IRVINE, CA—There is still considerable room for growth in this global, multi-trillion-dollar industry, and Ten-X Commercial aims to become the marketplace for CRE transactions worldwide, the firm's general manager, CRE, Steve Jacobs tells GlobeSt.com. We sat down with Jacobs to discuss what's on the horizon for this dynamic company and how its future reflects the future of commercial real estate.

GlobeSt.com: Where do you see Ten-X Commercial headed five or 10 years down the road?

Jacobs: In the first half of 2017, Ten-X Commercial closed $1.36 billion worth of commercial real estate assets—a highly significant number that continues to grow as our digital marketplace increasingly attracts more users. However, there is still considerable room for growth in this global, multi-trillion-dollar industry. Within 10 years, I see Ten-X becoming the marketplace for commercial real estate transactions in both the US and globally, clearing upwards of $20 billion in CRE transactions annually.

What would that look like? CRE buyers and brokers around the world would log onto Ten-X every morning over coffee to see what opportunities had been curated for them overnight or browse the latest listings for other compelling investment opportunities. Meanwhile, sellers and listing brokers continue to become more receptive to bringing their properties to Ten-X, multiplying their market as they eliminate the geographic barriers traditionally associated with CRE transactions.

Over time, even investors who previously had little understanding of real estate's inner workings have begun to understand the nuances of the global market and have become empowered to trade a real estate asset entirely online. As users gain firsthand experience with the incredible efficiency and vast stores of information at their fingertips, I see them growing increasingly comfortable with both Ten-X and real estate ownership more broadly. By improving the transaction process and placing users at the center of a truly global market, Ten-X is primed to become the go-to digital marketplace for real estate transactions.

GlobeSt.com: What challenges does the firm face in distinguishing itself as technology becomes more mainstream and user-friendly?

Jacobs: The commercial real estate industry was admittedly slow to adopt and integrate technology across its businesses, and this allowed Ten-X to gain valuable first-mover advantages. We have not only been in the space longer than most CRE tech platforms, but we've also been able to iterate our marketplace, build a wealth of data and integrate the latest cutting-edge technologies like security, microservices and more. Plus, we're the only company that allows people to conduct CRE auction and non-auction transactions completely online and unfettered by geographic barriers. We've had longer to work with our customers to evolve and grow our marketplace, and as a result, we are very well-positioned to scale our growth as more professionals become comfortable with technology's role in real estate. Of course, our success will undoubtedly bring us a growing field of competitors over time. However, we have been a leader since day one and believe our innovations in this space have earned us a committed audience of buyers, sellers and brokers that will continue to set us apart.

GlobeSt.com: How is Ten-X staying ahead of the game as more companies gain a toehold in the CRE technology sector?

Jacobs: Having a decade-plus track record definitely helps. The real estate landscape is evolving rapidly, and we're evolving alongside it. Since the beginning, we've blended our data-driven marketplace with a management team that has deep industry experience and knows all of the pressing issues faced by sellers, brokers and buyers. To meet their needs, we recently launched a new transaction platform: Offer Select gives users the ability to conduct a traditional, non-auction real estate transaction completely online, with all the transparency, enhanced due-diligence information and efficiency that our marketplace provides. Combined with our Managed Bid solution, which grants sellers the option to gauge interest in an asset by issuing an initial call for indicative offers prior to auction, Offer Select and Live Bid expand our portfolio of solutions for real estate professionals. Our marketplace solutions have been met with very positive user feedback.

If you're asking “what is Ten-X's secret sauce,” it's listening to our customers. This enables us to be sure we are meeting their needs and coming up with transaction tools that will increase their productivity and business results.

GlobeSt.com: What else should our readers know about the future of Ten-X?

Jacobs: The first would be that Ten-X is growing fast. Our market share increased significantly in the first half of 2017 as compared with the same period in 2016. As more users see how we help multiply the potential of each and every deal, we win more technology converts than ever. In August, Ten-X announced a corporate recapitalization with private equity firm Thomas H. Lee Partners L.P., which will enable us to continue to build on our leading position in the online real estate space.

Second, we are constantly evolving to ensure we provide maximum value to buyers, sellers and brokers in every corner of the real estate industry. While our marketplace provides the ability to connect with buyers and sellers all over the world, it is also incredibly useful for those who operate purely on a local level. Our tools give users complete control over the parameters of their own market, and Ten-X is able to maximize the potential of an asset regardless of value, asset class or location.

