Real estate investment bank the Carlton Group has launched a mobile platform that allows users to bid on properties from their phones, according to Howard Michaels, the company’s chairman. The platform works in conjunction with the company’s auction Web site, Carlton Exchange, which underwent a revamp late last year. The software is the first of its kind in the industry, said Michaels, who hopes that the program will streamline the buying process.
“It makes the buying of distressed assets [easier] for the investor,” Michaels said. “It’s a trading platform for investors to meet motivated sellers.”
The national mobile system will allow users to not only bid 24 hours a day, but also to access its database of loans and properties.
And with billions of real estate loans reaching maturity, Michaels said it’s a good time to make the buying process easier.
“We’re the busiest we’ve ever been,” Michaels said.
With an official launch date of March 26, it’s too soon to tell how quickly the platform may catch on. But Michaels said the Carlton Exchange site, also known as “CEX,” has attracted rapid interest — with $2 billion in assets in its database and over 25,000 registered users among its ranks.