The company decided to target brokers, as opposed to landlords themselves, due to the fragmented nature of Mexico’s rental market, Morales said. Unlike in U.S. cities where there is a concentration of large landlords that manage a ton of units, in Mexico, it’s the opposite. Most landlords only own one property.
“It’s all mom and pops, like 97% of the market is mom and pops,” Morales said. “They really depend on this income. So they’re like, ‘Oh, who am I renting to? What happens if they don’t pay?’ There’s a lack of trust there. We say, we can help solve that or bridge that lack of trust with technology.”