REX leading the charge in the emerging field of “Real Intelligence”
Did you know that 40% of Americans say that buying a house was the most stressful thing they’ve ever done?
This happens because:
- The traditional methods of brokers and real estate agents are outdated.
- Costs are illogically high even though the internet has reduced the value a traditional real estate agent offers.
- Many firms still agree with MLS practices that are restrictive and just don’t work for the modern clientele.
The real estate market hasn’t exactly followed into the wave of technological innovations. Unlike almost everything in our society, the process of selling and buying a house has remained the same for the past 50 years—limiting, expensive, and highly complicated.
The emergence of technology in real estate
Software engineering, data science, and the need to break with outdated ways has brought the growing field of “Real Intelligence” into the scene.
Artificial technology offers many benefits including the reduction of costs, increased safety, and more efficiency for the entire process. REX brought a new business model that is big data powered and focused on customer satisfaction, not agent commission.
Forget about bureaucracy, stress, and astronomical service fees—this is how REX has been leading the way in the new technological field of real estate.
Algorithm that sells houses faster.
According to the National Association of Realtors, 81% of millennials find their homes through mobile search.
This means people are browsing through sites like Zillow or Trulia before they even think of contacting an agent. At this point, brokerages that want to stand out in the market and actually sell houses need to make a change.
And trust me; it has to go further than just online listings.
Getting ahead in the field of AI for real estate had a lot to do with software engineers and data scientists coming together to develop something that hadn’t been seen before.
REX works with a smart algorithm – you could also call it targeted advertising. If you’re familiar with that concept, you may be asking “what’s so new about it?”
What made this innovation a true breakthrough was that by reading what you click on and what you don’t, and the filters you’re using, REX is able to show buyers –yes, buyers, not real estate agents—exactly what they’re looking for.
Even after filtering your ideal features for a house, there’s still a lot to skim through—REX is a straight-to-the-point platform that will match properties with their perfect future owners.
As the CEO Jack Ryan said in an interview to Forbes, “It’s about getting you the best deal when you’re selling and when you’re buying, it’s about helping you make your dream house.”
Reducing costs but not effectiveness.
According to Business Insider, it can take about twelve years to save up enough to buy a home.
On the other hand, if you’re trying to sell a house, you may have to pay up to 6% of your profit in the process.
If you’re selling a 250,000 house, that could mean $15,000.
Ouch! Doesn’t sound that good, does it?
The truth about this is that there is not a service that hasn’t been made easier or less costly because of the internet —except for the real estate market.
Everything has changed: the way people look for houses, how they decide whether they’re going to buy or not, what type of marketing works, and what a real estate agent needs to offer if they actually want a happy customer.
The only things that haven’t changed are the enormous fees and other pains that come with selling or buying properties.
Pairing technology, artificial intelligence, and a team of agents that are well-trained to get customers what they need means a transaction process that is cheaper, uncomplicated, and efficient.
Focusing on machine learning and customer satisfaction –instead of the usual agent-centric format— REX has established a fee starting at 2% for covering the transactions, reducing costs dramatically for both owners and buyers.
It’s simple logic: if the fees aren’t sky-high, owners can list their homes at a reasonable price. It’s a win-win business model.
REX is able to be just as effective as traditional brokers for just one third of the cost.
All of this was achieved by incorporating technology, and steering away from high fees and restrictive practices of the MLS.
This is what the future of real estate looks like, and REX has played a big part in shaping it.
Transparent, simple & digital communication.
Imagine if you had all the legal and financial information about your property in just one place, and if you were able to manage it like your bank account.
What about a platform that helps you with escrow, mortgage, and can even tell you if your house needs a roof replacement?
Well, REX has made all of it possible.
There’s no reason why the management of your property should be a complicated process with tons of paperwork that gets lost in your drawers (which won’t happen, thanks to REX’s dedicated agents who will walk you through the not-so-fun parts of the transactions).
You also shouldn’t get lost with all the nitty-gritty information that buyers will want to know before they even think of closing the deal with you. They can schedule showings through REX’s platform, and when they do, an agent will be leading the tour with iPads that already have the answers to frequently asked questions.
REX’s innovative AI brings you dashboards updated in real-time that make managing your property much simpler. Make or accept offers, have access to all the data about your home and schedule private showings —easy, transparent and digital.
Better match for luxury buyers
High-end buyers pay high-end prices— with that being said, there’s a need for a complete and exclusive service that REX is well-equipped to offer.
According to Luxury Defined’s whitepaper, a luxury home takes about 220 days to be sold. REX’s targeted advertising that is focused on finding perfect matches for homes can make a positive change to this statistic, as it shows houses directly to potential buyers rather than agents.
Agents who offer total assistance and dedication to the buyer or seller, walking them through every step of the way and making sure everything goes as smoothly as possible is one of REX’s perks.
When that comes together with their intelligent technology, it makes the perfect package of services you would want if buying a multi-million dollar house.
All the process is handled by REX, from scheduling showings to the financial, legal and even moving part if you’d like.
AI has gone way beyond the medium level of the market. There are many ways that REX’s platform can deliver the premium services the higher-class client is looking for.
- Wider network. While a traditional agent might have great contacts in one specific region, REX’s AI can present several luxury homes from different places to people all around the country. Technology makes their homes far-reaching, contributing to the fast-selling feature.
- Client dossier. Data-gathering AI allows agents to provide a better experience to customers by getting to know them before making contact. As mentioned previously, REX’s platform is able to read your choices through your clicks, making your preferences visible to agents without the need to ask.
- Real estate trends. As it is mentioned in this Forbes article, luxury buyers are interested in following trends—this is where REX’s data science becomes an important factor again.
Once again breaking with tradition, REX has a charitable aspect to the company as well.
Operating in places like Cambodia and Colombia, both under-developed countries with a high number of homeless people, REX’s mission becomes an important message that goes beyond the business side of things.
Partnering with World Housing, REX builds a house for a family that can’t afford one for every 50 houses they sell.
You can read more about their social mission and families that have been reached in this page.
AI technology hasn’t only enabled REX to sell houses faster, provide buyers with their perfect matches and help them save thousands of dollars – it has also contributed to changing the lives of those in need.
With top-notch technology, machine learning and big-data, REX has been leading the way in the emerging field of real intelligence.
Slowly but surely, AI is transforming the way we sell/buy properties.
Existing outside of the MLS means a better experience for sellers and buyers alike— when it comes to the new internet generation, brokerages have no other option but to change the way they do things.
The benefits that come with a more technological side of real estate are many, but here are the ones we have discussed in this article.
- Reduced costs & more efficiency when buying/selling.
- Personalized process that combines dedicated human agents with artificial intelligence (AI).
- Targeted advertising that is focused on matching people with their dream house.
- Customer-focused, not agent-centric and not commissioned.
- Digital communication that keeps all the data about your home in just one place.
If you’re interested in learning more about how AI affects real estate, what it means and how REX works, you can read all about it in their FAQs page. You can find other helpful articles in their blog.