March 4, 2016
Earlier this year, Auction.com changed its name to Ten-X. At the same time, the company reported additional news, such as a partnership with CCIM, and a new online transaction platforms set to release this month. Connect Media caught up with Yan Khamish, Ten-X’s Managing Director, Business Development, Broker Channel.
CM: How did the partnership with CCIM come about?
YK: Recognizing that CCIM is one of the most significant and prestigious organizations in the commercial real estate industry, we approached the organization to build a partnership that would encourage brokers to harness real estate technology in a more efficient and meaningful way. We reached out to some of the key leaders in the organization, including Steve Moreiera, CCIM’s president, and explained our vision for the partnership. Like us, one of CCIM’s core functions is to improve the day-to-day processes of transacting real estate on behalf of its membership; it was a natural fit.
CM: Auction.com has been in business for close to a decade. Is the auction process more acceptable to brokers now than it was then?
YK: We are launching some new service offerings within the next few months, and also building on our core products, which have continued to gain traction among the brokerage community. Despite the previous perception that the platform focuses primarily on distressed assets, we’ve found that a majority of the properties on our site are actually high quality, stable assets. Our goal is to serve as a true partner to the brokerage community. Throughout our evolution, we have been able to build a vast network of brokers, who have embraced the platform and recognized this enhanced ability to market their properties and tap into a far more expansive pool of buyers.
CM: At the same time you announced the CCIM partnership, you also mentioned a new auction platform. Can you go into a little more detail?
YK: We are planning to introduce our new transaction platforms in March, including one that will offer some traditional deal formats for everyday buyers and sellers, rather than relying solely on the auction format. The new platform is more like a traditional offline sales process, in which buyers make offers to a seller with contingencies and concessions.