Technological advancements have transformed the CRE auction industry, benefiting brokers, sellers, and buyers alike. The days of lengthy, uncertain transactions with heightened chances of contingencies are in the past, with the speed and certainty of online auctions driving us toward the future.
As the #1 digital CRE auction platform, our mission is to digitize the world of CRE. We have sold and closed over 10,500 properties and counting, totaling over $33B in transactions, with an average close rate of 95% and an average list-to-close period of just 96 days.
Whether you’re looking for an accelerated transaction or seeking the certainty of a done deal, selling your property in a Ten-X online auction can help you get from list to close faster while maximizing the value of your CRE.
How does that work? Let’s dive in.
Before the Auction—Asset Strategy, Onboarding, & Asset Marketing
We may run the actual auction, but selling property on Ten-X is a collaborative process. We will work with you and your broker throughout the process to ensure that your goals are met and you are satisfied with the results of your transaction.
Before your property’s auction day, you’ll have about 60 days of preparation, consisting of three phases—the asset strategy stage to determine the reserve price, the onboarding stage to put your property on the platform and ensure it is displayed effectively, and the asset marketing stage to promote your property to potential buyers.
Asset Strategy
First, our Asset Strategy Team (AST) performs a thorough analysis of your property, utilizing CoStar’s data and real-time market conditions and feedback.
This team will work closely with you and the broker to set a reserve price that maximizes the value of your asset while aligning with the market.
Onboarding
Your property will receive a customized Listing Details Page (LDP)—an SEO-optimized webpage that includes all of the information about your listing that potential buyers will be looking for. In addition to the property details, we provide professional high-quality photography, drone videography, and a 3D virtual tour for each listing at no additional cost to help display your property at its best.
Each LDP also includes a link to view the property’s due diligence documents. This is a prerequisite for listing on Ten-X! Taking care of this step upfront helps attract qualified buyers, while reducing the chances of contingencies and surprises later on. We will ask that you provide these documents during the onboarding stage, before the property goes live.
Want to see an example? Check out our current Properties page to see our active listings.
Asset Marketing
Once your property is listed, you will receive a customized 45-day marketing push to help your property find the largest possible audience of potential buyers. This campaign will utilize digital marketing, AI targeting, and personalization to ensure that your property is seen by the right people, with an additional boost from social media promotion, email marketing, and search engine optimization. This campaign will run from listing up to your property’s auction date.
Want to check in on your results? You will have access to a personalized dashboard where you can track the progress of each of your listings.
2-Day Online Auction
During the onboarding process, Ten-X will set a specific auction date for your property. This date is typically within 45 days of the property being listing on the platform, and there will be a 2-day window for bidders to submit their bids online.
You can use the Auction Dashboard during this time to see bidder activity and monitor the results in real time. When the reserve is met and the property is sold, you’ll know!
After the Auction—Contracts & Closing
This is the home stretch! Once the auction has ended and the property has sold, you'll just need to complete our contracts and closing processes before you can celebrate a successful sale.
Your first step is to execute the Purchase and Sale Agreement (PSA). It will be automatically sent to you after the buyer signs the agreement, and you can then execute it electronically to move the transaction into escrow. Don’t wait too long! The buyer won’t be able to send their Earnest Money Deposit (EMD) until you’ve signed the PSA.
After the contracts are taken care of, it’s time to move into the closing process. Our Contracts & Closing team will be there to assist as you take the following steps:
- Provide a loan payoff statement or letter from your lender.
- Provide listing broker information to the escrow officer.
- Provide all entity documents.
- Provide any original deeds or title policies.
- Be aware of any prorations that need to be addressed.
- Carry out seller obligations.
- Promptly sign all closing documents, as required by the escrow officer.
- Provide wire instructions to the escrow officer.
If you’d like to read about this process in more detail, check out our Guide to Seller Contracting & Closing.
Accelerate your CRE transaction with Ten-X
Are you ready to go from list to close faster with an accelerated sales process and the largest audience of global investors? Visit our Sellers page to get started!