Jacobs: Today's professionals want to conduct business in more efficient ways while leveraging technology to improve business processes. While real estate has been slower than other industries to adapt to these changes, there is a huge amount of latent demand for tools that remove many of the obstacles traditionally associated with CRE transactions. Offer Select is poised to trade more than $1 billion in CRE assets by the end of this year, so we know there is an untapped market of buyers, sellers and brokers looking to take advantage of the speed, simplicity and transparency that this product offers.

GlobeSt.com: What are the types of technology that will be transforming CRE buy and sell transactions in the future?

Jacobs: Moving forward, much of real estate technology will be focused on allowing more control and transparency in transactions for buyers, sellers and brokers. Traditionally, industry insiders have been the only players with access to crucial data and insights that can help a buyer or seller set their market and make informed decisions to meet their goals. A marketplace such as Ten-X helps place those elements in the hands of customers—from the largest institutions all the way down to first-time CRE investors and brokers—by streamlining the transaction process and creating more transparency in CRE investing. With the unprecedented flexibility it provides to users, Offer Select is a major part of Ten-X Commercial's offering, and we think this sort of streamlined technology is indicative of the future of CRE technology.

GlobeSt.com: In what areas of CRE are there technological gaps, presenting opportunities for software developers?

Jacobs: CRE tech has made massive strides over the past few years, but there is still a lot of room for innovation in the realm of extracting value from data. There's a massive amount of information relating to properties, investors and sale transactions, with much of this data publicly accessible. At Ten-X, we have a large team of data scientists working on gleaning business intelligence out of this information, and it's this research that powers our ability to pinpoint the right investors for our offerings. With so much data at play, the opportunities in this space are almost endless.

GlobeSt.com: What else should our readers know about online transactions?

Jacobs: What might surprise some people is the range of assets and investors that utilize online platforms. Our platform has transacted assets from under $1 million to nearly $100 million, and they run the gamut in terms of both geography and property type. We also have an extremely diverse set of investors from every corner of North American and around the world—institutions and local players alike. With Offer Select 2.0 and our other offerings, there is really a transaction method designed to work as a sales tool for every commercial property.

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IRVINE, CA—Moving forward, much of real estate technology will be focused on allowing more control and transparency in transactions for buyers, sellers and brokers, Steve Jacobs, general manager of the commercial real estate division of Ten-X, tells GlobeSt.com. The firm recently released Offer Select 2.0, an enhanced version of its Offer Select technology launched in 2016, which closely mirrors the traditional commercial real estate transaction process, but streamlines the transaction with standardization and technology.

Offer Select 2.0 facilitates the process of investors and brokers buying and selling real estate online. The recently unveiled updates simplify the buying process by letting buyers upload their own letter of intent or submit their offer terms online and by allowing them to make offers prior to completing the certification process. New filtering functionality also allows investors to hone in on specific asset types, such as net-lease properties. Offer Select 2.0 also includes a completely redesigned property details page, which enables sellers to better showcase their assets and provide buyers with more data to evaluate investments.

We spoke with Jacobs about why this software makes sense now and the types of technology that will be transforming CRE buy and sell transactions in the future.

GlobeSt.com: Why does the Offer Select software makes sense now?

Jacobs: Today's professionals want to conduct business in more efficient ways while leveraging technology to improve business processes. While real estate has been slower than other industries to adapt to these changes, there is a huge amount of latent demand for tools that remove many of the obstacles traditionally associated with CRE transactions. Offer Select is poised to trade more than $1 billion in CRE assets by the end of this year, so we know there is an untapped market of buyers, sellers and brokers looking to take advantage of the speed, simplicity and transparency that this product offers.

GlobeSt.com: What are the types of technology that will be transforming CRE buy and sell transactions in the future?

Jacobs: Moving forward, much of real estate technology will be focused on allowing more control and transparency in transactions for buyers, sellers and brokers. Traditionally, industry insiders have been the only players with access to crucial data and insights that can help a buyer or seller set their market and make informed decisions to meet their goals. A marketplace such as Ten-X helps place those elements in the hands of customers—from the largest institutions all the way down to first-time CRE investors and brokers—by streamlining the transaction process and creating more transparency in CRE investing. With the unprecedented flexibility it provides to users, Offer Select is a major part of Ten-X Commercial's offering, and we think this sort of streamlined technology is indicative of the future of CRE technology.

GlobeSt.com: In what areas of CRE are there technological gaps, presenting opportunities for software developers?

Jacobs: CRE tech has made massive strides over the past few years, but there is still a lot of room for innovation in the realm of extracting value from data. There's a massive amount of information relating to properties, investors and sale transactions, with much of this data publicly accessible. At Ten-X, we have a large team of data scientists working on gleaning business intelligence out of this information, and it's this research that powers our ability to pinpoint the right investors for our offerings. With so much data at play, the opportunities in this space are almost endless.

GlobeSt.com: What else should our readers know about online transactions?

Jacobs: What might surprise some people is the range of assets and investors that utilize online platforms. Our platform has transacted assets from under $1 million to nearly $100 million, and they run the gamut in terms of both geography and property type. We also have an extremely diverse set of investors from every corner of North American and around the world—institutions and local players alike. With Offer Select 2.0 and our other offerings, there is really a transaction method designed to work as a sales tool for every commercial property.