This piece originally appeared in the February 2024 issue of BID Magazine. For more updates and insights on the Texas CRE market, download your free copy today!

Brandon Colombo, President of Sales for Bracket Real Estate, a national brokerage firm based out of Dallas, Texas, understands Ten-X auctions better than just about any broker. Having begun his journey on the sales teams at both CoStar and Ten-X, he recognized just how valuable it is for a broker to have the expertise to efficiently run the auction process and close within 100 days.

This led him to help create Bracket, a brokerage specializing in online auctions and designed to bridge the gap between digital and traditional processes to bring speed and simplicity to CRE transactions.
 

Ten-X: What are the benefits of working with Ten-X as a broker?

Brandon Colombo: I trust Ten-X—I know they’re doing everything to set our clients’ properties up for the best chance of success. They have excellent professionals and resources dedicated to each deal and are extremely detail oriented. This is a tremendous benefit for Bracket as we scale.

The Ten-X Dashboard functionality helps us assess a lot of data in real-time. Combining that with our underwriting, Ten-X’s value ranges, and CoStar Data allows us to communicate market feedback and statistics to our clients. Due to current market conditions these data points are necessary for helping our clients understand the delta in property values compared to a year ago. We can trust the data and communicate, “The largest real estate data company is saying X, Y, or Z about your asset, submarket, etc., to ensure that we give your asset the best odds of a successful trade.”

Their marketing packages are first class and the reach we can obtain with their marketing is second to none. Having access to CoStar and Ten-X allows us to run deals all over the country and to be on the same playing field as the Big Four. We have the same technology, data, and the know-how to compete with Marcus & Millichap, CBRE, and Colliers, and I’m incredibly grateful to have access to these tools. We couldn’t do it without CoStar and Ten-X.

We can confidently tell our clients that they are in front of the largest audience and have access to data that helps us communicate with our client where the market is.
 

What has your experience been like working with the Ten-X team?

From a service standpoint, the Ten-X team is very quick with responses and feedback. Always there, and always responsive. They have the right people in the right positions to ensure a smooth process from onboarding through contracts and closing.
 

What do you think the future holds for online auctions?

I bet my entire career on it. The reason why I initially joined Ten-X and the reason we started Bracket is that I really believe that this way of transacting real estate is going to become the gold standard as we go into the future.

This segment of the industry is still in its infancy. Brokerage is in transition and holding on to traditional methods, but the new generation of brokers are going to propel it forward, and we’re already starting to see it happening with larger brokerages adding small auction teams to hedge that this part of the industry will gain more momentum.  And we’re right there with them.

And we see it with our own clients. We’ve made believers out of sellers that thought this way of transacting was only for distressed properties. Once someone experiences this process, it’s very easy to see its value.