Business

Brazilian home rentals startup Quinto Andar will now allow property sales

After recent fundraising, the Brazilian startup will expand its platform features

Almost three months after an investment round of $ 250 million led by Softbank, real estate startup QuintoAndar is spreading its wings to operate also with buying and selling of properties. The announcement was given by the company this Thursday, 28. 

QuintoAndar, that up to now only offered the rental option in its platform, will start to offer the new feature in some regions of São Paulo, starting from December 2. Initially, the company will make it available only for private individuals, and soon, will start working in partnership with some local real estate agencies. 

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“We will use our knowledge of technology and data to bring the same positive rental experience to the buying and selling sector,” Gabriel Braga, co-founder and CEO of QuintoAndar, said in a statement. A common issue in the Brazilian real estate market, the bureaucracy for buying and selling properties is the main problem the startup will try to solve. “Lack of quality information about the legal status of the property as well as the difficulty of getting all the right documentation are common issues that slow the whole process down,” the executive pointed out. 

In September, QuintoAndar announced the investment round led by the Japanese fund that propelled the company to reach the coveted status of unicorn – companies valued at more than $ 1 billion.