2A — April 12 - 25, 2019 — M id A tlantic
Real Estate Journal
www.marejournal.com
Mid Atlantic Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Editor/Graphic Artist ......................................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists ............................Ian Grusd, Ten-X Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 7 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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Why the CRE Community Should Embrace Technology-Driven Auctions H Ian Grusd olding an auction to maximize value is a common practice across many industries includ- ing cars, antiques and art, and can even be viewed as a high- end, exclusive event. However, this widely accepted perspec- tive of auctions doesn’t fully carry over into the real estate industry. In the past, commercial real estate auctions have generally been associated with foreclo- sures and distressed proper- ties. With more than $20.5 billion worth of real estate transacted online, Ten-X Com- mercial has changed that per- ception within the CRE space, proving that auctions are ben- eficial to buyers, brokers and sellers alike. In fact, some key benefits of online CRE auctions include an efficient streamlined process, achieving true market value, and reducing the time, from list to close, by 50 percent. Auctions have become a reli-
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able indicator of buying inter- est in the current real estate market. Specifically, online auctions have a unique ability to reach a wider audience of serious buyers who would have previously been unaware that certain properties were avail- able due to physical geographi- cal limitations. With more serious, qualified bidders and a competitive bidding environ- ment an auction can generate a final price that maximizes value and is indicative of true market value. Furthermore, auctions are proven to cause a sense of urgency and competi- tion among bidders, leading to increased activity and height- ened excitement. Ten-X’s signature auction
solution, Live Bid, has many unique benefits. For example, the streamlined process accel- erates the transaction timeline so that 96 percent of deals close in 90 days or less – much quicker than the overall tra- ditional offline closing period. Also, Ten-X’s Dashboard gives sellers and listing brokers access to data analytics that provide transparency on the most likely qualified bidders, where that potential bidder is located, and real-time insights into bidder activity. On the bidder side, potential buyers are able to see the previous bid amount and how much time is left on the clock to continue placing new bids – all online continued on page 3A
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Celebrating 30 Years
Save the Date 4th Annual Philadelphia Healthcare & Medical Properties Conference
Trust Kaplin Stewart for a hands on approach • Land Use & Zoning • Construction • Real Estate Transaction • Business, Corporate Planning & Litigation
May 23rd, 2019
• Estate Planning • Environmental • Employment
Attorneys at Law
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