REX’s Consumer-Centric Model Represents Major Opportunity For Californians Facing Housing Affordability Crisis
California real estate consumers could have saved $9.2 billion in 2020 via REX’s technology and integrated services in 2020, Opens up homeownership for those locked out by inflated fees
Analysis of public MLS data shows that in 2020, in the midst of the global coronavirus pandemic and skyrocketing housing affordability issues throughout the state, California residential real estate consumers could have earned tens of thousands of dollars in savings if they had utilized REX’s savings, integrated services, and highly trained salaried sales team.
Conservative estimates show more than 400,000 properties were transacted in California during 2020 with a sales volume exceeding $305 billion. Statewide consumers would have saved an average of $22,679 per residence sold in 2020. The total savings available to California consumers using the REX model in 2020 would have surpassed $9.2 billion.
Southern California real estate consumers would have seen significant savings over the course of 2020. In a local market where real estate prices remain among the highest in the country, the average savings in Los Angeles County and Orange County combined would have amounted to $25,989 per transaction. Total consumer savings in both counties would have been more than $3.4 billion in 2020.
“REX was founded in California and the state remains one of our largest markets nationwide,” said REX CEO and Co-Founder Jack Ryan. “We know Californians appetite for real estate is at an all-time high, yet so many working- and middle-class families are locked out of homeownership because of inflated commission fees.
“I am proud our team is positioned to offer such a better experience and viable solution for so many at a time when it is needed most.”
Los Angeles County In 2020
Average consumer savings with REX in the Los Angeles County market: $25,463
Total available savings with REX’s model in the Los Angeles County market: $2.3 billion
Orange County In 2020
Average consumer savings with REX in the Orange County market: $27,014
Total available savings with REX’s model in the Orange County market: $1.2 billion
“Our sales team in California are experts in their respective markets and we ensure they are the best trained in the industry,” said Rich Matlin, REX’s Regional Sales Manager in California. “In Southern California, we expect housing affordability to be a major concern for years to come and this is why we have positioned our team to do whatever our clients need and find the best possible deal possible.
“REX’s technology coupled with our local salaried experts and integrated services is the real difference-maker in this market.”
REX's consumer-centric model delivers better outcomes by combining superior technology, highly trained salaried sales teams, and the fullest service. Since 2016, REX has represented homes cumulatively valued at over $1 billion while saving customers over $35 million in fees through a vastly improved process.
Prior to, and throughout, the COVID-19 pandemic, REX launched a number of premiere business verticals to meet clients where they had migrated online to help improve the entire real estate consumer experience. REX’s online search platform and integrated services allow the company’s salaried sales team to anticipate and meet clients' needs with a wide variety of REX-owned services like title, escrow, mortgage, insurance, listing, marketing, and even moving and relocation services.
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