Irvine, Ca-based Ten-X Commercial announced this week that they have handled over $20 billion in commercial real estate transactions since the platform's inception. As the real estate industry continues to embrace technology solutions, the Ten-X Commercial platform (formerly known as Auction.com) has thrived on increased adoption from brokers, buyers and sellers while iterating and evolving platform tools.
One of the most innovative technology solutions developed for commercial real estate, Ten-X Commercial streamlines the process while removing the geographic barriers associated with traditional real estate transactions. Ten-X offers both auction and non-auction platforms, allowing brokers and sellers to utilize the transaction method that best suits their needs. Brokers who utilize Ten-X report an accelerated transaction process and higher close rates, as well as expanded reach that only a data-driven marketplace can provide.
The $20 billion in total sales volume includes office, hospitality, retail, and industrial properties ranging in value from $1 million to $96 million. Thousands of brokers, buyers and sellers log on to Ten-X Commercial daily.
"The Ten-X Commercial platform has long been the market leader because of its ability to connect brokers and sellers with global unknown buyers, and our buyer database continues to grow," said Steve Jacobs, general manager of Ten-X Commercial.
This milestone comes on the heels of recent enhancements to Ten-X Commercial's seller and broker dashboards, which provide unparalleled transparency into property activity either via desktop or a native mobile app experience. Leveraging proprietary Ten-X transaction data and algorithms, the dashboard aggregates and automates deal flow and intelligence into a single location, giving users a real-time view of marketing traction, buyer interest, and transaction activity and information for each property listed on Ten-X's marketplace. For example, brokers and sellers are able to explore each property's marketing activities and associated reach, as well as the number of potential buyers who have viewed the property details page, signed a CA and accessed the due diligence vault. The dashboard also includes details on qualified buyers who have made offers on a property, including detailed information about each offer.
"As we continue to build enhancements on our platform and release a multitude of new features, we're confident that Ten-X Commercial will continue to improve and streamline the transaction process for the entire real estate sector," added Jacobs. "We are incredibly proud of what we have achieved thus far, and we are excited to keep leveraging AI and data science to further build out our end-to-end transaction platform. As we deepen our long-term relationships with our customers and continue to invest strategically in technology, we look forward to accelerating our growth in the years ahead.