IRVINE, CA—Ten-X (formerly Auction.com) will launch Ten-X Commercial, its new transaction platform. According to the company, it was developed to empower buyers, sellers and real estate brokers to buy and sell commercial real estate (CRE) online with ease and confidence.
Ten-X Commercial offers buyers, sellers and brokers three transaction options: Live Bid, Ten-X’s signature online auction format; Managed Bid, a two-step process whereby interested buyers submit sealed indicative bids to qualify for a short list that will compete for a property in a scheduled online auction event; and Offer Select, Ten-X’s non-auction offering, which brings the more traditional real estate transaction process online.
“We’ve been very successful with online auctions since entering the CRE market in 2009, but not every property is a perfect fit for that kind of transaction, and not every buyer or seller necessarily wants to participate in an auction,” said Gordon Smith, general manager of Ten-X’s commercial real estate division. “Our new platform gives brokers, buyers and sellers a choice of different transaction methods, allowing them to experience the ease of use, transparency and efficiency of an online process with whichever type of transaction best meets their needs.”
Offer Select allows sellers to set their preferred list terms, including price, due diligence and escrow period, hard money deposit and contingencies; privately communicate with buyers to offer guidance to improve their offers; create shortlists and request best and final offers; and view and compare offers on a Seller Dashboard. Offer Select provides buyers search and filtering capabilities; the ability to submit offers that include financing and due diligence contingencies—entirely online; a Buyer Dashboard to track offers on multiple properties; and paperless, online contracting for a streamlined transaction.