Ten-X Launches Online Commercial Real Estate Platform at South By Southwest Interactive Festival in Austin

AUSTIN, TEXAS — Ten-X, formerly Auction.com, has launched its new transaction platform, Ten-X Commercial, at the South by Southwest Interactive Festival in Austin.  The platform was developed specifically for buyers, sellers and real estate brokers to buy and sell commercial real estate online. Ten-X Commercial offers three transaction options: Live Bid, Ten-X’s signature online auction format; Managed Bid, a two-step process whereby interested buyers submit sealed indicative bids to qualify for a short list that will compete for a property in a scheduled online auction event; and Offer Select, Ten-X’s non-auction offering, which brings the more traditional real estate transaction process online. Ten-X has partnered with a group of sellers to offer the first properties available for sale on the new platform beginning today. The Offer Select platform allows sellers to set their preferred list terms, including price, due diligence and escrow period, hard money deposit and contingencies; privately communicate with buyers to offer guidance to improve their offers; create shortlists and request best and final offers; and easily view and compare offers on a “Seller Dashboard.” Offer Select provides buyers with search and filtering capabilities; the ability to submit offers that include financing and due diligence contingencies online; a “Buyer Dashboard” to easily track offers on multiple properties; and paperless, online contracting for a streamlined transaction. The South By Southwest Interactive Festival begins today.