FintekNews is pleased to offer our weekly feature column 3 Questions. Each week, we feature a thought leader within a unique sector of fintech and ask them to answer just 3 questions for our audience in their vernacular. This week, we’d like to introduce you to Jack Ryan, CEO and Founder of REX Real Estate Exchange. REX is the digital alternative to the traditional bricks and mortar real estate agent.
NAME: Jack Ryan
TITLE:
Co-Founder & CEOCOMPANY:
REX Real EstateWEB ADDRESS:
www.rexchange.comWhat does your firm do/offer within the fintech sector?
Residential real estate has gone virtually unchanged for 50 years. Using big data, artificial intelligence, and machine learning, REX takes care of everything both buyers and sellers need, while removing traditional agent commissions of 5-6%. Our intelligent data-driven marketing, seamless transaction engine and licensed REX Agents sell homes faster, create better experiences, and yield huge savings for buyers and sellers.
At REX, we are simultaneously changing the residential real estate industry by charging the lowest fees (2% vs. the traditional 6%) in the industry to sellers, while at the same time pledging to give back to those in need by providing homes all over the world to families who don't have them. For every 50 homes we sell, we provide a home for a family in need. Our innovative platform uses AI, big data, and machine learning, to create a much better process to sell homes at a fraction of the cost, while the money we make goes to those less fortunate. It's truly a win for the consumer, our colleagues, and for those who need good homes and schools.
What has been the biggest success in your firm to date?
We’ve experienced tremendous growth success at the rate of 300 percent year over year in the company’s current service areas of Southern California and New York. Our rapid nationwide expansion plans put us on the path to list $1 billion in homes in 2018.
How do you feel consumers are adapting to the facet of fintech that your company operates within?
Consumers are no longer restricted to having to rely on traditional real estate agents to assist them in the home buying process. And for home sellers, they are realizing there is an alternative to the traditional agents that is financially beneficial and technologically more advanced.
With the support and acceptance of the communities we are currently serving, the company has grown rapidly. We are currently accepting homes in Ventura, Los Angeles, Orange County, San Diego, Long Island, Brooklyn, Queens, Manhattan and are launching seven new cities in 2018 including; Austin, San Francisco, and Dallas.
Jack Ryan, CEO and Founder of REX Real Estate Exchange, is a leading entrepreneur, Philanthropist, and innovation evangelist. In founding REX, Jack is disrupting the entrenched and outdated real estate industry with cutting-edge marketing applications of AI, big data, and machine learning.