Brazil Renting System Simplified

A new website is taking charge of Brazil’s difficult rental market to make the entire process far easier for tenants. Quickly becoming known as the Uber of renting, QuintoAndar provides a way for people to search, visit and sign rental agreements more easily than ever. The scheme could also be beneficial for landlords, with overseas investors able to benefit from the increased simplicity potential tenants have when finding a home.

Two-year-old company QuintoAndar is making waves in the Brazilian rental sector thanks to its new system of securing tenancies. The process of renting a property in Brazil can be frustrating for many, with bureaucracy and inconvenience preventing people finding their dream home; however, users of QuintoAndar are now able to agree and sign their tenancy agreements online via DocYouSign, helping individuals to snap up the perfect property. Although only based in Campinas and Sao Paulo for now, the scheme could expand to other areas in the future.

The use of a digital signature is particularly helpful for potential tenants, allowing them to sign agreements without the risk of missing a property due to being unable to get a physical copy of the tenancy in time. The electronic alternative carries the same weight as any paper agreement. It is also kept secure by the certification company, meaning that both landlord and tenant can sign the document even if they are in different places.

One of the major achievements by QuintoAndar, however, has been its ability to circumnavigate the need for a guarantor. Most tenants in Brazil have to get their contract underwritten by an insurance company or the property owner living in the same city, which can make it particularly difficult for any overseas investors wanting to take advantage of the rental market. Gabriel Braga, the chief executive of the firm, explained how its system works, saying: ‘We have a partnership with the insurer Cardif at BNP Paribas. As a result, QuintoAndar pay the security bond and ‘wipe out’ the figure of the guarantor.’

The company also offers other advantages; for example, professional photos of properties are available on the website, as is an online booking system so that people can instantly fix a viewing time. Rental home adverts are also run on a number of other sites, including Imóvel Web, Zap Imóveis and VivaReal. Helpfully, the website also advertises a single property price that combines rent, property taxes and the condominium fee. It is then QuintoAndar’s responsibility to disseminate fees to the right party.

QuintoAndar’s co-founder, Andre Penha, said: ‘Instead of visiting 30 properties, they visit just three. So the user saves time and the broker raises his profitability, since he makes fewer visits and has contacts with more engaged customers, who are more inclined to close the contract.’

There are also bonuses for landlords, as QuintoAndar takes over the management of tenancies for a monthly fee.

For investors wanting to break into the Brazilian rental market, the new website could be the perfect opportunity to gain a foothold in the sector.