IRVINE and SILICON VALLEY, Calif., March 10, 2016 /PRNewswire/ -- Ten-X (formerly Auction.com), the nation's leading online real estate marketplace, today announced that it will launch Ten-X Commercial, its new transaction platform developed specifically to empower buyers, sellers and real estate brokers to buy and sell commercial real estate (CRE) online with ease and confidence. The new platform, which delivers unmatched access, deeper insight and superior execution, will be unveiled at the South By Southwest® (SXSW)® Interactive Festival, which opens Friday, March 11th. Representatives from the company, which is a major sponsor of SXSW Interactive, will be on hand to discuss Ten-X Commercial and demonstrate its groundbreaking functionality.
Ten-X Commercial offers buyers, sellers and brokers more control than ever with three transaction options: Live Bid, Ten-X's signature online auction format, Managed Bid, a two-step process whereby interested buyers submit sealed indicative bids to qualify for a short list that will compete for a property in a scheduled online auction event, and Offer Select, Ten-X's non-auction offering, which brings the more traditional real estate transaction process online. With all three options, users will benefit from Ten-X's proven combination of deep CRE expertise, state-of-the art asset marketing and powerful workflow technology that simplifies every step of the real estate transaction.
"We've been very successful with online auctions since entering the CRE market in 2009, but not every property is a perfect fit for that kind of transaction, and not every buyer or seller necessarily wants to participate in an auction," said Gordon Smith, general manager of Ten-X's commercial real estate division. "Our new platform gives brokers, buyers and sellers a choice of different transaction methods, allowing them to experience the ease of use, transparency and efficiency of an online process with whichever type of transaction best meets their needs."
The new Offer Select platform closely mirrors the way in which commercial real estate professionals are used to transacting, but moves the process online. With Offer Select, sellers set their preferred terms and determine the best offer, while buyers have access to a wide selection of quality properties and greater flexibility to create winning deals. Ten-X has partnered with an exclusive group of sellers to offer the first properties available for sale on the new platform beginning on March 11th.
Offer Select allows sellers to:
- Set their preferred list terms, including price, due diligence and escrow period, hard money deposit and contingencies
- Privately communicate with buyers to offer guidance to improve their offers
- Create shortlists and request best and final offers
- Easily view and compare offers on a Seller Dashboard
Offer Select provides buyers:
- Powerful search and filtering capabilities
- The ability to submit offers that include financing and due diligence contingencies – entirely online
- A Buyer Dashboard to easily track offers on multiple properties
- Paperless, online contracting for a streamlined transaction
Ten-X delivers unprecedented access to new markets and higher quality investments while its team of data scientists, engineers and economists delivers the real-time market intelligence needed to make the most important buying and selling decisions. The company's data-driven approach to marketing and pricing strategy was developed specifically to connect the right seller with the right buyer in any market.
For information about listing or purchasing commercial property via Ten-X Commercial, visit Ten-X.com/commercial or call (844) 694-4976.
Ten-X (formerly Auction.com) is the nation's leading online real estate marketplace, having sold 200,000+ residential and commercial properties totaling more than $37 billion since 2007. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions entirely online.
Ten-X empowers consumers, investors and real estate brokers with unprecedented levels of flexibility, control and simplicity – and the convenience of buying and selling properties whenever they want and from wherever they are. As real estate continues to move online, Ten-X is uniquely positioned to be at the forefront of this dramatic behavioral shift.
Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.
About SXSW Interactive
The 23rd annual SXSW Interactive Festival returns to Austin from Friday, March 11 through Tuesday, March 15. An incubator of cutting-edge technologies and digital creativity, the 2016 event features five days of compelling presentations and panels from the brightest minds in emerging technology, scores of exciting networking events hosted by industry leaders and an unbeatable lineup of special programs showcasing the best new websites, video games and startup ideas the community has to offer. From hands-on training to big-picture analysis of the future, SXSW Interactive has become the place to discover the technology of tomorrow today.
Join us in March 2016 for the sessions, the networking, the special events, the 18th Annual SXSW Interactive Innovation Awards, SXSW Accelerator®, the SXSW Gaming Expo, the SXSW Trade Show, the SX Health & MedTech Expo, SX Create, The Job Market, cross-industry conversations with attendees from SXSW Film and SXSW Music, and, most of all, the unforgettable inspirational experiences that only SXSW can deliver.
SXSW Interactive 2016 is sponsored by Esurance, Mazda, Monster Energy, Capital One, Bud Light, Deloitte Digital, McDonald's, Ten-X, United Airlines, Samsung and The Austin Chronicle.