LOS ANGELES-Auction websites for selling properties have been around for a while, but now there is a site that facilitates leases between landlords and tenants. EverestAuctions.com, a web portal designed to facilitate the auction of commercial real estate space for lease, has been launched, and the site currently has 22 active auctions in five states.
The brainchild of Steve Winger, a 25-year veteran of the commercial real estate industry, EverestAuctions.com is similar in structure to existing online auction sites like ebay.com and auction.com. Retailers and consumers, commercial landlords and brokerage professionals can post a suite of space for lease through the portal, and tenants can then participate in an active 45-day bidding process to win the space at the lease price to which they are willing to commit.
“If you look at how things have changed in the last 10-20 years with respect to how you buy a book, look for and purchase a flight or shop for music, all of these things have changed enormously based on the Internet,” Winger tells GlobeSt.com. “Even the way you look for a house can be set up in five minutes. But if you look at how we lease commercial real estate, not so much has changed—we've kind of been doing the same thing we've been doing for the last 25 years or longer. It's time to change that, to use the tools out there to try to speed up the leasing process and make it an easier, simpler process for tenants and landlords.”
Space posted on EverestAuctions.com is promoted through the use of targeted emails, website advertisement placements and keyword search optimization. All three parties involved—tenants, landlords and brokers—have unfiltered access to all auctions and bids in real time.
The new portal is expected to help brokerage professionals and landlords reach a larger audience when marketing space for rent. “It's an excellent tool for expanding a professional's database, gaining new industry contracts and lease candidates, as well as streamlining the overall leasing process, thereby reducing the often lengthy back-and-forth of typical lease negotiations,” Winger said in a prepared statement.
Read our update to this story later today to find out how brokers, tenants and landlords experience EverestAuctions.com and how it speeds up the leasing process.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
