REX, the start-up firm, is on its way to becoming the next generation when it comes to real estate multiple listing services (MLS). The company is currently crafting a futuristic MLS created on the base of three cutting edge technologies- digital currency, the blockchain, and data distribution.
Inaccuracy of old
For long, websites like Trulia and Zillow have dominated the real estate industry. These websites were designed to be a single window for searching a huge, centralized database consisting of homes for rent or sale. The websites permitted the customer to enjoy a complete and transparent picture of all the available properties. The problem is that such websites have limitations. Foremost among their faults is the accuracy of the websites. Buyers inquire after viewing a property only to find out that the said piece was sold months before. Other than these, the valuation tool included in these websites are frequently found to be out of synchronization with valuations in the real world. The result is that these websites have found lawsuits filed against them by home owners when their property valuations were found to be too low.
Since REX uses blockchain technology, the start-up can craft a service which looks like Zillow without the hindrances customers suffer when using it. The Blockchain technology is designed to make a super accurate salable property database. The latter will already be verified and also approved by the system's multiple users.
Participant rewards and better control
When a customer lists a home for sale in REX, the person concerned gets a reward for participation. REX tokens, a kind of digital currency, is the reward. Not only this, the system's other users get rewarded as well for verifying the information and approving the uploaded information. Both the customer and the real estate agent could participate.
REX tokens can be exchanged for products or services on REX. These may include comparable market reports or home inspection reports. The users can also exchange the tokens for actual currency, like dollars. These tokens make for an incentive to participate in this system. The result, as per Stephen King, the co-founder, is an accurate and updated database of homes to go through. Users can collaborate to offer a curated list of homes that are on sale. This, in turn, leads to a better database for the comparable research done on the homes which are being sold. According to King, REX will put the control of data related to real estate back into the homeowners' hands.