AUSTIN, Texas, Jan. 21, 2021 /PRNewswire/ -- REX, the real estate technology company connecting buyers and sellers online, is partnering with Qualia, the category creator and leading cloud-based real estate closing platform, to power their title and escrow operations. REX users can now track the closing process through an automated escrow system which sends updates and tasks for both parties to complete. The REX and Qualia partnership consolidates the closing process, enabling growth of REX's title and escrow capabilities without sacrificing efficiency or security.
"At REX, we're focused on reimagining the entire home buying and selling process, simplifying it so that all services are under one roof, and offering savings as a result. We're excited to have found a partner in Qualia that shares the same goal of a streamlined transaction," said Lynley Sides, REX co-Founder, COO, and President. "The partnership represents another addition to REX's suite of services for home buyers and sellers."
Streamlining the escrow and closing process, offering additional simplicity, security, and transparency
The escrow and closing process is typically obscured from consumers, forcing buyers and sellers to be wholly reliant on third-party vendors and processes which are burdensome and outdated. However, Qualia's new partnership with REX grants users active participation in their home closings — a massive step towards digitization and transparency.
Demand for digital real estate transactions continues to rise, and the REX/Qualia partnership is a prime example of the real estate tech evolution. As a proof point of consumer enthusiasm, virtual home tours at REX have seen a 1000% increase since the onset of the pandemic.
The Qualia platform is the category creator and leader. Qualia powers teams by removing the technological barriers for tech-forward companies to provide a truly end-to-end closing experience. Once an agreement is made between a buyer and seller, REX's title & escrow teams may now complete the complex workflows of a home closing by automating much of the paperwork process through Qualia, saving the title & escrow team time and eliminating the errors that can arise as a result of working across multiple systems. Electronic delivery of closing packages to clients and notaries, and final title policies and recorded mortgages to lender partners are now also possible.
Secure digital transactions responded to consumer demand during the COVID-19 pandemic
Digital capabilities for all aspects of the real estate transaction grow increasingly necessary to maintain social distancing and safety guidelines. Even before COVID-19, 90% of homebuyers searched for a home online. According to a Qualia research survey, at the beginning of the COVID-19 crisis in Spring 2020, there was an almost immediate 40% surge in remote online notarization (RON) usage, a key component in digital real estate closings. RON has received legislative support in the U.S. Senate as part of the SECURE Act — a bipartisan effort to establish and enable electronic and remote notarizations as many businesses continue to operate remotely due to the pandemic.
"The home closing process has traditionally been one of the most complicated, confusing, paper-laden parts of the homebuying experience," said Nate Baker, co-founder and CEO of Qualia. "We're proud to support high growth real estate technology companies like REX to provide homebuyers and sellers with a transparent, easy-to-understand, and fully digital real estate closing experience."
To advance digital real estate innovation during the pandemic, Qualia recently launched Qualia RON, a remote online notarization product to enable entirely digital, contactless home closings. Qualia RON makes Qualia the first and only title and escrow software platform with remote online notarization capabilities built directly into its end-to-end cloud-based software platform. The solution helps ensure that the millions of real estate transactions that happen each year can continue to take place in a secure, digital way during the COVID-19 pandemic and beyond.
REX (rexhomes.com) is upending how Americans interact with real estate — from buying and selling processes to managing all aspects of your home's maintenance and upkeep. REX is dramatically lowering costs and improving processes in real estate to help consumers unlock the wealth in their homes. Headquartered in Austin, TX, REX is run by engineers, data scientists, and market experts with prior experience at Google, Facebook, Amazon, and Apple. Our team crafts a custom plan for each client which can draw from a suite of services such as appraisal, repairs, photography, staging, listing and marketing the home, search, virtual tours and in-person showings, escrow, mortgage, title, insurance, moving, and even ongoing repairs for new homeowners.
REX works as a partner in the global fight against housing insecurity, and was built on the foundation of creating opportunities for others and giving back. For every 50 homes sold at REX, the company builds a home for a family that would otherwise be unable to realize the dream of homeownership.
Qualia is the category creating digital real estate closing platform used by over half a million real estate professionals. Qualia's cloud-based closing rooms provide the complete infrastructure to streamline the home closing experience for real estate businesses and their clients. The company offers a suite of products that brings together homebuyers and sellers, lenders, title & escrow agents and real estate agents onto one secure, remote platform. Since launching in 2015, the company has been named an ALTA Elite Provider, CB Insights Fintech 250, grown to over 400 employees, and has been recognized by Forbes as a Best Startup Employer. Qualia is headquartered in San Francisco, CA and has offices in Austin, TX. For more information on Qualia, visit www.qualia.com.