Ten-X, in the process of pivoting to make itself more of a service for commercial brokers, is unveiling a new iOS app, Bisnow has learned exclusively.
The app lets users browse both active and sold commercial properties, check due diligence, browse photos and save and share what they find. Ten-X Commercial’s head of product marketing, Kyle Ladewig, tells us it’s the first app that lets users monitor and buy commercial real estate from their phone. The move comes as Ten-X has recently shifted its business model to list more types of properties and partner more closely with commercial real estate brokerages.
A real-time push notification lets you know if you’ve been outbid on property you’re interested in, or if you’ve won a bid on it. Property types available include retail, office, industrial, multifamily, hotel and self-storage. It also taps into a phone’s GPS system so users can search for properties they happen to be nearby at a given time.
“We’ve seen a huge uptick in the last six months in terms of mobile traffic to our site,” says Ten-X Commercial’s VP of engineering, Lawrence Yuan.
He says that was a big part of the rationale for building the app, noting that over half of Ten-X’s overall traffic comes from mobile devices, as does around a quarter of its bidding activity—which until now has happened via web browser.
“There’s a sense out there that CRE guys are tech dinosaurs,” Lawrence says. “We’re finding that’s not really the case. That’s the impetus for doing this.”
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