ZAP+, the real estate business unit of OLX-Brazil, has launched a new product that facilitates real estate rentals. OLX-Brazil is a 50/50 joint venture (JV) between Adevinta and Prosus.

ZAP+ includes the former Grupo Zap holding, which was acquired by OLX-Brazil for BRL 2.9 billion.

ZAP+ said the ZAPWay+ product allows tenants to rent a property without the need of a co-signer, a guarantor who would offer a real estate asset to guarantee a contract.

To avoid the co-signer, the ZAPWay+ product offers two alternatives. The first one is a “seguro fiança,” which works as an insurance that covers the co-signer requirement. The second alternative is a protection service that has no additional costs for the tenant and waives the co-signer requirement.

ZAP+ said the ZAPWay+ product allows tenants to close a real estate rental contract entirely online.

The product was launched during OLX-Brazil’s Conecta Imobi conference.  OLX-Brazil said there are over 40 real estate agencies using the ZAPWay+ product.

Marcos Leite, General Manager at ZAP+, announces the launch of ZAPWay+ at the ConectaImobi Conference. Source: ConectaImobi (OLX-Brazil)

All real estate listings using the ZAPWay+ product have a seal attesting the property can be rented 100% online.

The move puts ZAP+ in a market that real estate rental platform QuintoAndar dominates. QuintoAndar was the first to eliminate the need of a co-signer by facilitating real estate rentals in Brazil, with a quick and intuitive online journey.

Other Brazilian real estate verticals, including Navent-owned ImovelWeb, already facilitate real estate rentals by offering a seguro fiança insurance, which also eliminates the need of a co-signer.

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