When Colliers Senior Vice President Barry Swatsenbarg sought to market a $24 million, 120,720-square-foot office property in Ann Arbor, Mich., this past February, he turned to Ten-X Commercial, the world’s only fully online real estate selling platform, which has facilitated the sale of over $48 billion in residential and commercial real estate.
Ten-X, which has sold over 292,000 properties in the U.S. on their site, allows brokers to supercharge the sales process, freeing up the time they need to focus on communicating with potential buyers and leading them to deals that close twice as quickly as the average commercial real estate transaction.
Commercial brokers like Swatsenbarg use Ten-X Commercial’s Offer Select transaction solution, which follows the traditional commercial real estate sales trajectory, including a due-diligence period and a closing period.
When Ten-X Commercial launched Offer Select earlier this year, Swatsenbarg monitored the site to determine its effectiveness and liked what he saw.
“We found that they were having great success finding unique equity—people we’re not familiar with, who might want to buy real estate through normal channels,” Swatsenbarg said.
For placing properties like the Ann Arbor office on the Ten-X marketplace, brokers prepare the usual seller information and compose an offer memorandum, while Ten-X sends professional still and video photographers to the property, employing traditional and drone photography to make it as attractive as possible for potential buyers.
When the site goes live, Ten-X’s proprietary algorithms sort through more than 200,000 qualified investors in its database, plus potential buyers from outside databases as well, identifying the most appropriate and qualified candidates. Ten-X Commercial then develops a personalized marketing plan for each property, ensuring the right potential buyers see the listing and receive continual communication throughout the process.
Once the site for his property went live, Swatsenbarg noticed a clear increase in responses compared to properties he had marketed without Ten-X’s involvement.
“I’m not going to pretend to know everybody,” he said. “Ten-X has had this huge reach for so long now that it’s like getting a whole extra layer of equity sources that we may not already have,” he continued. “It’s pretty significant in that regard.”
Offer Select gives Swatsenbarg and brokers like him complete metrics on the response to their ads, including number of clicks and how many respondents requested more details.
With Ten-X’s assistance, Swatsenbarg received nine qualified bids in just three weeks, a process that usually takes 45 to 60 days. He closed the deal in June, meaning that from listing to sale, the entire transaction took just four months.
Swatsenbarg, like thousands of his fellow brokers, profited from the Ten-X advantage and said he looks forward to having it as a key tool in his sales arsenal for years to come.
“I don’t want to say that Ten-X is a market disruptor, but they’re in that space,” he said. “They create more activity for a client and provide me with more exposure. My overriding mantra is to give my clients options because more options equals more opportunity. Ten-X saves me time, makes deals happen faster and allows me to provide a greater variety of options to my clients.”
Ten-X Commercial is the nation’s leading online real estate marketplace, having sold more than $48B in real estate assets. Ten-X Commercial empowers brokers, buyers and sellers to transact commercial real estate online, blending data-driven tech with industry expertise.