WOODLAND HILLS, Calif.--(BUSINESS WIRE)--REX, the most effective and least expensive way to buy and sell a home, is now open for business in Orlando and surrounding areas and expects to expand to additional Florida cities in the coming months.
REX is the first licensed residential real estate brokerage to successfully circumvent the outmoded Multiple Listing Service (MLS) real estate agent model through its use of AI and big data. REX offers a fixed two percent commission covering both sides of the transaction - compared to the six percent charged by traditional realtors. The professional team at REX handles everything from listing to close, including escrow, titling, mortgages and insurance shopping.
REX chose Orlando as its first Florida destination because of its strong, well-balanced economy, relatively affordable median home price of $300,000 and an expected 15 percent year-over-year growth in residential listings in the area. Orlando is also attractive because of a local willingness to try new approaches to buying and selling homes.
“REX saves consumers up to 70 percent of what they would pay with a traditional agent,” said Jack Ryan, co-founder and CEO of REX. “Technology has transformed the way we work and live by combining cutting-edge data science with the human touch that consumers want and expect, REX is making home transactions more affordable, convenient and transparent.”
With the addition of Orlando, REX now operates in California, Colorado, Florida, New Jersey, New York, Oregon and Texas. In 2018, the company increased listings by 300 percent year-on-year, representing homes cumulatively valued at over $1 billion and in the process, saved customers over $12 million in fees they otherwise would have paid traditional brokers. For every fifty homes it sells, REX builds one new home for a family in need.
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.
About REX
REX is the first licensed residential real estate brokerage that uses AI and big data to push past the outmoded business practices of traditional realtors by providing dramatically better outcomes and experiences for both buyers and sellers at dramatically lower costs. To find out more about how REX saves consumers money and hassles in what’s typically the most stressful transaction of their lives, visit rexhomes.com and follow REX on Twitter @rex_change, Facebook, or Instagram
