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October 2017   Volume 43, Number 10      
 

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Robot Real Estate Agents to Sell Homes

Meet Rex. He’s a robot slowly replacing human real estate agents in markets such as California and New York.

“If you’re not a very good agent, you’re gonna have problems competing against the robot but if you’re good, you will still have a job,” Jack Ryan, CEO of Rex Real Estate Exchange, tells FOX Business’ Maria Bartiromo.

The device, nicknamed Rex, was created in 2015 by a team of entrepreneurs in finance, tech and real estate. The Woodland Hills-based startup says the concept is already paying off in big markets. One of the main benefits of Rex is that the robot charges a 2 percent fee versus the 6 percent fee charged by traditional agents, boasts Ryan.

“So we’re listing and closing a home a day in California. And, we just launched in New York last week and we already have three homes listed in New York in a week. So, it’s going really well,” Ryan said.

The robots have been trained to use artificial intelligence to target potential buyers through social media using Facebook, Instagram, and Snapchat ads. The concept has even attracted the attention of big investors such as the founders of Best Buy and Crate & Barrel. The company has raised over $16 million to date.

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In this issue:

Commercial Real Estate Becoming More Vulnerable to Cyberattack

8 States With the Largest Housing Bubbles

20 ZIP Codes with the Highest Real Estate Returns

Banks Tightening Lending Standards for Commercial Real Estate in Q2

Facebook Launches Dynamic Ads for Real Estate

Nextdoor App Rolls Out Real Estate Listings

Robot Real Estate Agents to Sell Homes

U.S. Home Sales to Foreigners Surge by 49 Percent

What Real Estate Agents Need to Know About Zero-down Loans

Four Costs Homebuyers Often Forget to Factor Into Their Budgets



 


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