Todd Gladis, Senior Vice President, Communications for Ten-X and I discuss the recent changes to Ten-X, formerly Auction.com and how they are broadening their appeal to include, more traditional CRE transactions.
Shortly after Google invested in Auction.com, the company changed its name to Ten-X, apparently with an eye towards broadening its appeal and services. Some of the company still focuses on the online auction business, but they have recently added additional services which, coupled with their underlying document and marketing expertise, are intended to induce the brokerage community to use their platform on a regular basis.
I understand that the goal of Ten-X is to have all real estate transactions conducted on their site, whether as an online auction or the classic buy. sell, escrow transactions.
While listening to Todd, it dawned on me that if Ten-X successfully implements its plans, a huge part of US real estate transactions will occur on their platform, putting Ten-X in a position to not only challenge Loopnet and Costar, but perhaps, beat them at their own business, which is getting eyeballs to their site and gathering information. With Google as a major investor, there is no reason to believe they will not be successful.