Ten-X has no doubt had a great impact on our bottom line—and helping clients get deals done.

I head up investment sales for the Tri-State region. The majority of our business is in New York City, and we do all different asset classes—so about half of what we sell is multi-family, mixed-use; we do a lot of retail, office, development sites, industrial, and the occasional hotel that we partner on with our hotel group out of Atlanta. 

We want to be tuned in, we want to see what's happening on the sales front, and I think when we have assignments and we have inbounds and owners calling us wanting to dispose of their properties, we're thinking about: "Does this make sense to run a conventional process? Does this make sense to put on the Ten-X platform?"

I think a great fit for the Ten-X platform is when you need certainty of execution and a defined timeframe. So if we know we have to transact in a specific quarter, it's really helpful to make sure that you load everything up on the data room, you schedule the auction date to coincide with it, and you know that you're working with a contract that mandates a specific closing period. So it's really helpful when you need that definitive timeline.

I remember, actually, working with the team on a portfolio on the Upper East Side, and this was a portfolio that we'd already been in the market with for close to a year. And it was a really complicated portfolio because it was a mix of apartment buildings and rent regulation, and we had ownership that was really not on the same page. We found that the conventional sales process just did not work. We just had one failed contract after another. 

And finally, I reached out to the clients and said, "You don't have credibility in the marketplace anymore because buyers don't believe that you're going to transact." So I said, "Look, let's take this to Ten-X. We can put everything on the data room, and we can bring this out to the marketplace, and we know that the buyers once and for all are going to transact." But I think it also told the market that yes, the sellers were serious as well.

What's been amazing working with the Ten-X team is that every year it seems you just continue to step up your game and improve on the technology. I think what it means for us and Ten-X is a lot more opportunities for us to work together for our clients to achieve the best results.

In this conversation, Nelson described the transaction of a 261-unit multifamily portfolio 418 East 77th Street and other addresses in New York's Upper East Side. This listing received 32 bids in the Ten-X online auction and sold for $61.6M, going from listing to closing in just 105 days.

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