Lopes and Quinto Andar close Partnership
Lopes and Quinto Andar: Lopes has just closed a business partnership with quintoandar, a step that brings one of the largest real estate agents of Brazil from a start-up company that most of which tried to “disturb” the sector.
The agreement does not include a corporate transaction – but of course the market will speculate whether this is not a first step towards a merger between the two companies in a difficult time on the real estate market.
The partnership is limited to the exchange of registration data for ready -to -sell and available properties on the platforms of the two companies. In other words: Real estate created by Quintoandar, the startup Gabriel Braga and André Penha can be seen on the Lopes platform and vice versa.
The agreement includes sales participation. For example, if Quintoandar initiates a property, but the sale will ultimately take place in Lopes, the two companies will divide the proceeds until the commission.
Lopes has no forecast of how much the partnership could contribute to sales, since the market is very cyclical and there is a downtime, since Selic has dropped by 13.75 %, the construction costs there and the mortgage loan are more limited, but we think So the partnership strengthens the business and the members of the network.
“It will definitely help to achieve a better result on the market and to win market shares.” When asked whether the transaction could be a first step in the direction of a merger, Mathews said that “there were no negotiations in this regard”.
“It is just a business partnership to promote the buyer seller trip and increase the sales of the two companies.” According to the board, discussions about the partnership had already started in the middle of last year, although the two companies previously maintained a “harmonious” relationship.
The context of the macros did not affect the decision to bundle the forces, said Matthews, which deals with the joint vision of the two companies about the future of the market.
“The market must become more collaborative so that buyers and sellers can carry out easier transactions and can access the brokers more easily on the wallet. We largely have a similar vision, albeit with different strategies.”
The partnership is initially created for one year and limited to the metropolitan regions of São Paulo, Rio de Janeiro, Belo Horizonte and Porto Alegre.
The partnership creates one of the largest real estate banks in Brazil with more than 400,000 properties listed – 250,000 lopes and 150,000 quintandar. The websites of both companies are called 30 million times a month.
According to Mathews, there are some overlaps between the two rules, but relatively small. “We have not yet set this number, but we have made different excerpts and the overlap was between 10 % and 25 %,” he said.
“We also know that there is a big sequel. Quintoandar is ahead of the lease, but we have more real estate to buy and sell. In addition to the tickets, we are also stronger.”
The partnership comes at a time when Lopes’ business approaches a historical minimum. The paper costs $ 1.62, whereby the company in B3 is rated $ 240 million.
Quintoandar was rated more than $ 5 billion in his last private round two years ago-an evaluation that will certainly not repeat itself in view of the changes in your market.