

Yeah, it's absolutely the same thing as just selling your home home, it's maybe just very much easier than selling your home home. Right. So you sell your share and since you own a fraction of the real estate, 1, 8 or 1/4, you sell that share as you would sell the whole home and you set your own price. We can support you with that. And as properties appreciate, it's just like traditional real estate, the price of these shares goes with the market. Of course we have done a lot of successful resale transactions in the past with owners seeing 10% average appreciation on their share sales. And so we really see that also the secondary market is something that is thriving and based on the simplicity of the transaction makes it a very effortless thing to do as well.

[Vanessa Panes]

I'm sure many will appreciate that you could sell it fast, faster, easier than selling a traditional home. So Nicholas, how is mindshare different from a timeshare that many of the people know about?

[Nicholas Tomale]

Yeah, well, especially in the US and in the uk you might have heard of timeshare's concept of the past. And I think the main difference is really that mine is co ownership and not timesharing. You own a real fraction of the property, it's real estate and not just time that you are owning. Think of buying with friends or with family just without the hassle because you don't need to know the other owners. This is something that mine manages for you as well as the whole experience from start to finish by finding the right properties, checking whether they are like legally properly built and so on. Technically property build to furnishing, paying the bills, maintaining the home and everything around that. This is all covered and owners simply enjoy their stays without worrying about the hassle.

[Vanessa Panes]

So talk to me about the interest rates. Like does this model work in both low and high interest rate environments?

[Nicholas Tomale]

Absolutely. We see mine thriving in all interest rate environments. We have been started in a low interest rate environment and we actually see a lot of interest and increased demand even in high interest environments. Because over the last two and a half years you have seen even less people being able or wanting to afford a second home because of the higher interest. And fractional ownership or co ownership are just making a lot more sense as well. We have sold more than 100 million in real estate across 20 markets with our owners booking more than 10,000 stay nights over the last couple of years. And this is really something that high rates couldn't stop, but actually where high rates became a tailwind rather than a headwind.

[Vanessa Panes]

Yeah, thanks for sharing Nicolas. Now would like to hear about your exit strategies as the founder of mine. Is an IPO on the horizon for.

[Nicholas Tomale]

You, Vanessa, to answer this, I think we all have to have a glass, have to be able to look into a glass bowl in the future. But yeah, I mean we think this is a product and a company that definitely has the potential to go public when the timing is right, and that means right in terms of the market and for the company.

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[Nicholas Tomale]

We are a very mission driven company and the goal is to make homeownership and second home ownership accessible to more people and connecting families with unused second homes. Just as Airbnb for example, connected travelers with empty bedrooms. Right. And this is a huge, huge opportunity. We talk about a 4.9 trillion euro asset class in Europe alone. Second homes, as I mentioned before, being extremely underutilized and this massive gap to close between the people that drive dream of owning a second home and those who actually do. This is something that we believe really is a great vision to aspire, a great mission to work on. And yeah, when the timing is right and the market is right, we might also bring the company public.

[Vanessa Panes]

Well, we look forward to Mine Home's promising future. Nicholas. So how can we get started with Mine Homes?

[Nicholas Tomale]

You can basically just come to our website, www.mine/homes.com. you can just browse and find beautiful properties all across Europe. And if you want, since it's a completely digital process, you would be our owner tomorrow and spend your first holiday in one of these properties in a couple of days or weeks from now. Of course, there's also possibilities to talk to our agents who can also offer you a viewing at the at the site and and walk you through the process. We're here to help.

[Vanessa Panes]

That is so exciting. Now all of us wants to buy a second home. Thank you so much for joining us and the founder story. Nicholas thank you.

[Nicholas Tomale]

Vanessa.

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