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REX featured on Fox Business Network

by Eric Rothman
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REX Co-Founder and CEO Jack Ryan joined Maria Bartiromo and Fox Business Network this morning to talk about the future of real estate.

REX is rapidly growing and has officially expanded to New York. Check out the clip below!


Transcription:

Maria B:
The days of relying on a traditional real estate agent to buy or sell a home could be coming to an end. REX Real Estate Exchange using robotics to change the way people are buying and selling their homes. Joining us right now is the CEO and co-founder of REX Real Estate Exchange, former Goldman Sachs partner, Jack Ryan. Jack, great to see you.

Jack Ryan:
Maria, thanks for having me.

Maria B:
Thank you so much for joining us. So you are really disrupting the real estate business. Tell us how the technology works.

Jack Ryan:
We have a robot in the home to make it easier to ask questions about the home. I’m sure you’ve been through that experience, Maria, where you go walk into a home and someone says, “Here’s the refrigerator.” You’re like, “I know that’s a refrigerator. Thank you.” “Here’s the bathroom.” “I know that’s a bathroom.” So in our way of doing, you just walk in the home. You look around, you’ve got questions, you ask Rex the robot, and answers all the questions that you have. Basically there’s 75 questions, you have about a home. We found that out. And there’s a hundred different ways to ask those 75 questions. We trained the robots to answer all those questions so that no one has to follow you around. And say, “This home is 2,500 square feet.” You can just ask the robot if you have-

Maria B:
Does the robot know the background of the environment? Can they actually tell you things about the competitive landscape, the way the real estate agent would?

Jack Ryan:
So we do have people interacting with the buyers and the sellers, but the robot not only works in the home, but even to find buyers. So we charge 2% rather than 6%, because we don’t use the MLS to find the buyer. We don’t use humans to find the buyer. We use robots to find the buyer. So back in my Goldman Sachs days, if we said, “Hey, we’re going to sell a division of 3M and we’ll pay Morgan Stanley 3% to find a buyer,” that’d be crazy. You’d say, “No, we thought we hired you to find the buyer, not to pay someone else to find a buyer for me.” So we identify buyers through big data, artificial intelligence. We know so much about you, Governor, or Dagen, that we can find out if you are possible buyer for this home, drive you to a website.

Jack Ryan:
If you like it, we find people just like you, because we know people who have the same purchase patterns as you. Same lifestyle choice as you. Find them too, advertise to them on Google, Facebook, Instagram, Waze, Snapchat, the rest, and target them too. Then once you come to that website too, we know what your behaviors were so we change the ad for you, because we know you care about pools. Dagen, you care about schools. Maria, you care about the neighborhood. And so the ad changes the things that you guys care most about.

Dagen:
So are you replacing or disrupting the standard real estate agent, or is there any part of the business that works alongside with the agent?

Jack Ryan:
No, we don’t use the agents at all, but we’re not displacing them. And if you’re not a very good agent, I think you’re going to have problems competing against the robot.

Jack Ryan:
But if you’re good, you’ll still have a job. But I think if we’re charging 2% and they’re charging 6%, there’s obviously a consolidation that has to occur.

Dagen:
In funding, are you venture backed or self funded?

Jack Ryan:
We’re backed by some of the greatest CEOs and entrepreneurs, like the founder of Best Buy, the founder of Crate and Barrel, and even some politicians.

Dagen:
Nice.

Maria B:
You’ve already seen an impact in California. Tell us how the model’s working there.

Jack Ryan:
So we’re listing and closing a home a day in California.

Maria B:
A home a day.

Jack Ryan:
Yeah, we just launched in New York last week where I have three homes listed in New York in a week. So it’s going really, really well.

Maria B:
That is a fascinating thing. But if you know that much about me, why don’t you just tell me which home I should have and then you can make the payments because I-

Jack Ryan:
Making the payments, that’s something that Mike will do for you.

Governor:
Yeah, okay.

Jack Ryan:
But with respect to us, we’ll find the home for you. We’ll identify what home you should like and we’re getting better and better. It’s like if you give computer some data, you can feed them for a day. But if you teach them how to search for data, you can feed them for a lifetime. And so we can teach the computer to search for data about you, and then start feeding you information for the home that you should buy.

Maria B:
So real quick, how does the market look right now? Tell us something that you know about the real estate market right now in terms of supply and demand.

Jack Ryan:
In the areas that we’re in, which is our very liquid markets like Los Angeles and New York, it’s lots of demand, tons of demand. So actually it’s a good time to sell your home. But this goes to the conversation yesterday on your show about the stock market. Things are very high right now. So if you’re a seller of assets, this is a good time to be selling your assets.

Maria B:
All right, we’ll leave it there. Jack, great to see you.

Jack Ryan:
Thanks a lot.

Maria B:
We’ll be watching. Thanks so much, Jack Ryan joining us there.

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