Auction.com wooing commercial brokers with $5,000

The service is offering agents money for listing one of their properties on its site

New York /
Nov.November 16, 2015 01:43 PM

As part of its expansion efforts, Auction.com is trying to woo commercial brokers with a hybrid model fuses traditional brokerage with its bidding service. To help kickstart these relationships, Auction.com is offering brokers $5,000 for listing one of their properties on the site.

The service’s early years largely relied on foreclosed real estate listings, but the service has been pushing to represent more owners of residential and commercial listings.

Most of the Auction.com’s sales are residential, so the company is hoping to beef up its commercial business by convincing brokers that listing their properties will actually widen the pool of possible buyers exposed to their listings, the Wall Street Journal reported.

This may include more foreign buyers. Earlier this year, Auction.com announced a venture with Shanghai-based Juwai.com to market U.S. homes to Chinese buyers.

The service still needs to sort out how to divide commissions with the brokers. Many brokers who have sold properties through Auction.com, up until now, have accepted smaller cuts. Auction.com is mulling a change to its commission structure so that this isn’t the case, the newspaper reported. For the moment, brokers can collect the $5,000 listing bonus and a $10,000 additional bonus when the properties sell.

Auction.com says it will likely sell up to 1,500 commercial properties this year and 50,000-60,000 homes. [WSJ] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Two of the eleven properties under threat of foreclosure (Google Maps)
Mack Real Estate may “strip” club owner of properties
Mack Real Estate may “strip” club owner of properties
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...