Holding an auction to maximize value is a common practice across many industries including cars, antiques and art, and can even be viewed as a high-end, exclusive event. However, this widely accepted perspective of auctions doesn’t fully carry over into the real estate industry.
In the past, commercial real estate auctions have generally been associated with foreclosures and distressed properties. With more than $20.5 billion worth of real estate transacted online, Ten-X Commercial has changed that perception within the CRE space, proving that auctions are beneficial to buyers, brokers and sellers alike.
In fact, some key benefits of online CRE auctions include an efficient streamlined process, achieving true market value, and reducing the time, from list to close, by 50 percent.