We created REX with the notion that efficient markets eliminate unnecessary costs, force industries to improve and produce happier consumers. Each year, consumers pay $70 billion to realtors and brokers.
Until now. At REX we’ve changed the model so buyers and sellers keep most of that money. While eliminating these unnecessary costs alone would be enough of an improvement to this otherwise unchanged industry, we saw an opportunity to leverage technology to improve how we buy and sell homes, optimizing the overall experience.
In addition to delivering dramatic savings, REX eliminates hassles and empowers our consumers without sacrificing the human touch.
One example of how we eliminate hassles and empower consumers is the way REX homebuyers tour homes. In order to tour a home in the traditional real estate model, an interested homebuyer must find an agent, who then must call the seller’s agent, who then must contact the seller, who then has to respond to their agent, who then responds to your agent, who then contacts you to tell you if the time will work.
And if the times you proposed don’t work, you have to go through the rigmarole all over again. It’s a hassle.
However, at REX, we value everyone’s time. REX buyers schedule home showings digitally, similar to the way we schedule daily tasks like dining and travel on sites like OpenTable and Expedia.
We have also streamlined the process to ask a question about the property, and even to make an offer, so that our consumers can get immediate feedback.
For example, to make an offer, rather than the 17 page contract requiring dozens of signatures and initials, interested buyers answer a few simple prompts and we quickly submit an “Indication of Interest” to the seller. If both buyer and seller are in the same ballpark, we put together a contract.
Another example of how REX is creating a better experience for our consumers is in the paperwork once an offer is accepted. The paperwork during escrow and closing can be a lot, but there were 400,000 such transactions in California alone last year and more than four million across the United States that were very similar.
At REX, we handle all the paperwork and can do so efficiently because most transactions are substantially similar to the others. We take the mystery out of the paperwork, and take the responsibility for it. Our lawyers review all the documents to make sure everything has been verified for each specific property.
These are just a few ways that REX consumers not only save tens of thousands of dollars but also receive a much smoother, quicker experience along the way.
REX is about modernizing the real estate industry and making our consumers’ lives happier.
We do this through our digital platform and concierge service which, together, do everything a broker does, but we arguably do it better and for only 2-2.5% of the purchase price. The result? Consumers benefit and the industry benefits. And that’s a happy feeling.