You may have heard of them somewhere or saw a quick blurb online .
You probably thought they sold houses or foreclosures that nobody really wants.
Founded in 2007, Auction.com is the nation’s leading online real estate marketplace, having sold more than $26 billion in residential and commercial assets. Attracting buyers from more than 100 countries worldwide, the company serves a wide variety of real estate customers – from major financial institutions and institutional investors to individual consumers and real estate professionals. Auction.com’s mission is to provide the most trusted online real estate marketplace, making transactions easier and more transparent.The company’s senior management team boasts a unique combination of experience in real estate, technology, marketing and auctioneering, and is revolutionizing the way real estate is bought and sold by leveraging internet technology to streamline what has traditionally been a cumbersome, complicated and paperwork-intense process. Auction.com brings quality residential and commercial assets to the market, making prospective buyers aware of those properties through world-class marketing and leveraging state-of-the-art technology to conduct transactions in a more transparent, efficient manner.
Bringing buyers and sellers together on an easy-to-use and transparent platform that leverages the competitive bidding process provides an expedited timeframe for sales while yielding the true market value of any real estate asset, whether it be a luxury home, a multi-story Class A office building, an entry-level foreclosed home, or a self-storage facility. All of this is done in collaboration with buyers’ and sellers’ agents to ensure that everyone gets the information they need to ensure a satisfying experience and optimal outcome.
With over 900 employees, Auction.com is headquartered in Irvine and Silicon Valley, California, and has offices in Austin and Plano, Texas, Miami, New York, Atlanta and Denver.
As a value-added service to real estate investors looking to increase their buying power, Auction.com also offers financing options through its subsidiary,Auction Finance, and provides transactional services on commercial property sales to institutional and private investors through its affiliate Rockwood Real Estate Advisors, a full-service real estate investment banking firm with offices throughout the U.S.
Why Auction.com Is The Future of Commercial Real Estate Now.
Auction.com sells real estate online. Not advertising,
Zillow sells advertising…to brokers. Not properties.
Let me state that again.
Auction.com sells real estate online. Commercial real estate…ONLINE.
Zillow sells advertising…to brokers.
They have created an online marketplace which is hard to do. You need to get both sides to the table and online that can be daunting and expensive.
Google liked them enough to give them $50 million dollars this year. Source: Bloomberg.
“Auction.com has quietly built one of the largest marketplaces on the web,” said David Lawee, Partner at Google Capital. “We think Auction.com can fundamentally change how real estate, and particularly commercial real estate, can be bought and sold, leveling the playing field for smaller investors.” Source:TechCrunch
I have heard from some of you out there who have said “I wish Google would get in the game.” Well here they are. What’s $50 million to Google?
Oh and the $50 million brought them close to $200 million in funding. Source: TechCrunch.
They are focusing on commercial real estate by region.
They do their own market analysis and share that market data with…..anyone who wants to look.
They even let you Practice Bidding!
Whew, that’s all you wanted to see right? Brokers are still………Alive!
What does Loopnet do again? Oh yea …they are a billboard.
Loopnet gets it’s revenue from…….brokers!
Auction.com gets it’s revenue from….the transaction!
They take 5% as a fee for each transaction. That’s called a revenue model!
Hmmm let me see how does that work again?
Auction.com has a platform that let’s buyers and sellers transact a commercial real estate deal online for which auction.com takes a 5% fee.
Today! Right Now! It’s Happening! ONLINE!
You are not even paying any attention.
Auction.com is the future of commercial real estate NOW!
+1 Hey auction.com drill down to a mobile transaction experience and I will fly to Irvine and sleep in your CEO’s (@Jeff_ Frieden) yard until he tells me how you did it!