REXHomes looking to do away with brokers with $45M funding round

LA's REX has recently raised $70 million since its 2015 launch

There's a startup that is looking to cut out traditional residential real estate brokers. Recently, the startup has raised $43 million in its latest funding round.

REX, or Real Estate Exchange, announced the Series C funding round, bringing its total funding to $75 million since it launched in 2015. The Los Angeles-based startup provides a platform, RexHomes, where customers can buy and sell residential property at a flat 2 percent brokerage fee, compared with broker fees on traditional multiple listing service (MLS) platforms, that can range from 4 to 6 percent.

The service cuts out brokers, and instead uses artificial intelligence and machine learning to market properties to buyers. Last year, the company listed properties collectively valued at $1 billion in Colorado, Texas, California, New Jersey and New York. In New York City, REX’s website shows nine exclusive listings, ranging from a $449,000 house in the Bronx to a $1.6 million multifamily property in Flushing.

Read more here

Join us in Bangkok the 19th to the 21st of March for the Property Portal Watch Conference.