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Auction.com has announced that it has rebranded the company as Ten-X, marking the company's transition into an online marketplace where buyers, sellers, and the agents and brokers who represent them can buy and sell high quality residential and commercial real estate. The company also announced plans to introduce new transaction platforms in March that will give sellers the option of choosing to transact either using an online auction or a more traditional non-auction process online.
The company, which has facilitated the sales of over 200,000 residential and commercial properties totaling over $35 billion since 2007, began as a disposition platform for distressed assets. In recent years, Auction.com has migrated towards higher quality, non-distressed assets. Nearly 60 percent of the commercial properties brought to sale in 2015 were traditional, high quality assets, including an office complex in Manhattan Beach, Calif., that sold for $96 million—the largest online transaction ever. Under the new brand, the company will feature three transaction platforms: Ten-X Commercial; Ten-X Homes, which will feature traditional, move-in ready residential properties; and Auction.com, which will continue to feature properties for residential real estate investors.
"This announcement represents something far more significant than a name change," said Ten-X Chief Executive Officer Tim Morse. "Our move to the Ten-X brand reflects our evolution into a marketplace for a much broader range of residential and commercial property types, and our expansion into new technology solutions that empower buyers, sellers and real estate professionals alike. Our vision is to make buying and selling real estate ten times better for everyone involved."
Ten-X will launch and demonstrate its new commercial and residential platforms—which will feature both auctions and more traditional transaction options—in March at the South by Southwest (SXSW) Interactive Festival in Austin, Texas. Both platforms will be optimized for use on desktop, tablet and smartphones. "We believe that, increasingly, people buying real estate want to be able to buy property whenever they want, wherever they happen to be, and on whatever type of computing device they're using, and we plan to meet those requirements," said Morse.
Ten-X Commercial will launch as a national platform; Ten-X Homes will have a national footprint, but focus initially on four launch markets—Dallas, Denver, Miami and Phoenix. The company also plans to announce programs for the REALTOR audience and commercial real estate brokers in the first quarter.
"As real estate moves online, we are committed to providing buyers, sellers and real estate professionals more of what they need to transact successfully," said Morse. "Ten-X offers a proven platform, a simplified process, and the information and tools that allow everyone to confidently buy and sell real estate online."