IRVINE AND SILICON VALLEY, CALIF. – February 10, 2016 – Ten-X (formerly Auction.com), the nation’s leading online marketplace for real estate, today announced that it has formed a strategic partnership with CCIM Institute to educate the Institute’s members on how to leverage the Ten-X platform to market and transact commercial properties online.
“In forming a partnership with CCIM Institute, we aim to empower the thousands of CCIM members with the knowledge and tools to build their book of business and more efficiently transact commercial properties by harnessing the power of the Ten-X platform,” said Yan Khamish, managing director of Ten-X’s Brokerage Channel. “CCIM Institute is an ideal partner for us, as it offers the most robust educational offerings for commercial real estate professionals and is at the forefront of promoting the industry’s adoption of technology-based solutions that improve the commercial transaction process for brokers and their clients.”
Earlier this month, Auction.com rebranded as Ten-X, announcing plans to introduce new transaction platforms in March that will give sellers and their broker-advisers the option of choosing to transact either using an online auction or an online version of the traditional non-auction process. The rebrand reflects the company’s continued shift toward more stabilized property sales. Nearly 60 percent of the commercial properties brought to sale on the platform in 2015 were high-quality assets, including an office complex in Manhattan Beach, Calif., that sold for $96 million – the largest online transaction ever.
To date, Ten-X has facilitated $14 billion in commercial sales, with more than $300 million in commission fees paid to brokers. In total, the company’s combined residential and commercial sales have grown rapidly to account for $37 billion, with $8.5 billion in 2015 alone.
“The role of technology in the real estate process represents an undeniable and necessary advancement in our industry, and we believe that Ten-X is at the leading edge of this evolution,” said 2016 CCIM Institute President Steven Moreira, CCIM. “Through our partnership, we’ll be offering sophisticated resources that will provide brokers with a distinct competitive advantage in this ever-changing industry landscape, helping them to gain greater visibility and increase their transaction volume.”
The CCIM designation, short for Certified Commercial Investment Member, is a recognition of elite proficiency in the practical implementation of commercial and investment real estate transactions. Awarded by CCIM Institute, the prestigious certification grants access to a network of more than 10,000 leaders in the brokerage, appraisal, investment counseling, development, lending, and real estate law industries. Recognizing their respective organizations’ positions as innovators in transactional real estate, Ten-X and the CCIM Institute partnered to maximize the technological tools at the broker’s disposal.
CCIM Institute offers a rigorous curriculum and experiential requirements for becoming designated, as well as elective courses from the CCIM Institute Ward Center for Real Estate Studies. The organization also regularly produces industry events and informational materials, including the bimonthly Commercial Investment Real Estate magazine.
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. The company brings a breadth of quality assets to the market, attracting prospective buyers through world-class marketing and leveraging a scalable technology platform to conduct transactions in a transparent, efficient manner.
Ten-X empowers consumers, investors and real estate brokers around the world with unprecedented levels of flexibility, control and simplicity – and the convenience of transacting properties whenever 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 the CCIM Institute
Since 1969, the Chicago-based CCIM Institute has conferred the Certified Commercial Investment Member (CCIM) designation, commercial real estate's global standard for professional achievement, to commercial real estate and allied professionals. The extensive curriculum includes 160 classroom hours and professional experiential requirements. The CCIM curriculum was redesigned in 2010 to reflect changing student demographics and real estate brokerage services, growth in international markets, new technologies, and new delivery models. The core curriculum addresses financial analysis, market analysis, user decision analysis, investment analysis, and negotiation—the cornerstones of commercial investment real estate.
An affiliate of the National Association of REALTORS®, the CCIM Institute also offers powerful technology tools such as the Site To Do Business, an online site analysis and demographics resource.
Currently, there are nearly 10,000 CCIMs in 1,000 markets in the U.S. and 31 additional countries, with another 3,000 practitioners pursuing the designation, making the institute the governing body of one of the largest commercial real estate networks in the world. Visit www.ccim.com and www.stdbonline.com for more information.