It’s hard to recall a time when any piece of information wasn’t immediately at your disposal with just a few clicks or an era when any item you desired wasn’t available at your fingertips. We take for granted that a world of information and transacting power has always been there because it makes so much sense.
In the 1990’s, a revolutionary new technology hit the masses — called the internet. Smart entrepreneurs recognized its potential to offer a new way to communicate, curate, and transact goods and services. Two startups in particular reshaped the world in regards to how we access curated information, and how vendors sell goods and services.
Wikipedia was started by Jimmy Wales and Larry Sanger in 2001. The duo took the established, centralized method of assembling information for encyclopedias, and opened it up to intellectuals around the world to contribute in a more decentralized way. Almost overnight, anyone could submit to information that could be curated and edited by other members in the community to achieve a workable consensus and a whole new way of interacting with knowledge.
A second company, Amazon, also capitalized on this new networking technology. Amazon utilized the internet’s connectivity to redefine how vendors sold goods and services, and how we as the consumer engaged with and procured them. Amazon built an online marketplace that encouraged major corporations and artisanal vendors alike to transact goods and services. Amazon provided a real, global access to vendors to sell goods from all over the world when before, their services had been limited to the physical realm.
The REX philosophy and gameplan builds on the genius of these two companies by combining the brilliance of open curation with a marketplace portal driven by a whole new kind of connectivity. Much like Wikipedia and Amazon took advantage of the groundbreaking technology called the internet, REX is built upon this generation’s revolution in peer to peer connectivity — the blockchain — to build an open, decentralized, and global portal for real estate data. It will unlock the world’s real estate data, and provide a new type of digital marketplace.
Here’s how it works: REX champions a marketplace ecosystem that creates a global, nodal network of data that ensures authenticity, fairness, and quality. The initial data includes listing information, granting firms and listees global exposure that will lead to higher transaction volumes. On REX, users are encouraged to create and curate feeds (ie spam, comparable properties, recent sales, market trends) and they can sell this information to other users.
For example: Imagine you are listing a property in Sydney Australia, and are trying to obtain 10 year tax trends. Your journey will take you through a spiderweb of different websites with limited information that will usually result in a visit the local government agency. On REX, you simply subscribe to Sydney’s top rated tax feed and obtain that information instantaneously. On Amazon, it doesn’t matter if you’re purchasing an iPhone from Apple or a Moroccan rug from a mom-n-pop importer, there is a quality assurance built into the marketplace. REX offers similar assurances, but they are community based through a system of user verification, ratings and feedback one will be able to select the best vendors to obtain information from.
That’s just one example of the many ways in which REX will change the way firms, agents, buyers, sellers, and real estate professionals interact with their industry. Like Amazon, it’s a global marketplace. Like Wikipedia, it’s crowdsourced and open. Applied to real estate, it’s a winning combination with revolutionary potential.
For further insight, we spoke with REX CEO Stephen King to get a deeper take on some of the issues discussed above…
How will REX provide a real estate revolution in connectivity? Right now, there is no single marketplace to obtain real estate information. If I want to find a property, I need to identify the country, then identify the region within the country, and then decide if I’m looking for commercial or residential. Only when I’ve identified the above, is it time to research the most appropriate data portal. And even then, there are major questions: How do I know the data on that portal is well represented? Where do I look for additional information like market trends, tax information or zoning data?
REX’s marketplace provides a place to do all of the above in one search pane. The blockchain and IPFS provide the technical infrastructure where we can connect the buyer/lessee with the listers/firms in each individual country then provide a selection of independent curators to obtain a wide variety of data from community vetted vendors.
What will come together to form the REX Ecosystem? We are entering an age where metadata (ie general listing information) will live in shared ecosystems, and not on centrally controlled organizations servers. First, REX is providing the technical fabric that will connect the world’s real estate firms together, so they can expand exposure and take back control of their data from listing portals. Next, the ecosystem will open to those who want to create custom feeds, contribute and curate data that is local to their market (ie spam, comparable property lists, create market trend reports, etc.) These entrepreneurs will monetize their feeds for the value they bring to the ecosystem. The world will begin to see a new marketplace, one where you can list and obtain real estate human curated information on a local level.
What will this new real estate marketplace look like? Before 1858, it took 14 days to get a message from NY to London. After 1858 (when the transatlantic cable was laid) it took 17 hours. This lead to an explosion in international trade fueling the industrial revolution. Before 1994, shopping was done through multiple retailers in the physical world. After 1994, it took place through a convenient online portal, fueling the digital revolution we see today. Before 2009 blockchain, it took days to send large sums of money from one country to another. Since 2009, it takes minutes. We are entering an era where financial transactions and data curation will become globally efficient.
What type of listing data will live on REX? Users control what data they contribute. Sensitive information will not be shared. Listing data is already out there and will ignite this new marketplace that will benefit the entire industry. We are moving from a world of closed data systems to a world of shared marketplaces. It’s no longer about what data you hold — it’s about what you can do with the available data that will separate you from your competition.
Breaking Down REX: Amazon Meets Wikipedia for Real Estate.
Content Provided By REX and Republished With Permission.