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Ten-X, the auction formerly known as auction.com (not Prince!), is pivoting away from bidding to instead develop a more traditional sales platform for buyers and sellers wary of the auction process.
“Not every buyer and seller is comfortable with participating in an auction," executive VP Rick Sharga says. "If you look at triple net leases or 1031 exchanges, we think the new platform will be better-suited for that.”
The new platform offers two ways of transacting. Buyers can submit sealed bids to qualify for a short list that will compete for a property in an online auction, or they can avoid an auction and just submit active bids, The Real Deal reports.
Despite possible fears, Ten-X execs say the company has no plans to replace commercial brokers, but aims to provide a tool to help them manage transactions. To date, 99% of the firm’s recent deals were completed in partnership with a local brokerage. [TRD]
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