Auction.com Rebrands As Ten-X

Posted by Patrick Barnard on January 11, 2016 No Comments
Categories : Residential Mortgage

As it continues to expand into traditional, non-distressed sales, Auction.com is rebranding itself as Ten-X.

‘Our move to the Ten-X brand reflects our evolution into a marketplace for a much broader range of residential and commercial property types, and our expansion into new technology solutions that empower buyers, sellers and real estate professionals alike,’ proclaims Tim Morse, CEO of the company, in a release. ‘Today's announcement represents something far more significant than a name change. Our vision is to make buying and selling real estate 10 times better for everyone involved.’

As part of its evolution, Ten-X will soon be introducing a new residential transaction platform as well as a new commercial transaction platform. Both will give sellers the option of using an online auction or a more traditional non-auction process.

The new platforms, which are currently in development, will be unveiled in March during the South by Southwest Interactive Festival in Austin, Texas.

Auction.com, which began as a disposition platform for distressed assets, has facilitated the sales of more than 200,000 residential and commercial properties totaling more than $35 billion since its founding in 2007.

In recent years, the company has migrated toward higher-quality, non-distressed assets. Nearly 60% of the commercial properties brought to sale by the company in 2015 were traditional, high-quality assets.

Under the new brand, the company will feature three transaction platforms: Ten-X Commercial; Ten-X Homes, which will feature traditional, move-in ready residential properties; and Auction.com, which will continue to feature properties for residential real estate investors.

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