Real estate agents do not – perhaps – have the best reputation for collaboration, so one agent is looking to put that right using technology…
Founded by possibly the best dressed and well mannered real estate agent you could hope to meet, Prash Nayar, REXY is an online platform that allows agents to match their buyers’ property preferences to suitable properties on the market.
The platform also enables agents to secure a sale and then conjunct (share the commission) via the platform to earn a fee.
A Seasoned Professional
Already the founder of The Real Estate Times, a digital media solutions company offering video marketing for agents and sellers, Prash realised there was no platform that facilitated collaboration between agents. He founded REXY in response.
Prash believes his REXY platform has three advantages for his colleagues in the real estate industry:
- saves time for agents;
- allows agents to earn a referral income from every sale; and,
- builds trust between agents and clients.
Having launched in April 2018, REXY – which is an acronym for Real Estate DNA(XY) – is getting ready to celebrate its 1st birthday. In the past year, the platform has gained 47 agents and over 60 actively searching buyers.
Featured in Elite Agent Online and nominated in REIWA’s Innovation Excellence Awards in 2018, REXY also qualified for the RISE Summit’s PITCH competition in Hong Kong. Now, Prash Nayar tells Startup News that he has big goals for REXY over the next 10 years.
“[Our goal is for the] REXY community is to grow to a 1000 strong community that shares resources both with buyers and [earns] financial profits. [We are aiming for] REXY to expand into the Malaysian, Singaporean, Hong Kong and Shanghai (SE Asian market) by 2022.”Prash Nayar
With the goal of establishing REXY nationally, Prash said that he hopes the platform will become WA’s first collaborative artificial intelligence for property.
“Artificial intelligence allows for machines to think faster and more efficiently than human minds… Hence, we decided to create REXY as a collaborative artificial intelligence network by integrating the app with real estate businesses in WA, solving the lack of collaboration in the industry.”
Although REXY has achieved some success since launching, Prash told Startup News that there have been a range of tech, personal, financial and structural challenges along the way.
“Financial challenges came in the form of securing seed investment to create a prototype of the technology… we were fortunate enough to secure an investment in December 2017 to progress our idea,” he said.
“Time management [was another challenge]. The introduction of REXY as a startup required absolute discipline. [Also] adapting our systems to suit our client’s demand, as each real estate business operates with unique practices.”
Take Time Out
Prash has some advice to offer when it comes to running your own startup. He said that he would encourage other founders to schedule time for relaxation and prioritise tasks.
“[I would encourage other founders] to schedule weekly time for exercise, reading and spending time with loved ones. [Also] prioritise your tasks daily and plan your holidays annually so you always have something to look forward to.”
REXY is currently preparing to celebrate its 1st birthday on April 12th, 2019.
Feature Image: Prash Nayar delivering a presentation about REXY.
Read more about REXY here: https://therealestatetimes.com.au/rexy-page/