Ten-X, formerly called Auction.com, has formed a partnership with the CCIM Institute aimed at bridging the gap between technology and real estate while boosting the online firm’s presence in the commercial property market, including in Miami.
The announcement comes on the heels of Ten-X Commercial’s plan to roll out new transaction tools that will allow sellers and their brokers to choose between an online auction or a traditional online sale. Yan Khamish, managing director of business development for Ten-X, told The Real Deal that the enhanced website is geared to bring more “eyeballs” to the property and also organizes all due diligence before deals go into contract, compared to the traditional transaction process. It creates a web page for each property, including its own “web vault” and proprietary marketing campaign. Auction.com rebranded as Ten-X earlier this month.
In South Florida, the former Auction.com facilitated the $27.8 million sale of the Shoppes at Jupiter in August. The 24-acre property listing attracted 6,591 web hits, 312 vault visits, 15 registered bidders and 10 live bidders, a spokesperson said. Transwestern brokered the sale. Auction.com also facilitated the sale of Mayfair in the Grove, which traded for $38 million in 2010. The property received 10,190 web hits and 58 vault visits. Jones Lang Lasalle brokered that sale.
Khamish said deals have an average life cycle of 90 days on Ten-X. “Transactions aren’t lingering for 270 days,” he said.
When Ten-X, based in Irvine and Silicon Valley, rolls out its new programs and services on March 11, Auction.com will remain as a residential online platform. The partnership includes webinars about the Ten-X platform for CCIM members, of which there are about 240 in South Florida, CCIM president Steven Moreira told TRD. Ten-X will target Miami, Los Angeles and New York as cities where it will focus on growing business. Moreira and Khamish declined to disclose financial details of the agreement.
The partnership between CCIM and Ten-X is part of the company’s shift toward more stabilized property sales and focus on the commercial market. In November, Auction.com launched a campaign to woo commercial brokers with $5,000 for listing one of their properties on the site.
The CCIM curriculum, short for certified commercial investment member, includes 160 classroom hours and requirements based on professional experience, according to a press release.It has about 13,000 members nationwide. The institute is an affiliate of the National Association of Realtors and its members include those in the brokerage, appraisal, investment counseling, development, lending and real estate law industries.
Ten-X has sold more than 200,000 residential and commercial properties totaling more than $37 billion since 2007, the company said. Investors include Google Capital and Stone Point Capital.
An earlier version of this article incorrectly stated that Ten-X and CCIM will launch programs in Miami, Los Angeles and New York. They will instead be targeting those three cities.