5 Ways CRE Tech Companies Like Ten-X Work With And Reward Brokers
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In 2015, Manhattan Towers, a two-building, 300K SF office property in Southern California, sold for $96M. Guinness World Records verified the sale as the largest e-commerce transaction in history. Ten-X Commercial powered the historic deal.
The company has continued to improve the commercial real estate transaction process, leading to certainty, speed and efficiency for CRE buyers, sellers and brokers. More brokers see Ten-X Commercial as a vehicle that gives them the opportunity to tap into a global pool of buyers and expand their reach.
Brokers are continuing to embrace CRE tech to help enhance and streamline the deal-making process. Here are five ways companies like Ten-X Commercial help commercial real estate brokers achieve their objectives.
1. Online Real Estate Platforms Attract More Clients
Just as e-commerce has enabled some retailers to grow their customer base to potential customers beyond the immediate area, online real estate platforms expand the reach of brokers to a global pool of potential buyers.
Ten-X Commercial brings together a growing number of investors from around the world. Its marketplace has over 250,000 active users across 125 different countries. Brokers who use the marketplace, which has helped close more than $17B in commercial property transactions, can expand their marketing efforts far beyond their local markets. Ten-X’s external marketing engine can further maximize exposure for a property without relying solely on email, with no additional charge to the broker.
2. A Streamlined Process Makes Deals Faster (And More Accurate)
In a world connected to the internet and mobile devices, transactions occur at lightning speed. Paper documents slow down the process, while a cloud-based platform can keep a broker’s deals organized, accessible and in one place.
Ten-X Commercial goes beyond helping brokers transact properties by also coordinating due diligence, marketing, data vault management and financing entirely online. Brokers can stop worrying about minutiae and focus on the human aspect of their deals: the clients.
Because due diligence materials are accessible to buyers before the deal hits Ten-X Commercial, transactions are only negotiated once and retrades can be eliminated.
3. Real Estate Technology Makes You A Smarter Broker
Data is more accessible than ever before, changing real estate across all asset classes. Brokers now have information about a property’s features, the local neighborhood and comparable buildings at the push of a button.
Ten-X employs a team of data scientists, economists and valuation experts to help match potential buyers with available properties. Combining this with real-life experience, brokers will have an edge over competitors who still rely on intuition.
4. Successful Online Real Estate Transactions Depend On Knowledgeable Allies
Ten-X Commercial works best when brokers are part of the team. Every deal made through the platform has a broker on board from the very beginning, advising clients to negotiate the sale. Over 5,000 brokers at major firms like CBRE, JLL, Colliers, HFF and Marcus & Millichap have recognized the power of Ten-X Commercial’s technology and used the platform.
“We are now seeing a significant increase in adoption among brokers as they become more familiar with and see the value in using the Ten-X Commercial platform,” Ten-X Chief Commercial Officer Maureen Waters said.
5. Proven Success
September was an eventful month for Ten-X Commercial. New Jersey-based private equity real estate firm KABR Group sold a four-story office building in White Plains, New York, to Zef Perlleshi for $13.7M. DSR Group Managing Partner Dan Lessing brokered the deal.
In another deal, Stockbridge Realty Funds worked with brokers from Eastdil Secured to sell an eight-story parking garage in San Francisco on Ten-X’s marketplace. The property received 13 offers and ultimately sold to the San Francisco Museum of Art, an adjacent owner. The Ten-X platform helped to maximize the deal’s value by creating a larger market for the property.
As more brokers turn to CRE technology to streamline their processes, Ten-X has become a premier choice for transacting properties online.
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