Moving through a mansion

Goldman Sachs Alum Turns to Virtual Reality to Sell $57 Million Mansion

Standing in the living room of an oceanside $57.5 million home in Malibu, Calif., Jack Ryan, the founder of REX, an online brokerage, took in the view. “The only way you can sell a house like this,” he said, as the shimmer of the Pacific glinted off gleaming white lawn furniture outside, “is have them walk through it, either physically or virtually.” Ryan, a former partner at Goldman Sachs and a onetime opponent of Barack Obama for the Illinois Senate seat, founded REX in 2015 as a low-priced competitor to traditional real estate brokers. According to Ryan, whose business plan involves targeted online ads and charges a fraction of the normal broker’s fee, there’s an 80 percent chance that the buyer of an $800,000 home already lives within 15 miles of its location; still, as prices rise to levels only the super-rich can afford, that number plummets. ….[READ]