Over the last 20 years, the Internet has changed the way we live, from booking travel to watching movies, and from paying taxes to banking. Online transactions are faster, cheaper to execute, more convenient and generally more secure. Residential real estate, by contrast, remains stuck in a high-cost business model that pre-dates the Internet and remains stubbornly resistant to change. Harnessed properly, technology can help a lot - already, nearly 90% of consumers looking for a home go to sites like Zillow or Google to find and eventually select the properties that best suit their needs.
We created REX in 2015 to bring residential real estate into line with today's expectations by using AI and big data to push past the outmoded practices of traditional real estate brokers to provide a superior outcome for both buyers and sellers at one-third the cost. So how does REX do it? We use data modeling and machine learning to match sellers and buyers of homes as accurately and speedily as possible on Zillow, Google, Facebook and more. And by doing that, we can reduce costs for all involved - REX covers both sides of the transaction with a total seller fee as low as 2.5%, instead of the 5-6% traditional agents charge.
Unlike traditional brokers, REX licensed agents are salaried and incentivized to satisfy customers rather than to just close transactions in pursuit of a fast commission. Our team partners with sellers and buyers from listing to close, and shares with them the information they need via an easy-to-use web dashboard. REX is uniquely designed to simplify all of the moving parts, helping consumers with escrow, titling, service connections, mortgage and insurance shopping and keeps securely in the hands of the buyers and sellers all of the data related to the home and legal and financial information related to the transactions.
REX now services homes across Arizona, California, Colorado, District of Columbia, Florida, Georgia, Illinois, Maryland, Nevada, New York, New Jersey, Oregon, Pennsylvania, Texas, Virginia and Washington. We continue to grow geographically, as well as with services offered. Stay tuned to see where REX is headed to next!
REX is bringing home transaction fees way down - enabling consumers to use that money as they see fit - and using technology to make the buying and selling of homes convenient and transparent instead of stressful and complex. To learn more about how REX sees the future of the US residential real estate market, pleaseclick here.
Every REX employee is driven by a desire to give back. From the beginning, REX has been deeply rooted in a social mission thats goal is to build homes for people in need. For every 100 homes REX sells, we donate one to a family that doesn't have one. Along with our non-profit partner World Housing, we have built homes for the less fortunate in Cambodia and Colombia.
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