Friday, January 15, 2016

Auction Dot Com becomes Ten-X

Whatever.....they say it's because they will be Ten Times Better. Auction.com was started in 2007 and worked many distressed properties through its system. I had several clients attempt it but left feeling misled by the pricing and disappointed in the program as they were not fruitful in gaining any properties. But, that may have just been the handful that I know tried. Not sure.....but I have my opinions.

They are re-branding because they say they will be moving into greater technology and able to help buyers, sellers, and 'Real Estate Professionals'. But, surely the impetus is that we are pretty much done with distressed properties so they need to try and grab another market?

I'm not so sure. I always think a Re-Branding is because they had a bad rep with the 'other' brand. Isn't that generally why someone or a company would 're-brand'? They weren't successful with the current and needed to try something new?

At any rate, be wary my readers. They will still be using the Auction Dot com for some, but much will be changed to the Ten-X logo. Don't know if the service will be any different. Only the test of time will tell.



As for greater technology? Um, everyone I know has moved along with the greater technology we all have access to!

1 comment:

Rick Sharga said...

Lauren:

Came across your article, and wanted to shed some light on our re-branding to Ten-X.

We really did this for two reasons. First, the new technology you referenced will include online transaction platforms that don't include auctions, so the name would have been a little bit limiting. Second, as you astutely pointed out, auctions are very often associated with distressed properties, and while we started out as a company helping financial institutions dispose of distressed assets, we've begun selling more traditional, high quality properties. In fact, about 60% of the commercial properties we brought to sale in 2015 were traditional, non-distressed properties, including a $96 million office complex in Manhattan Beach, CA that we believe set a new record for the largest online transaction ever.

We also ran a very successful pilot program called Auction.com Select last year, where we worked with Realtors(R) to sell traditional residential properties. About 2/3 of the buyers were owner/occupants, and virtually all the buyers worked with an agent as well.

The new platform we're introducing at the South by Southwest Interactive Conference in March will be very much like a traditional transaction, but with the efficiency, transparency and ease of use that the internet brings to the process. I hope you'll take a look at the new products when they're launched.

Feel free to let me know if you have any questions.

Rick Sharga, EVP, Ten-X