If you know someone who fits this opportunity description, you can share this opportunity with this link: https://bit.ly/3130VoT
How REX Works:
- Check out the video: https://bit.ly/3jWiQ9m
- REX is a licensed real estate brokerage operating in 26 U.S. states + D.C. with operations in 26 cities today and plans to enter an additional 10 markets in 2021
- Home sellers get full service and concierge support for a 2% listing fee, vs. the standard rate of 2.5-3%. ($9K min. fee for homes that sell for less < $450K). REX does not require a commission be paid to the buy-side agent (standard is 2.5%-3%).
- Today, 68% of buyers find a house they are interested in on the internet before they engage an agent. Imagine you’re interested in two nearly identical houses on the same street listed for the same price — one requires you to pay an extra 3% to cover your agent’s fee, the other does not. Which would you choose?
- REX does not post on any MLS – systems available only to agents. Instead, it leverages its Big Data+AI powered targeting engine to surgically place Mobile/Web ads to acquire unrepresented buyers and cut the buyer’s agent commission (typically 2-3%) out of the transaction. If a buyer purchases a non-REX home through a REX agent, s/he qualifies for a 1-1.5% commission rebate. When a customer sees a REX home on Zillow, they cannot tell it isn’t listed in the MLS.
- Biblical TAM: Each year in the US, 10 million homes are listed on the market and there are $1.5 trillion in residential realty transactions. REX plans to capture 1% of those sales, and assumes that of those, 36,000 will close on an annual basis. REX is already expanding the attachment of other services wrapped around the home sale, with fees typically ranging from 1-2.5% of the transaction. That adds $2 trillion to REX’s TAM
- It Works! Near triple digit CAGR across its operations (Los Angeles metro grew 87% in 2019). Further, as of May 2020, REX’s average customer rating is 4.7/5 based on thousands of reviews on Zillow, Google, and Facebook.
- Unarmed Competition: REX’s national machine arms and deploys local (salaried, W2 REX employee) agents supported by centralized data scientists, digital marketers, and other support people, who leverage its state of the art automation platform and resources in the battle against 1.5 M national, lone-wolf agents operating out of their basements
- Full-Stack Services (and revenue streams): REX’s vertically integrated service offering provides all of the services a buyer needs to close fast including Home Loans, Home Prep Services, Title & Escrow, and all property and casualty insurance (including home and auto), as well as life insurance and umbrella policies.
- Roadmap to Market Dominance: Federal RESPA law creates a moat around REX’s growing services revenue stream, as it prohibits commissioned sellers (read nearly all RE agents/brokers) from offering services, meaning most similar companies cannot directly compete with REX’s services revenue stream.
- Best Investors & Fully-Funded Plan: Co-Founder, Jack Ryan seed funded the venture personally and REX has raised a total of $136M to date, mostly from billionaire entrepreneurs like Amit Singhal, a Google Fellow, Richard Schulze, founder of Best Buy, Gordon Segal founder of Crate & Barrel, and Scott McNealy co-founder of Sun Microsystems. REX is presently completing a financing round which will take it to profitability.
- Mission-Driven: Best of all, every REX employee is driven by a desire to give back. For every 50 homes REX sells, it donates one to a family that doesn’t have one. Further, REX has created a trust dedicated to building homes and schools for at risk communities. Finally, REX’s charitable partners are in the process of building world-class, group foster care homes in Texas and California.
The selected REX CFO is a full-stack, operational CFO (or destined to be CFO in their next career move) who brings the smarts, the ambition and the capacity to partner with a world-class leadership team to take REX to the next level. The scope of this role could end up leading teams and overseeing functions like strategic planning, IT, mortgage banking, analytics, regulatory compliance as well as others, and will more than likely help to architect and execute an alternative public offering.
Keys to the Fit:
As REX CEO, Jack Ryan says, it’s all about FAST, FAST, FAST!
- A CFO or well-seasoned SVP Finance w/ Public Company experience
- Startup Veteran! hands-on work product (done own projections and modeling), scrappy, nimble, resourceful operator; doer and not just delegator
- Consumer (B2C) exper. w/ the relevant KPIs, data/metrics driven (CAC, churn, LTV, etc.) discipline and scale of markets/audiences; ideally a veteran of similar fearless, game-changing companies that have hacked the existing rules and business models and achieved high/hyper-growth.
- Complex transaction economics/business models with depth in pricing, margin analysis, etc.
- Tech Savvy; ideally brings a degree in an Engineering/Math/Science discipline and stints at top tech companies operating at scale (think Google, Airbnb, Uber Technologies)
- True Team & Function Builder: Manager + mentor leadership skills; Documented track record of successfully building and scaling finance orgs
- Pedigree/Magnum Opus: showcased through Academics. quality of employers, or other accomplishments (athletics, awards, military, etc.)