The Real Estate eXchange (REX), a Los Angeles-headquartered full-service brokerage that eschews the MLS, uses technology to displace traditional agents, and charges homesellers a set 2 percent listing fee, is expanding its offices to Denver, Colorado (a.k.a. RE/MAX’s home turf.)
REX uses artificial intelligence, targeted social media marketing, and robots to sell residential property without a traditional seller’s agent. REX’s Denver office will open later this month, joining offices in New York and Austin, according to The Denver Post.
“We can predict who will be the buyer for your home,” REX founder and CEO Jack Ryan told the newspaper. “We are not relying on the multiple listing service (MLS) to find us a buyer.”
REX’s service works like this: rather than having an agent add a seller’s home to the MLS, computers crunch numbers about potential homebuyers and then target them with an initial batch of ads across the web. This way, it can reach those who are planning to either buy or sell a home with properties that Rex thinks they will like.
Specifically, REX says it markets your home on “Zillow, Trulia, Google, Yahoo Homes, Facebook, Instagram,” as well as even more upcoming channels like Wave and Snapchat.
REX says on its website that its agents handle “everything” that traditional seller’s agents do and maybe more — from previewing homes, helping sellers decide on their listing price, hiring photographers, and coordinating inspections and showings.
For buyers who turn to REX as their agent for a home not listed on its website, the company offers a 50 percent commission rebate.
Launched in 2015, REX has quickly caught the eye of tech-focused investors — the company recently raised $15 million in Series B funding from investors like Sun Microsystems CEO Scott McNealy, Best Buy founder Dick Schulze and former Google executive Amit Singhal.
In an effort to reach out to its future Denver clients, REX is offering those who list a local home into their system by April 30 a $1,000 credit on the listings fee, according to its website.
Email Veronika Bondarenko