Commercial Brokerage Firms Adopt Online Auction

Posted by Orb Staff on August 17, 2009 No Comments
Categories : Commercial Mortgage

Brokerage firms CB Richard Ellis, Cushman & Wakefield, Voit Commercial Brokerage and Collins Commercial have selected AuctionPoint.com, a new online auction platform, to sell commercial properties in Southern California. Bidder registration opened Aug. 10, and the auctions will take place in September, AuctionPoint says.

CB Richard Ellis' executive vice president, Gary Stache, points out that while many auction platforms disengage brokers, AuctionPoint's empowers them, allowing them control of the auction process, including marketing strategies.

AuctionPoint's functionality accommodates everything from detailed property information to extensive due diligence materials, the company says. During the registration period, brokers can review the list of registered bidders and qualify bidders to participate. On auction day, brokers know which bidders are in the virtual auction room, when they entered and can view the full bidding history. Each bidder is also aware of the current high bid, creating a transparent process. "
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"Keeping the brokers at the center of the process is the key to running successful auctions, and having several leading brokerage firms on board utilizing AuctionPoint is a testament to the advantages of our model," says Joseph Tang, co-founder of AuctionPoint.

SOURCE: AuctionPoint

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