QuintoAndar, the Brazilian-based real estate marketplace that handles end-to-end rentals, eliminating the need of a co-signer, has lanched Benvi in Mexico, it said on Tuesday.
Benvi is QuintoAndar’s international real estate platform.
QuintoAndar said it will bring the same functionalities it has in Brazil to the Mexican market, including guarantees for landlords, and damage insurance.
QuintoAndar said it chose Mexico due to its “similarities” with the Brazilian real estate market: bureaucracy, complex financial guarantee requirements, slow renting processes, and no room for flexibility in negotiations, in addition to a fragmented value chain and informal property management.
The move also marks an important step in Latin America for QuintoAndar, following the acquisition of the real estate assets of Navent.
Navent owns the leading real estate vertical by traffic, Inmuebles24. “Inmuebles24’s knowledge about the local market was fundamental to allow Benvi to deepen itself into the Mexican market landscape for landlords and tenants, and it will be key for us introduce (ourselves) in the country,” said Nicolás Tejerina, Vice-president marketplaces LatAm at QuintoAndar.
QuintoAndar is valued at $5.1 billion U.S.