Associated Press
April 10, 2019
AUSTIN, Texas–(BUSINESS WIRE)–Apr 10, 2019–REX, a full-service residential brokerage operating in 17 major U.S. markets, today announced it has moved to Texas, opening its new, burgeoning headquarters in the innovation capital of Austin.
REX currently has 28 employees in Austin, including its CEO, Chief Data Scientist and Head of National Sales. That number is expected to double by the end of 2019 with the majority of new hires in technology, data science, marketing and sales positions. REX also has offices in the California cities of Woodland Hills, near Los Angeles, and Redwood City in Silicon Valley.
REX harnesses new technology to take the stress and confusion out of buying and selling homes, and lowers consumer cost through a transaction-total commission of 2% compared to the 6% charged by most traditional brokers. REX was established in late 2015 in Southern California.
“Texas is a place of outsized ambition and out-of-the-box thinking,” said Jack Ryan, REX CEO and co-founder, who moved to Austin last year. “It’s the perfect place for REX to continue expanding its national business, and to fulfill its goal of radically reducing transaction costs for consumers so they can get the most value out of their most important asset — their home.”
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. Its licensed agents are salaried and incentivized to focus their attention on the customer experience versus commission. In addition, REX makes home buying and selling simpler by offering escrow, titling, mortgage and insurance, all in one place and at competitive rates.
REX has expanded to 17 markets including California, Colorado, Florida, New Jersey, New York, Oregon, Pennsylvania 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 to 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 cost. 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.
