Brazil’s QuintoAndar, an online marketplace focused on the residential rentals market in Brazil, is now allowing users to sign a lease in Sao Paulo and Campinas completely online by using an e-signature.
Sao Paulo-based start-up QuintoAndar operates as a real estate agency and has the Creci registry, the local real estate authority that regulates the rentals as well as the property sales market. As opposed to the traditional way people usually rent a home, be it through online classifieds or directly visiting local brokers, QuintoAndar has no physical offices to close its rental deals. In other words, everything happens online.
Another recent move by the online marketplace, which aims to solve all the complicated procedures that surround the process of renting a home in Brazil, was the elimination of the seguro fiança, a security deposit, which is not returned or applied to the rental costs and is usually mandatory for residential rentals in Brazil.
The AIM Group recently wrote an in-depth article about the new player, which has been challenging the traditional real estate market. In addition to paying the seguro fiança, QuintoAndar has also eliminated the need of co-signers, another requirement of local real estate agencies.