The real estate brokerage recently raised $40 million to support its growth
After closing a $40 million funding round, full-service brokerage REX has announced extending its low-cost offerings to homebuyers and sellers in the Atlanta market.
To date, REX has secured $115 million from several 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), and Ken Griffin (founder and CEO of Citadel).
REX utilizes data science, machine learning, and artificial intelligence to price homes more accurately, slashing the transaction cost down to 2.5%, compared to the 6% industry average. The company then offers its escrow, insurance, mortgage, and titling products and services to qualified buyers via Google, Facebook, Zillow, Trulia, and more.
"The REX model is better, cheaper, and nimbler than what traditional realtors offer," said REX co-founder and CEO Jack Ryan. "REX helps consumers preserve their hard-earned equity, and reduces stress and complexity by offering all the services buyers and sellers need to close a transaction. REX is the future of real estate, and we're delighted to be able to offer our innovative services in Atlanta."
