When REX expanded operations to Austin, TX this past April, it immediately became clear that Texans were eager for a viable alternative to traditional real estate in their area.
Real Estate 2.0: San Antonio Housing Market Sees Emergence of Tech (via Rivard Report)
REX Real Estate will descend on San Antonio with about a half-dozen homes for sale. The company charges 2 percent in fees in lieu of a traditional real estate commission while skirting the multiple listing service, or MLS, entirely.
Without having to pay the commission that comes with selling a home using the MLS and hiring an agent, REX claims to be able to sell homes faster and charge 70 percent less than traditional brokerages.
“The computers are taking the robotic behaviors that humans have to do in these sales and taking the robot out of the human,” said Jack Ryan, who runs the 3-year-old, Los Angeles-based REX Real Estate.
“Humans are still needed for some of the emotional attachment to a house or the stuff that’s too complex for a computer to do right now.
But the bottom line is that means we can sell the homes for 2 percent, not 6 percent because we’ve learned to automate or maximize the advertising dollars to find the right buyer for your house.”
How Non-Traditional Real Estate Platforms Are Changing the Game (via D Magazine)
This year, REX will list over a billion dollars in homes. REX isn’t in Dallas yet, but the real estate brokerage firm grabbed the attention of publications such as the Wall Street Journal this year with its celebrity listings and fast expansion.
As a data and artificial intelligence company, REX creates custom advertisements based on homebuyer predictions.
Home sellers are charged a 2 percent all-in fee, and homebuyers are given 50 percent of agent commissions.
“We have so much local information that we could tell you about everyone who lives on your block,” Ryan says.
“It’s almost impossible for humans to catch up because the computer is getting smarter with every home sold.” REX also has a social mission, and with every 50 homes sold, one is built for children in need.