Streamlining Real Estate in Mexico
Real estate transactions have not changed for almost half a century in Mexico. That is until Flat.MX showed up. Founded by serial investors and entrepreneurs Victor Noguera and Bernardo Cordero, former founder of e-commerce platform Linio Mexico, Flat is bringing the instant buyer (iBuyer) model of real estate transactions to Mexico. Over the past decades the gap between wanting to sell your home and finding a buyer has held steady at around six months. And for a person looking to buy, the search process has long involved walking the streets iPhone in hand, taking note of the homes with “Se Vende” signs peeking out of windows and on lawns. Not wanting to look the part of the dawdling tourist snapping stylish façades across CDMX, Victor and Bernardo decided that there had to be a better way for to house hunt.
By focusing on technology, and building a payment and exchange system online, Flat.MX has shortened this gap to one of days rather than months. Flat’s relationships with local financial partners helps clients facilitate the necessary credit to move on a property, and they’ve provided immediacy, transparency, and practicality in an otherwise opaque market. Like OpenDoor did in the United States, Flat is moving residential real estate transactions in Mexico into the 21st century.
With over $25 billion of turnover in residential property in Mexico on an annual basis, Flat sees this as a massive opportunity. And if it gives SoftBank an extra excuse to allocate some of its $5 billion already earmarked for Latin America, we don’t mind.
Flat is backed by ALLVP, Y-Combinator and the founders of OpenDoor, Figma, Uber and others. Read more about Flat’s $4.6M Seed in TechCrunch.