REX Real Estate was founded in 2015 and is an online platform that connects home buyers and sellers with licensed real estate agents. They offer a remote experience to consumers, which can be completed quickly online.
REX states that they only charge around 30% of the commission a traditional real estate brokerage charges for the same service. By relying on data modeling and machine learning, REX believes that they offer a superior service and outcome for both buyers and sellers.
Their big selling point is their ability to bring sellers and buyers together on platforms such as Zillow, Google, and Facebook; they claim that this reduces costs to both buyers and sellers.
With customer service and sales though, is there an effective replacement for genuine human contact and knowledge?
We've looked at REX and how it fares in the real estate market in services, cost, and effectiveness. Keep reading for an in-depth guide on this niche real estate company.
What is REX?
REX is a real estate startup that processes user data it receives from third parties such as Google or Facebook. They then use the data combined with an algorithm to determine which people may look to buy or sell a house. REX's proprietary algorithm uses artificial intelligence and refines itself in real time, changing continuously to target its intended audience.
The company believes that by undercutting traditional brokerage commissions by 4%; they enable buyers to purchase at a lower price and sellers to sell for a higher return.
But does the process deliver as promises?
How Does REX Work?
REX offers novelty technological advances, such as targeting potential customers via ads and machine learning on platforms such as Google. REX determines potential buyers and sellers through their online behavior and engagement with ads. If a person clicks on one of their ads, they assume that the person is interested in buying or selling and then targets that individual further.
The main benefit REX offers to buyers and sellers is its reduced commission structure. By charging 2% for their services, REX could be an attractive option for buyers and sellers who do not wish to pay a traditional 6% commission to their real estate agent. It should be noted, however, that REX'S commission does not include entry into the MLS.
REX claims that their agents are judged on the service they provide, and not on the sales they have closed in the past. A REX agent can help you price your home, offer complimentary professional photos of your home, and host showings and open houses.
Currently servicing the states of Arizona, California, Colorado, Florida, Illinois, New York, New Jersey, Oregon, Pennsylvania, Texas, Virginia and Washington DC., REX has yet to expand into other locations in the U.S.
Why Is Clever the #1 Alternative to REX?
Rather than rely on artificial intelligence and computers to sell homes, Clever Real Estate uses the experience and knowledge of top-producing real estate agents across\local markets across the U.S. Clever carefully chooses our Partner Agents for being seasoned professionals and providing top quality customer service.
Clever strategically teams buyers and sellers up with a qualified real estate agent who work for some of the top real estate franchises in the country, including, RE/MAX, Keller Williams, and Century 21, to offer our clients the best service.
You should also note that if you do not live in any of the following locations; Arizona, California, Colorado, Florida, Illinois, New York, New Jersey, Oregon, Pennsylvania, Texas, Virginia, and Washington DC., you cannot use REX or its services to sell or buy a home.
In contrast, Clever Real Estate is active throughout the entire U.S. and can quickly and effectively partner you with a local real estate agent who understands your market.
Perhaps one of the most critical factors that needs to be considered when comparing Clever Real Estate to REX, is that REX will not put your home on an MLS. This means that your property's exposure to other real estate agents and their buyers is severely limited.
In comparison, Clever Partner Agents not only provide you with the full professional real estate services that you expect — at a flat fee — they also ensure that your home is syndicated to all the appropriate real estate outlets, including the MLS. Clever has saved homeowners $12,784,655 in commissions to date (as of June 2019).
If you're thinking about selling your home but would like to save money on traditional commission costs and receive a full high-quality customer service experience, get in touch with Clever. We'll partner you with a local agent in your area who can expertly guide you through the real estate transaction from start to finish.