I was made aware of REX this week. It’s a decentralized listing marketplace, which includes a token currency.
Why is it being created? According to them:
IT’S 2017, AND CONSUMERS HAVE SPOKEN
Traditional methods used to buy and sell real estate have failed to keep pace with public expectations and advances in technology. Participants in the property game are forced to deal with online listing services that charge excessive fees and subject visitors to intrusive advertising.
These Multiple Listing Services monopolise the market. They dictate fees and conditions. And they capture vast amounts of personal data that they commoditize to boost their profits.
BUT THAT’S ALL ABOUT TO CHANGE
Welcome to REX, a revolutionary new global listing platform where it’s free to list and search for properties. A platform where you won’t be bombarded by ads. Where you’re in control of your own data. Where transactions take days, not months. A platform that pays you to participate.
I also just watched the following explanatory video:
Sounds good, in theory.
But buyers control the online real estate landscape.
The core questions:
- What’s the consumer win? Why would buyers ever use this website? How are they going to find it in the first place?
- How does REX plan to get to critical mass of listings within a very specific geographic area? (since if they do not, they will never solve a buyer search scenario well)