QuintoAndar to Change Branding and Mission of Benvi to Inmuebles24 Full

Grupo QuintoAndar has rebranded its Mexican portal Benvi into Inmuebles two years after its launch.

The new platform, Inmuebles24 Full, is a rental housing classifieds and management space, and a subsidiary of real estate vertical Inmuebles which is a leading Mexican portal owned by Quinto Andar.

The product will offer a rental payment guarantee on top of various property management services and will only be available in Mexico City and the State of Mexico for now.

Quinto Andar says the rebrand will allow the Group to focus on one brand, not two, and the combined brand will be a more suitable investment vehicle for future acquisitions and partnerships.

Inmuebles24 is Mexico's market-leading real estate portal, and one arm of a duopoly including sister company Vivanuncios, which is also owned by Quinto Andar. By dint of its status as a one-two team of market leaders in the country, Inmuebles24 is one of few portals worldwide to have a nigh-on monopolistic position in its local market.

The Group says the goal for the rebranded Inmuebles24 Full is to achieve greater growth than the original Benvi brand achieved in Brazil. Quinto Andar says the company will pursue a stronger relationship with the industry—namely with small real estate agencies.

André Penha, co-founder of Grupo QuintoAndar, said:

"Mexico has the conditions to reach these numbers, it is a super strong and very important market. Therefore, we seek to increase liquidity, facilitate processes and strengthen a brand (Inmubles24) that is already recognized in the territory.

"Another objective that is very important for us is to make the operation simpler, since users will be able to search in one place.

“Expansion is in our plans, but not immediately. These two markets we focus on are very large and there is a lot to take into account. Very likely by next year, there will be talk of other cities that we want to reach."

It has been a turbulent 12 months for the Mexican real estate industry after Lifull announced that it had acquired the real estate vertical Lamudi Mexico from EMPG. At the same time, Navent Group sunsetted Segungamano amid concerns that it couldn't compete with Quinto Andar's strong market position.