WOODLAND HILLS, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/AI?src=hash” target=”_blank”gt;#AIlt;/agt;–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
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.
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,