It’s 2017, and consumers have spoken
Traditional methods used to buy and sell real estate have failed to keep pace with public expectations and advances in technology. Participants in the property game are forced to deal with online listing services that charge excessive fees and subject visitors to intrusive advertising.
These Multiple Listing Services monopolise the market. They dictate fees and conditions. And they capture vast amounts of personal data that they commoditize to boost their profits. But that’s all about to change
Welcome to REX, a revolutionary new global listing platform where it’s free to list and search for properties. A platform where you won’t be bombarded by ads. Where you’re in control of your own data. Where transactions take days, not months. A platform that pays you to participate.
At REX, our mission is to connect vendors, buyers and agents over a powerful open network that rewards you for your contributions. REX combines three innovative technologies – The Blockchain, Data Distribution and Digital Currencies – to create the world’s most advanced Global Real Estate Listing Service. The blockchain lets us build a digital ledger of transactions and share it among decentralized nodes.
Instead of money, we use a digital currency called the REX Token. Vendors and agents are paid in REX Tokens to list properties and provide market reports, property histories, and other information. These tokens can be exchanged within the platform for features such as creating a professional profile, and promoting your profile across the network.
REX tokens are global, enabling worldwide participation. And because REX is hosted on a global peer-to-peer infrastructure, there are no paywalls and no access restrictions. Anyone, anywhere in the world, can list properties and view listings for free.
Long-term approach: Rex will begin assembling the database in the form of a multiple listing service. As the database scales and the network stabilizes, Rex will gradually implement the transaction layer. Year 1: Multiple Listing Service (MLS) & Filtration Year 2: Transactions Year 3:Tokenized Ownership in the RexDex (US/Australia) For every verified listing the user is paid in REX
Closed Seed Round
Launch Dates Announcement
Test Listings Go Live
Attention. There is a risk that unverified members are not actually members of the team
Opportunities:Real estate listing is a genuine problem and if REX can solve it and become the real estate listing platform of choice, token value should appreciate substantially.Network effect is present. The more users / listings the platform has, the more valuable it is.
Concerns:REX is trying to solve a business problem (the inefficiencies in real estate listing) but I don’t really see the need for a decentralized solution. The whole platform can be built using centralized solutions.As the target users are not familiar with blockchain, Rex will need to do a lot of customer education to bring them on board.Since REX is solving a business problem, it should have a detailed business plan that talks about their strategies on go-to market, customer acquisition, listing acquisition, etc. However, this section is basically absent in the white paper.The white paper does discuss about how the platform works, but the platform is worthless if there is no users or listings.In the Slack channel, they did mention that they will talk to brokerage firms and trade groups in the beginning, and that they will focus on Europe, China, US and Australia. This is still really broad and vague in my opinion, which may indicate that they haven’t really thought the game plan out yet.Their phase 1 of the road map is to “build the global real estate database”. So they are going really broad in their targeting even from the start. In business, it is much better to dominate one sub-section of the market before expanding. This is especially important for a dual-sided network like listing services because if there aren’t many listings in one local area, it has no value to users, and vice versa.
Conclusion:Overall, I dislike the ICO for its short-term potential and am neutral about its long-term potential. Our thoughts of the tokens for short term and long term are as follows:For short-term holding:Not good because of the high hard cap of 133,333 ETH. If the hard cap cannot be reached, then there is no unmet demand when the tokens hit exchanges.For long-term holding:Neutral. The business makes sense but there is a lack of substance in the roadmap to demonstrate that the team can bring wide adoption of the platform. Being a successful real estate broker and building a real estate platform require different skill set and I am not sure if the team has the capabilities to fulfill Rex's vision.
REX has an ambitious goal: they want to disrupt the property listing industry the same way Netflix, Amazon, and Uber have disrupted their industries. Using blockchain technology and a free, open listing service, REX offers a more viable alternative to platforms like MLS, which charge high fees, display intrusive ads, and have monopolized the industry.The next step for REX is to release its tokens.
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