Proptech expands to North of Portugal

The Portuguese startup Sherlock has expanded its activities to the north of Portugal to Porto, Gaia and Matosinhos.

The proptech which specialises in the national property market was launched in the market in 2018.
Sherlock says that it has already saved its clients €632,000 in house buying and selling fees by scrapping variable commission rates.
“In Lisbon, Sherlock has already saved clients around €12,000. For a property with an average price tag of €260,000 it charges a fixed rate of commission at just €3,999 while in a traditional estate agency this can be as much as €15,990 when taking into account commission of 5% + VAT,” explains the startup in a communiqué.
Launched in November 2018 during the Web Summit, the idea came about because of the actual experiences from the four co-founders: all of them had bought or sold properties in Portugal. We were really dissatisfied with the service offered, particularly since the commission charged on selling an apartment which was very high.
“The real estate industry in Portugal generally charges 5% plus VAT which is equivalent to €16,000 plus taxes on average in Lisbon. We don’t think this is a fair price taking into account that it reflects the low value of offer,” says founder Phil Ilic.
“Our method of charging commissions is based on the preparation and collection of all documents which will enable the property to be sold from the moment it is advertised. We aim to ensure that nothing fails. In addition to the savings that we pass on to our clients, we stand on the excellence of the service that we provide which is part of our culture,” says co-founder Chris Wood.
When it launched onto the market, Sherlock set itself a goal to take a 5% share in the Portuguese market within three years.