Escrows at REX Skyrocketed in July 2020
Digital platform, cost savings, and fullest service helped drive record escrows during global pandemic
|Aug 5, 2020|
(AUSTIN, TEXAS, Tuesday, August 4) - Thanks to REX’s developers who continue to build the best real estate consumer tools available and our experts spread across seventeen real estate markets nationwide, REX is proud to announce the largest sales month in company history. In July, we experienced a 123% increase in homes going into escrow from April to July.
In difficult and trying times, innovation and hard work are the foundation for success. At REX, we have dedicated ourselves completely to the consumer and it is paying off – even in the middle of a global pandemic.
REX’s online platform matches real estate buyers and sellers directly, and is offering consumers the ability to complete the entire transaction in the cloud. Here is how it works. For sellers, REX charges a total fee as low as 2%, instead of the 5-6% charged by traditional brokers. For buyers, the REX advantage is simple. When buyers purchase a home from REX, they never pay a commission. If buyers purchase an MLS home through REX, they receive back 50% of the MLS-required fee. This translates to tens of thousands of dollars saved for clients on both sides of the real estate transaction.
Early in 2020, REX began development of a new virtual showings tool – the first of its kind in the real estate industry. The feature is available on the REX platform and mobile application, allowing potential buyers an opportunity to immediately tour a home, connect with an agent, and schedule one-on-one tours all from the comfort of their home while sheltering in place due to COVID-19 related health and safety guidelines.
“This is just another proof point for our consumer-obsessed business model. Our goal has always been to connect buyers and sellers while providing the fullest service, lowest cost, and safest process in the industry,” said Jack Ryan, REX’s Co-founder & CEO. “We are betting on the consumer and that means building the tools that make real estate transactions far more affordable and convenient. I have full confidence in our team and am pleased to see our business continue to grow at such a rapid pace.”
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