IRVINE, CA—Online marketplace Auction.com has rebranded as Ten-X, the company said Monday. At the same time, Ten-X is broadening its reach, with plans to introduce new transaction platforms in March that will give sellers the option of an online auction or a more traditional non-auction process online.
The announcement, says Ten-X CEO Tim Morse, "represents something far more significant than a name change. Our move to the Ten-X brand reflects our evolution into a marketplace for a much broader range of residential and commercial property types, and our expansion into new technology solutions that empower buyers, sellers and real estate professionals alike. Our vision is to make buying and selling real estate ten times better for everyone involved."
Under the new brand, the company will feature three transaction platforms: Ten-X Commercial; Ten-X Homes, which will feature traditional, move-in ready residential properties; and Auction.com, which will continue to feature properties for residential real estate investors. Ten-X Commercial will rollout nationally, while Ten-X Homes initially will focus on four launch markets, namely Dallas, Denver, Miami and Phoenix. The company plans to launch and demonstrate its new platforms at this year's South by Southwest festivals and conferences in Austin, TX, where it will be a major interactive sponsor. The SXSW Interactive conference is scheduled for March 11-15.
In the nine years since it launched as a disposition platform for distressed assets, the company has moved toward higher quality properties. More than 60% of the commercial properties brought to market via Auction.com in 2015 were non-distressed assets, including Manhattan Towers, a two-building office complex in Manhattan Beach, CA that is believed to be the largest online real estate deal ever at $96.1 million.
"The successful sale of Manhattan Towers is further proof that some of the highest-quality commercial real estate assets available today are being sold on Auction.com," Gordon Smith, general manager of the company's commercial real estate division, said when the transaction was announced this past August. "As the commercial real estate landscape changes, the way people buy and sell real estate evolves, and Manhattan Towers is proof of just that. Over half of the commercial properties we bring to auction are class A, non-distressed assets and that's a trend that will only continue to grow." In all, the company has facilitated the sale of $35 billion worth of residential and commercial properties since 2007.
The two new Ten-X platforms will be optimized for use on desktop, tablet and smartphones. "We believe that, increasingly, people buying real estate want to be able to buy property whenever they want, wherever they happen to be and on whatever type of computing device they're using, and we plan to meet those requirements," says Morse.
Ten-X also plans to announce programs for both Realtors and commercial real estate brokers during the first quarter. "As real estate moves online, we are committed to providing buyers, sellers and real estate professionals more of what they need to transact successfully," Morse says. "Ten-X offers a proven platform, a simplified process and the information and tools that allow everyone to confidently buy and sell real estate online."
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