IRVINE, CA—There is still considerable room for growth in this global, multi-trillion-dollar industry, and Ten-X Commercial aims to become the marketplace for CRE transactions worldwide, the firm's general manager, CRE, Steve Jacobs tells GlobeSt.com. We sat down with Jacobs to discuss what's on the horizon for this dynamic company and how its future reflects the future of commercial real estate.

GlobeSt.com: Where do you see Ten-X Commercial headed five or 10 years down the road?

Jacobs: In the first half of 2017, Ten-X Commercial closed $1.36 billion worth of commercial real estate assets—a highly significant number that continues to grow as our digital marketplace increasingly attracts more users. However, there is still considerable room for growth in this global, multi-trillion-dollar industry. Within 10 years, I see Ten-X becoming the marketplace for commercial real estate transactions in both the US and globally, clearing upwards of $20 billion in CRE transactions annually.

What would that look like? CRE buyers and brokers around the world would log onto Ten-X every morning over coffee to see what opportunities had been curated for them overnight or browse the latest listings for other compelling investment opportunities. Meanwhile, sellers and listing brokers continue to become more receptive to bringing their properties to Ten-X, multiplying their market as they eliminate the geographic barriers traditionally associated with CRE transactions.

Over time, even investors who previously had little understanding of real estate's inner workings have begun to understand the nuances of the global market and have become empowered to trade a real estate asset entirely online. As users gain firsthand experience with the incredible efficiency and vast stores of information at their fingertips, I see them growing increasingly comfortable with both Ten-X and real estate ownership more broadly. By improving the transaction process and placing users at the center of a truly global market, Ten-X is primed to become the go-to digital marketplace for real estate transactions.

GlobeSt.com: What challenges does the firm face in distinguishing itself as technology becomes more mainstream and user-friendly?

Jacobs: The commercial real estate industry was admittedly slow to adopt and integrate technology across its businesses, and this allowed Ten-X to gain valuable first-mover advantages. We have not only been in the space longer than most CRE tech platforms, but we've also been able to iterate our marketplace, build a wealth of data and integrate the latest cutting-edge technologies like security, microservices and more. Plus, we're the only company that allows people to conduct CRE auction and non-auction transactions completely online and unfettered by geographic barriers. We've had longer to work with our customers to evolve and grow our marketplace, and as a result, we are very well-positioned to scale our growth as more professionals become comfortable with technology's role in real estate. Of course, our success will undoubtedly bring us a growing field of competitors over time. However, we have been a leader since day one and believe our innovations in this space have earned us a committed audience of buyers, sellers and brokers that will continue to set us apart.

GlobeSt.com: How is Ten-X staying ahead of the game as more companies gain a toehold in the CRE technology sector?

Jacobs: Having a decade-plus track record definitely helps. The real estate landscape is evolving rapidly, and we're evolving alongside it. Since the beginning, we've blended our data-driven marketplace with a management team that has deep industry experience and knows all of the pressing issues faced by sellers, brokers and buyers. To meet their needs, we recently launched a new transaction platform: Offer Select gives users the ability to conduct a traditional, non-auction real estate transaction completely online, with all the transparency, enhanced due-diligence information and efficiency that our marketplace provides. Combined with our Managed Bid solution, which grants sellers the option to gauge interest in an asset by issuing an initial call for indicative offers prior to auction, Offer Select and Live Bid expand our portfolio of solutions for real estate professionals. Our marketplace solutions have been met with very positive user feedback.

If you're asking “what is Ten-X's secret sauce,” it's listening to our customers. This enables us to be sure we are meeting their needs and coming up with transaction tools that will increase their productivity and business results.

GlobeSt.com: What else should our readers know about the future of Ten-X?

Jacobs: The first would be that Ten-X is growing fast. Our market share increased significantly in the first half of 2017 as compared with the same period in 2016. As more users see how we help multiply the potential of each and every deal, we win more technology converts than ever. In August, Ten-X announced a corporate recapitalization with private equity firm Thomas H. Lee Partners L.P., which will enable us to continue to build on our leading position in the online real estate space.

Second, we are constantly evolving to ensure we provide maximum value to buyers, sellers and brokers in every corner of the real estate industry. While our marketplace provides the ability to connect with buyers and sellers all over the world, it is also incredibly useful for those who operate purely on a local level. Our tools give users complete control over the parameters of their own market, and Ten-X is able to maximize the potential of an asset regardless of value, asset class or location.