Ever heard of Auction.com? Since its launch in 2007, it was a distressed property auction business, in both residential and commercial sales. Now that it has rebranded to Ten-X, it has become a desired portal for traditional real estate sales as well.
Ten-X is an “online marketplace where buyers, sellers, and the agents and brokers who represent them can easily and efficiently buy and sell high quality residential and commercial real estate.” The newly rebranded company’s CEO, Tim Morse, said the transition from Auction.com to Ten-X marks the introduction of the “future of real estate.”
The company plans to introduce new transaction platforms in March that will give sellers the option of choosing to conduct their transaction using an online auction or a more traditional non-auction process online. Currently, the platform has facilitated the sales of over 200,000 residential and commercial properties totaling over $35 billion since 2007.
Morse said, “Our move to the Ten-X brand reflects our evolution into a marketplace for a much broader range of residential and commercial property types, and our expansion into new technology solutions that empower buyers, sellers and real estate professionals alike. Our vision is to make buying and selling real estate ten times better for everyone involved.”
The new Ten-X brand will feature three transaction platforms: Ten-X Commercial; Ten-X Homes, which will feature traditional, move-in ready residential properties; and Auction.com, which will continue to feature properties for residential real estate investors. These new platforms will be optimized for use on desktop, tablet and smartphones, to meet the shifting demands of today’s tech-savvy buyers and sellers.
“As real estate moves online, we are committed to providing buyers, sellers and real estate professionals more of what they need to transact successfully,” Morse said. “Ten-X offers a proven platform, a simplified process, and the information and tools that allow everyone to confidently buy and sell real estate online.”
So what does this mean for brokers?
“We view brokers as customers, not as competitors. We’re putting some programs together for commercial real estate brokers who would like to do business with us,” said Ten-X executive vice president, Rick Sharga. The company wants to partner with brokers for their local market expertise and ability to stage and show a building in its best light.
Would you partner with a company like Ten-X? Do you think the future of real estate lies in online auctions?
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