REX is pioneering the use of AI, machine learning, and big data in the real estate industry. This cutting edge technology made front-page real estate news recently in the Wall Street Journal. Below is an excerpt from the article written by Katy Mclaughlin. You can check out the full article here.
It’s the brave new world of real estate by robot. A new crop of companies is introducing technology they say will reshape how property is rented and sold. By using robots to do some of the tasks that people normally handle—such as showing properties, creating floor plans and shooting video of homes—these firms hope to bring a leaner, more-efficient approach to the traditional real-estate business.
REX, a brokerage based in Woodland Hills, Calif., places a robot in each seller’s home that answers property questions and collects data from people touring the homes. Brooklyn-based VirtualAPT invented a robot that makes three-dimensional property videos. Sunnyvale, Calif.-based property manager Zenplace’s robots allow agents to communicate remotely through a screen rather than having to drive around showing properties.
Each of the companies launched in 2016 and say they are growing fast. VirtualAPT said it expects to film 10,000 residential units within the next 12 months; its clients include broker Stribling & Associates and agents with Douglas Elliman. Zenplace, which currently operates in the San Francisco Bay Area, San Jose and Los Angeles, plans to launch in places including San Diego, New York, Texas, Washington state and Florida this year, said chief executive Rahul Mewawalla.
In January, REX announced it had received $15 million in its latest round of funding, for a total of $30 million in investment. REX said it listed a house per day in 2017 in Southern California and the New York area, and plans to operate in San Francisco, Austin, Denver and Dallas by the end of the year.