Rex Real Estate, a major online real estate brokerage, is taking on the long-held luxury property market, as it launches an online brokerage service for homes that have been on the market for more than two years.
The new service will allow buyers to find a property that they can afford to buy at $500,000, $1 million, $2 million, and $5 million, with prices that are not too high or too low.
Rex’s new brokerage service, called ReX Real Estate Search, will launch in April.
The company’s founders, Andrew Hagerty and Michael A. Cohen, have worked for years as real estate brokers and are excited to expand their business.
ReX has been providing real estate listings and brokerage services since 2007.
The ReX team has seen an influx of new and experienced brokers, as well as a growing need for real estate professionals to share their expertise.
“In the past, the only way to know what the market is looking at is through traditional brokerage channels,” said Hagery, who is currently the managing director of ReX.
“We’re hoping this new service can be the gateway for those looking to find homes that are really, really close to what we’re looking for.”
ReX is the largest online real-estate brokerage, with more than 8,000 properties available for purchase in the United States and more than 6,000 available in Canada.
“With ReX’s mission, we want to offer real estate investors the opportunity to find properties that they want to buy for a fraction of the typical price,” Cohen said.
Rexto is not affiliated with ReX, but it will be available for anyone to use as a reference.
Rexx Rexx, which is also known as Rexx Real Estate Services, is a New York-based company that is owned by the New York Stock Exchange.
The firm has an impressive track record, having previously launched its brokerage service with $10 million in venture capital funding and $1.2 million in angel funding.
ReXX has a history of offering high-quality properties, including luxury condos, and is known for its expert and timely real estate appraisals.
Hagerys company has helped hundreds of clients find and purchase homes through Rexx.
The two companies have collaborated on other real estate deals, including the sale of a luxury home to a former president of the United Arab Emirates.
The deal is expected to be worth $4 million.
“It’s going to be a real game changer for realtors,” Hageries said.
The real estate market in general has been on a roller coaster ride over the past year, with a number of major bubbles in the market, including an epic bubble last year that resulted in the housing market crashing.
In June, the Nasdaq stock market lost about 1,500 points, or 0.3 percent, to close at 1,766.77.
On August 3, the S&P 500 fell 1.7 percent to 2,027.17.
Real estate is still one of the hottest markets in the country, with home prices rising 7.3% in 2016 and 6.2% in 2017.
Real-estate investors are eager to make the move from traditional brokerages and to be able to find the properties they are looking for.