Joe Tang, Founder & CEO of AuctionPoint, a leading provider of broker-friendly online commercial property auction solutions, shares his insights:
“The industry’s new kid on the block is a technology offering and online business model that gives brokers a means to stay ahead of their competition: commercial real estate online auctions. These platforms are taking an important step forward in breaking the logjam of unsold commercial property by better meeting pricing expectations and creating a sense of urgency and excitement that has been missing in the market.
Once viewed as a measure of “last-resort” for distressed properties, auctions are becoming more prevalent and adding value to traditional sales. In 2008 alone, $15.5 billion in commercial real estate was sold via auction, and that number is likely to increase once the 2009 figures are released.
The advancing technology in the auction space provides speed that is attractive to sellers, pricing that is attractive to buyers and the innovative marketing that is attractive to brokers. Online auctions likely will motivate more qualified buyers to get off the sideline, which means promoting liquidity in an otherwise stagnant market and achieving true market value for properties. And, in turn, help stabilize the real estate market across all sectors.”
The full article here: http://www.huffingtonpost.com/joe-tang/can-technology-help-solve_b_537532.html