A new startup for real estate in Rio de Janeiro is giving brokers a hard time.
Quinto Andar, founded in 2012 by two Stanford MBAs, is a ready-made brokerage, property manager and insurer offering would-be tenants and buyers an easy way to save money and find a new home — and, the best part for many? They get to avoid Rio’s current brokers as Bloomberg reports.
Quinto Andar was born out of a pervasive frustration with Brazilian brokers where bad quality photos on listings are just the tip of the iceberg. Brokers often avoid questions about properties, forcing interested parties to schedule a viewing if they want answers — often only to find the property is nothing like the listing — and that’s not counting the “hidden costs” and bureaucratic hassle before, and after, you ink a deal. (And you thought New York was bad?)
“This is a real pain for people, and it’s a 200 billion-real ($60 billion) market,” Gabriel Braga, one of the founders, told Bloomberg. “If we can fix this problem the consequences could be huge.”
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