The Brazilian end-to-end rentals marketplace company Quinto Andar has announced the expansion of its model to the Mexican market with the launch of Benvi.
The new rentals platform will use the same model as that employed to great success in Quinto Andar's native Brazil. Benvi will act as an end-to-end brokerage for home seekers and take a brokerage fee (in Brazil this is typically one month of rent).
Both the Mexican and Brazilian rentals markets are beset with bureaucracy, informality and a lack of trust. The proposition for Benvi users is the same as for those of Quinto Andar:
Quinto Andar's Director of International Expansion, Nicolás Tejerina told local publication CentroUrbano that Benvi's offering will be:
"...a proven product with ample history, clear knowledge of the industry and a strong investment in technology" which will be "adapted to the Mexican market over time".
For now, Benvi is available to users in parts of the central Mexico City area and some surrounding suburbs with the plan to expand coverage over time.
The Mexican market is a particularly attractive one for innovative real estate marketplace businesses in Latin America. Quinto Andar's fellow Brazilian PropTech unicorn Loft operates in Mexico through its TrueHome brand. Colombian marketplaces Aptuno and La Haus expanded north soon after their respective foundations and Colombian iBuyer Habi recently bought out a couple of minor real estate portals in Mexico to fuel its activities in the country.
Interestingly Benvi listings will be syndicated to Mexico's leading traditional real estate portal Inmuebles24 which Quinto Andar took control of when it bought out Navent's real estate titles in December 2021. When the deal went through there may have been eyebrows raised at the disruptive Quinto Andar buying out a more traditional set of portals, but perhaps with the launch of Benvi and its listings integration with Inmuebles24 we are seeing a template of how Quinto Andar plans to act in other Latin American markets.