REX Expands Service to Philadelphia, Southern New Jersey

WOODLAND HILLS, Calif.–As the Spring home sales season gets going, REX, the most effective and least expensive way to buy and sell a home, is extending its service to Philadelphia and surrounding areas, including Southern New Jersey and, soon, Delaware.

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 2 percent commission covering both sides of the transaction – compared to the 6 percent charged by traditional realtors. The professional team at REX handles everything from listing to close, including escrow, titling, mortgages and insurance shopping.

Open in New Jersey since September 2018, REX is broadening its presence beyond the New York metro area to better serve consumers who want more affordable but still cosmopolitan living within reach of New York City and Washington DC. Median home prices in the Philadelphia metropolitan area are just under $250,000 and growing by 9% annually. The average days-on-market in the area is, at 55 days during the Spring season, lower than the national average due to strong demand and limited supply.

“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 and by combining cutting-edge data science with the human touch that consumers want and expect, REX is making home transactions more affordable, convenient and transparent.”

With the addition of Philadelphia, REX now operates in 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 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_changeFacebook, or Instagram.

Courtesy of -(BUSINESS WIRE)-


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