Ten-X in 2021: Eliminating the Misconceptions About Buying CRE Online
Steven Jacobs, President of the world's largest online commercial real estate exchange, is spreading the word: CRE sales are more efficient & certain when brokers use Ten-X
IRVINE, Calif., January 6, 2022 (Newswire.com) - In a recent interview featured in The Wall Street Journal, Ten-X President Steven Jacobs shared the company's most recent and compelling metrics of success while also putting those numbers in the greater context of the CRE marketplace at large. The results show that the 11-year-old company continues to point the way forward for transactions, and the way forward is online.
Latest sales metrics show the Ten-X difference: Over 70% of properties on Ten-X are marketed, sold, and closed in 60 days or less. The average number of unique page views for properties is 4,300. The quality of investment properties is on display as well, with one recent transaction, a Long Island shopping center, transacting for $57 million.
MEET THE GLOBAL MARKETING SUITE
The overall process that Ten-X provides makes up the core of the Ten-X value proposition. As Jacobs added, "We provide an optimized tactic for sales. Buying and selling CRE should be as easy as buying stocks." The technology of the Ten-X platform amounts to a global marketing suite that connects brokers and sellers to vetted international buyers in addition to the national network. From there, "certainty of close" is built into the process. Jacobs added, "There's no negotiating or retrading. Once a contract is signed and a 10% hard money deposit is exchanged, then you close in 30 days or less, typically."
MORE REACH, MORE DATA, MORE EXPOSURE
Ten-X is an auction platform, which to some has been interpreted as signaling that properties listed on the platform are all distressed or risky. Jacobs addressed this reputation: "Although we started Ten-X in 2010 during the Great Recession, this platform isn't about distressed sales — that's a total misconception. More and more investors and sellers are going online because it gives them farther reach."
More than the reach and network of Ten-X, the access to data that Ten-X provides gives investors, brokers, and sellers the insights they need to make great decisions. Ten-X, as part of CoStar Group, integrates with the leading provider of CRE data. What's more, when properties go live on Ten-X, they get diamond status on LoopNet, the most heavily trafficked CRE marketplace, boasting 10+ million monthly views. As Jacobs puts it, "When I look at using a digital platform and choosing the right investment property, Ten-X has the trifecta because we provide CoStar data and LoopNet exposure in our platform. It's having an online repository of all the critical information and tools investors need to make smart decisions."
To read more of the conversation with Steven Jacobs, click here.
For more information about the release, please contact:
Ike Elimsa
ike@twelve12.com
Source: Ten-X
