The Denver Post released this article about a company that only charges homeowners 2% to use their services versus the standard 6% that an agent would charge. REX claims that they can do just as good a job, or better, as agents with the MLS.
The company was founded by Jack Ryan, who also caused ripples in the stock exchange by innovating automation in stock trading. A track record that may be headed for real estate!
REX doesn’t use the MLS to help buyers and sellers find each other, but utilizes algorithms and data to power its own marketplace.
Will it live up to the hype? Possibly. They’ve raised millions in investor money, so somebody is believing in them in a big way!
Some may recall the entrance of Zillow. Many thought it would be the end of the agent as we know it. It certainly empowered people who choose not to use an agent, but as you know, people still use a Realtor as a staple of the industry.
I don’t think the role of the real estate agent will last forever. In fact, it may be soon (less than 5 years) that artificial intelligence or other automated processes become the more cost effective and mainstream solution to buying and selling real estate. I believe there will always be that handful of buyers or sellers that want the personal touch. But as children are raised in homes today with more and more electronics and software, the next generations may be the least interested in the personal touch.
If you’ve thought about selling your home, would you ever consider REX at 2% commission? Why or why not? Feel free to comment below. In the end, it is people like you that will decide if the industry changes!
As always, we at Skyline Home Solutions can also make a quick and/or creative offer to buy your home. Click here to get in touch, and you can have a written offer within 24 hours of us seeing the house.