Bisnow Exclusive: Ten-X Keeps Pushing Forward With Brokerage Partnership
Ten-X has partnered with TCN Worldwide, a consortium of independent real estate firms, in the real estate tech platform’s latest shift toward brokers.
The broker/tech partnership is part of Ten-X’s push to revolutionize real estate transactions by putting them online—in an industry notorious for its slow adoption of tech.
“Through our partnership with Ten-X, we are excited to educate our members about how technology will enable them to more effectively win business and manage transactions seamlessly online,” TCN Worldwide CEO Ross Ford said.
“We’ve made a very conscious effort over the last year or so to embrace the brokerage community, and communicate to them that we’re an excellent tool that can help them close deals,” Ten-X managing director Yan Khamish, who is in charge of broker outreach, said in May.
Ten-X (formerly Auction.com) has facilitated over $39B in property deals through its platform, and has steadily been evolving to gain ground in the real estate space. It began moving from an auction to a more traditional buy/sell model in March and has also partnered with the CCIM Institute to educate brokers on its platform.
The platform came on the scene as the real estate bubble began to pop, and functioned as a sort of eBay for distressed residential properties. But is has slowly been making moves into the commercial space and trying to become the go-to tool for brokers—starting with its January rebranding.
“We are a platform, and the brokers are market-makers,” Yan told Bisnow in May. “We’re trying to be the Nasdaq or NYSE, the vehicle by which someone makes a transaction, and the brokers are the banks or hedge funds who trade on those platforms.”