REX continues to pioneer the use of AI, machine learning, and data in residential real estate. Customers are seeing first-hand how this technology directly impacts their bottom line by reducing the fees associated with selling a home. REX was featured this week by CNBC writer Helen Zhao. An excerpt from the article titled, “Artificial intelligence is the latest competition for real estate agents” is below and you can read the full article here.
Instead of hiring a real estate agent, Ron and Marilyn Hougardy essentially recruited a computer to sell their four-bedroom home in Thousand Oaks, California last December.
The couple was motivated by the 2 percent commission they would pay the artificial intelligence-driven service run by REX Real Estate Exchange instead of the typical 5 to 6 percent paid to a human broker who would find buyers for them.
“It was kind of swimming upstream to make this decision, but we decided let’s try it out,” Ron Hougardy, a project manager, said. The home was listed for $880,000 and sold for $890,500 in January, he said.
The bidders for the Hougardys’ home weren’t found by an agent adding the home to a multiple listing service, which feeds that information to Zillow, Trulia and Realtor.com.
Instead, computers were crunching over a hundred thousand data points in order to identify thousands of likely buyers and target them with ads on websites and social media.