Combining leading technology and full service to deliver huge
consumer cost savings, REX is up-ending the traditional realty market
AUSTIN, Texas–(BUSINESS WIRE)–REX, the full service brokerage that’s using AI and big data to greatly
reduce fees paid by home buyers and sellers, is accelerating its
national growth, expanding the markets it serves more than two-fold by
the end of the summer.
REX, which lowers total transaction commissions to 2% from the 6%
charged by most traditional brokers, is now open for business in Boston,
Chicago, Phoenix and the Washington D.C. metro areas. Already this year,
REX has organically added new markets in California, Colorado, Florida,
Oregon and Pennsylvania.
With its newest markets, REX will be serving home buyers and sellers in
20 major U.S. metro areas, up from nine at the end of 2018.
In the first quarter of 2019, REX increased listings year on year by
threefold, representing homes cumulatively valued at over $260 million.
In April, REX listed its largest ever number of properties, opened for
customers its largest ever number of escrows and closed a record number
of home transactions on behalf of consumers.
“REX has firmly established the legitimacy of its innovative model,
which is better, cheaper and more nimble than what is being offered by
traditional realtors,” said REX co-founder and CEO Jack Ryan. “By using
REX to sell and buy homes, consumers are preserving their hard-earned
equity like never before.”
By employing data science, machine learning and artificial intelligence,
REX is able to price homes more accurately than traditional brokerages,
then target them to qualified buyers through Zillow, Google, Facebook,
Trulia and more.
REX licensed agents are salaried and incentivized to focus attention on
creating a great customer experience rather than grabbing a quick
commission. REX also makes home buying and selling simpler by offering
escrow, titling, mortgage and insurance, all in one place and at
“We are offering a complete suite of services to consumers unlike any
other firm in the residential real estate industry,” added Ryan. “REX is
the future of real estate and that future has already arrived.”
To date, the company has raised $75 million from prominent private
investors including Scott McNealy, co-founder and former CEO of Sun
Microsystems, Dick Schulze, founder of Best Buy, Gordon Segal, founder
of Crate and Barrel, Amit Singhal, former SVP of search at Google, Diana
Nelson, chair of Carlson, Jack Greenberg, former CEO of McDonald’s and
Muneer Satter, chairman of Satter Investment Management.
For every 50 homes it sells, REX builds a home for a family in need as
part of its social mission to provide equitable, affordable housing.
REX is the first licensed residential real estate brokerage that uses AI
and big data to push past the outmoded business practices of traditional
realtors by providing dramatically better outcomes and experiences for
both buyers and sellers at dramatically lower cost. To find out more
about how REX saves consumers money and hassles in what’s typically the
most stressful transaction of their lives, visit rexhomes.com
and follow REX on Twitter @rex_change,