Search
 

Auction Site Accelerates Leasing Process

LOS ANGELES-In an UPDATE to this morning's story, EverestAuctions.com's founder Steve Winger tells GlobeSt.com how users experience the leasing site.

By Carrie Rossenfeld | Updated on March 21, 2013

LOS ANGELES-As GlobeSt.com reported earlier today, industry veteran Steve Winger has launched EverestAuctions.com, an online auction site for leasing commercial real estate properties. Winger tells GlobeSt.com that the web portal, the first to auction commercial space for lease rather than properties for sale, actually simplifies and accelerates the leasing process, condensing it from roughly six months for as little as 45 days.

“Leases are not quite as simple to auction as a sale,” says Winger. “With a sale, it’s easy to determine who the highest bidder is, but leases have different elements, which you have to drill down to determine the highest bidder. We take all these elements—the primary term of the lease, the range of the term amount, the base risk a landlord is willing to accept, amount of tenant improvements, free rent, commission—and find the net effective rent number. This is the landlord’s reserve amount, so when bidders come to the site, they can bid in different parameters, but unless it exceeds the landlord’s net effective rent, the bid won’t be accepted. That’s how we’re different on the lease side.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.