When you think of the future, do you think flying cars, lasers and robots? According to REX Real Estate Exchange, the future of residential real estate might be robotic. Real Estate Exchange is a company founded by former Goldman Sachs executive Jack Ryan and has recently developed the world’s first robotic real estate professional.
The robot is called REX and can answer buyers’ and sellers’ questions. In its current form, Rex does have limitations, so a human real estate professional is also needed on site to talk to potential buyers (good thing!). REX is currently employing agents to assist with the robot. Currently, only in California, REX does not use the MLS and charges a 2 percent fee.
REX is currently partnering with IBM, Amazon and Google to help digitally map and follow buyers’ patterns as they continue to shop on their home computers. Once Rex has your IP address, it can see what kind of house you own and, through your searches and purchases, what your life is built around. This type of technology is something to keep an eye on as more Millennials continue to be at the home buying age.