In our latest real estate tech entrepreneur interview, we’re speaking with the Jack Ryan, Co-Founder & CEO of REX Real Estate.
Without further ado…
What do you do?
Using big data, artificial intelligence, and machine learning, REX, takes care of everything both buyers and sellers need, and only charges a 2% fee. Our data-fueled marketing, seamless transaction engine, and licensed REX Agents sell homes faster, create better experiences, and yield huge savings for residential home buyers and sellers.
What problem does your product/service solve?
Residential real estate has gone virtually unchanged for decades and the process of buying and selling a home in the U.S. has become needlessly inefficient. The process has been very expensive with traditional agents charging 5–6% to sell a home. That number is sometimes 30 to 70% of a homeowner’s profit from the home (after they have put in the capital, done all the work and maintained the home). We have made the process easier and more efficient.
What are you most excited about right now?
How well REX was received in Austin. We had 10 listings on day-one of our launch from excited Austinites. That kind of reception makes me extremely proud to be expanding the service across further geographies. It also gives me great pride that for every 50 homes we sell, we build a home for children and families in need.
What’s next for you?
With the support and acceptance of the communities we service, the company has grown rapidly. We are currently accepting listings in Ventura, Los Angeles, Orange County, San Diego, Long Island, Brooklyn, Queens, Manhattan and are launching seven new cities in 2018 including; Austin, San Francisco, Denver, and Dallas. We are also adding mortgages, insurance, and other products to make the process really easy for consumers.
What’s a cause you’re passionate about and why?
REX was founded on a belief that good business is built upon a strong moral value system. We are simultaneously changing the residential real estate industry by charging the lowest fees in the industry to sellers, while pledging to give back to those in need by providing homes all over the world to families who don’t have them. So, for every 50 homes we sell, we provide a home for a family in need. Our company is creating a much better process to sell homes at a fraction of the cost, while the money we make goes to those less fortunate. It’s truly a win for the consumer, our colleagues, and for those who need good homes and schools.
Thanks to Jack for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).