Ten-X Launches New Online CRE Platform
- Mar 11, 2016
Ten-X is launching Ten-X Commercial, a new transaction platform developed specifically to empower buyers, sellers and real estate brokers to buy and sell commercial real estate online with ease and confidence.
“As successful as we’ve been with online auctions, we recognize that commercial real estate isn’t a one-size-fits-all market,” Rick Sharga, Ten-X’s chief marketing officer, told Commercial Property Executive. “Some properties are better suited to a more traditional sales process, and some buyers, sellers and brokers aren’t entirely comfortable in an auction environment, for a variety of reasons. So we felt it was important to offer customers more options, which felt more like offline transactions, but brought the ease, efficiency and transparency that can only be delivered online.”
According to Sharga, while Ten-X has proven that auctions work well for a wide range of CRE properties, they’ve historically been associated with distressed properties in the commercial real estate world, and the volume of distressed assets has been steadily declining for the past few years.
“As we’ve focused our efforts on bringing higher-quality, non-distressed assets to market, it became apparent that certain types of properties, like triple-net-lease buildings, might benefit from an alternative sales process,” he said. “There’s also a growing interest in online sales in the CRE space, and we wanted to accommodate as many potential customers as possible.”
The company also announced the launch of two new transaction platforms: Ten-X Homes, created especially for buying and selling move-in ready homes, and Ten-X Commercial, the next iteration of its proven CRE offering.
“We now have three transaction platforms: Ten-X Commercial, which has both auction and non-auction options for CRE buyers, sellers and brokers; Ten-X Homes, a brand new platform that focuses exclusively on move-in ready, single-family homes, and also offers both auction and non-auction options; and Auction.com, which now focuses exclusively on bank-owned and foreclosure properties for residential real estate investors,” Sharga said.
Since being founded in 2007, the company has sold more than $37 billion in residential and commercial real estate.