Ten-X Named One of the Housing Industry's Most Innovative Tech Companies for the Third Consecutive Year
HousingWire also selects Ten-X as winner of its Market Potential category for the second straight year due to the company’s expansion into new markets and development of mobile solutions
IRVINE AND SILICON VALLEY, CALIF. – March 28, 2016 – Ten-X (formerly Auction.com), the nation’s leading online real estate marketplace, has been named to HousingWire Magazine’s 2016 HW Tech100™ list for the third consecutive year. Ten-X is joined by other housing technology innovators such as CoreLogic, RealtyTrac and Accenture Mortgage Cadence. The company’s expansion into the traditional residential real estate market and development of industry-leading mobile products also earned it the Market Potential award for the second year in a row.
Ten-X recently rebranded from Auction.com to reflect a shift from the company’s history as a disposition engine for distressed assets to an open online marketplace where buyers, sellers and real estate professionals can safely and easily complete real estate transactions. At the recently-completed SXSW Interactive, Ten-X introduced two new platforms: Ten-X Homes, which focuses on move-in ready single family homes; and Ten-X Commercial, a marketplace for commercial real estate sales. These platforms join the company’s Auction.com platform, where the sale of more than 200,000 properties – totaling over $37 billion in transactions - have already been executed.
Both Ten-X Homes and Ten-X Commercial offer online auctions and new, non-auction transaction processes that take traditional offline transactions and incorporate technology to make them easier, much more efficient, and exponentially more transparent.
“Our new Ten-X platforms offer the first true end-to-end online transactions for buyers, sellers agents and brokers who want to trade high quality, non-distressed assets," said Ten-X Chief Executive Officer Tim Morse. "As real estate moves online, we launched these platforms to reach a wider audience and deliver a better way for people to buy and sell real estate, and we are honored that HousingWire has recognized Ten-X to be at the forefront of this movement.”
Throughout 2015, Ten-X met the evolving needs of the online real estate marketplace with key acquisitions and partnerships. In May of last year, Ten-X partnered with Juwai, the top site for Chinese-language real estate buyers, to expand the company's international buyer pool. The company also purchased Channel Software and Allre, two companies whose technology enabled Ten-X to accelerate its entry into the traditional, non-distressed residential real estate market.
“The companies in the HW TECH100™ are providing innovative solutions to the traditionally hide-bound mortgage finance industry,” said HousingWire Editor-in-Chief Jacob Gaffney. “In the face of rising costs to originate and service loans, a still-volatile housing market and multiplying regulations, these innovations are crucial to the survival and profitability of those in our industry.”
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 professionals 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.
HousingWire is the nation's most influential industry news source covering the U.S. housing economy, spanning residential mortgage lending, servicing, investments and real estate operations. The company's news, commentary, magazine content, industry directories, and events give more than one million industry professionals each year the insight they need to make better, more informed business decisions. Winner of numerous awards, including a 2012 Eddie Award for national editorial excellence in the B2B Banking/Business/Finance category, HousingWire has been recognized for excellence in journalism by the Society of Business Editors and Writers, the American Society of Business Press Editors, the National Association of Real Estate Editors, and Trade Association Business Publications International. For more information, visit Ten-X.com.
About HW TECH100™
The TECH100™ represents the housing economy’s 100 most innovative technology companies. Making the cut is a special honor reserved for the very best technology our industry has to offer.
We view innovation along with six discrete dimensions, and each company included on our list is reviewed with these dimensions as a guideline for inclusion:
1. Market influence
2. Market potential
3. Unique solution
5. Elegant implementation
6. Something else entirely (the “it” factor)
For each of the six dimensions, HousingWire editors select a winning company that best represents the given dimension, in addition to selecting the 100 companies that comprise the TECH100™.