REX, the full service brokerage that’s using AI and big data to greatly reduce fees paid by home buyers and sellers, is accelerating its national growth, expanding the markets it serves more than two-fold by the end of the summer.
REX, which lowers total transaction commissions to 2% from the 6% charged by most traditional brokers, is now open for business in Boston, Chicago, Phoenix and the Washington D.C. metro areas. Already this year, REX has organically added new markets in California, Colorado, Florida, Oregon and Pennsylvania.
With its newest markets, REX will be serving home buyers and sellers in 20 major U.S. metro areas, up from nine at the end of 2018.
In the first quarter of 2019, REX increased listings year on year by threefold, representing homes cumulatively valued at over $260 million. In April, REX listed its largest ever number of properties, opened for customers its largest ever number of escrows and closed a record number of home transactions on behalf of consumers.
“REX has firmly established the legitimacy of its innovative model, which is better, cheaper and more nimble than what is being offered by traditional realtors,” said REX co-founder and CEO Jack Ryan. “By using REX to sell and buy homes, consumers are preserving their hard-earned equity like never before.”
By employing data science, machine learning and artificial intelligence, REX is able to price homes more accurately than traditional brokerages, then target them to qualified buyers through Zillow, Google, Facebook, Trulia and more.
REX licensed agents are salaried and incentivized to focus attention on creating a great customer experience rather than grabbing a quick commission. REX also makes home buying and selling simpler by offering escrow, titling, mortgage and insurance, all in one place and at competitive rates.
“We are offering a complete suite of services to consumers unlike any other firm in the residential real estate industry,” added Ryan. “REX is the future of real estate and that future has already arrived.”
To date, the company has raised $75 million from prominent private investors including Scott McNealy, co-founder and former CEO of Sun Microsystems, Dick Schulze, founder of Best Buy, Gordon Segal, founder of Crate and Barrel, Amit Singhal, former SVP of search at Google, Diana Nelson, chair of Carlson, Jack Greenberg, former CEO of McDonald’s and Muneer Satter, chairman of Satter Investment Management.
For every 50 homes it sells, REX builds a home for a family in need as part of its social mission to provide equitable, affordable housing.