Home Real Estate Perspectives REX Featured on ABC News San Diego

REX Featured on ABC News San Diego

by Eric Rothman
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Transcription:

Renee Kohn:
Hi, I’m Renee Kohn. I’m here with Jack Ryan, co-founder and CEO of Rex Real Estate.

He’s here to explain how he’s using technology and low commissions to disrupt the real estate industry, a great concept. Jack, tell us about Rex Real Estate.

Jack Ryan:
Well, you know what’s so cool, Renee, is we’re using all this technology to find buyers that might kind of scare you, but we don’t use the MLS or agents to find buyers of your home.

We use big data to find people who we think might be interested in the home, so we can find information about you, for instance. We thought that you liked the Dodgers, and that a Dodger fan was most likely to buy this home.

And you have kids who are swimmers, and you want to be close to your church or synagogue. We can find buyers based on what’s good about this home, the features of this home, and then using those features, identify buyers for that house.

Renee Kohn:
It’s pretty revolutionary not to use the MLS. So how do sellers find the buyers?

Jack Ryan:
So that’s one, it’s big data. So we look at all people within a certain geography, who might be buyers of this home, and then we see their behaviors when they come to the home, and our computers look for the people who came to the home, what do they like?

And we find lookalikes to those people, and our computers keep learning, learning, learning who are the best buyers for the home. And we keep finding the buyers, and then dropping ads to them saying,

“Here’s a beautiful home for your family.” So it’s really machine learning, big data, artificial intelligence, all coming together to identify buyers for homes.

Renee Kohn:
It’s pretty fascinating.

Jack Ryan:
Isn’t it?

Renee Kohn:
There’s so much talk about percentages these days, 2%, 6%. What’s the bottom line of how it’s saving people money?

Jack Ryan:
So the traditional fee is around 6%, and we only charge 2%, but it’s much bigger than that. So for instance, imagine if you bought a home for $500,000, and you sell it for $550,000 five years later. $30,000 of that $50,000 profit went out to the agent.

So it sounds like 5% or 6%, well it’s not that much. Actually, it’s a lot.

That’s like $30,000, so we’re saving people tens of thousands of dollars, and selling homes faster, and hopefully with much better service.

Renee Kohn:
Great advantages for buyers, too.

Jack Ryan:
Yeah, because we can give the buyers the same help using technology and then rebate them half the fees, so they can save also tens of thousands of dollars, and we can help with the mortgage, too.

Renee Kohn:
All right, love it. Thank you so much, Jack, for being with us today.

Jack Ryan:
Thanks for having me.

Renee Kohn:
To find out more of how you can have Rex Real Estate help you go to rexhomes.com today.

Interested in buying or selling a home? We would love to help!

Give us a call at 855-205-0599

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