Real estate brokerage REX Homes became famous in recent years for spearheading an anti-trust lawsuit against Zillow and the National Association of Realtors, accusing them of being a ‘cartel’ to edge out non-MLS participants. But it appears that as of today, the company has ceased operations.
Numerous staff reached out to us directly to indicate the company’s last day was Tuesday and that a companywide call on Friday outlined the end of REX Homes. While the entity of the brokerage still exists, we are told there are no longer offices, staff, leadership, or agents.
Staff at the Austin, TX and Woodland Hills, CA offices (both in Texas) have confirmed that as of today, the doors are literally closed. It is unclear what REX’s plans are for wrapping up any current contracts that haven’t closed.
The company’s website remains live with no notification of any service interruptions and there have been no changes to the faces that appear on the staffing page.
Many Glassdoor users have begun leaving reviews asserting that operations have ceased. To thicken the mystery, we’ve already seen several recent reviews disappear, but it is unclear if that is Glassdoor or REX’s doing.
Several LinkedIn users formerly employed at REX Homes are putting their #OpenToWork signs up, stating the company has closed – some indicate departments dissolving, others that the entire company has collapsed.
What has been especially interesting with this company is staff’s consistent fears of CEO Jack Ryan, consistently citing a fear of retribution not just professionally, but personally, and several told us we should worry about our own personal safety, having been the only news outlet covering REX’s unraveling.
Also consistent is that everyone we’ve spoken to in the last year has cited an imminent demise of the company as a whole.
In August of 2021, REX Homes laid off 60 staff without severance, and on October 7th, 2021, REX Homes had their second round of layoffs – both times, staff said they were not initially given severance pay, but report to us that after our coverage, they began seeing payment.
Also in October of last year, they shut down their New York and Chicago offices, and announced internally that they would be joining MLSs. They called it a restructure. The joining of any MLS shocked many as the premise of their structure was always that their magical proprietary tech as well as their bypassing of the MLSs to save consumers thousands of dollars.
They earned several rounds of private equity funding and never went public. Several staff told us that going IPO had been a talking point from Ryan, often used to lure them to the company in the first place and accept lower pay with the idea that shares would soon be coming their way.
Between the August and October layoffs, they closed their Series D round of funding, but never disclosed the amount, closing date, or investor. It is therefore unclear how their investors feel about the company’s status, but it is also possible that they’re who initiated the pulling of the plug.
It is also unclear what this means for their ongoing lawsuit against Zillow and NAR and how a non-existent company can pursue a class action lawsuit, but no filings have been made in the past week regarding the case.
As with all REX stories, we have reached out for comment. Because we track all emails, we have always seen them open every press inquiry within seconds, but it is of note that our current request for comment has yet to be viewed…