Auction.com Ventures into Real Estate Technology
- Commercial Real Estate
- CREtech Blog
- Residential Real Estate
Yet another company is hoping to change the way the real estate industry functions by launching an online marketplace. Auction.com is now jumping onboard with a marketplace that takes advantage of mobile and online technology to make real estate transactions easier and more efficient. Thanks to the company’s extensive reach, sellers are able to gain access to millions of prospective buyers from around the world.
Using a multi-channel marketing approach, Auction.com helps to expand the market for sellers by actually broadening the pool of potential buyers. Traditionally, sellers have been able to market primarily to local buyers, which meant it could often take longer to sell a property. Today that is no longer the case, as sellers are able to reach out to buyers from every part of the world. The ability to do so could shave significant amounts of time from the duration a property remains on the market.
Meeting the Demand for More Information and Greater Transparency
The marketplace’s innovative approach is particularly important, as consumers today are demanding increased access to more and more information. Auction.com delivers by providing a mobile application. Not only are sellers able to benefit, but buyers are able to take advantage of greater empowerment with a simplified home buying process and significantly improved transparency. As a result, everyone involved in the transaction is able to participate, thus reducing the risk for fraud.
In fact, the company has actually developed specific programs to assist servicers and lenders in significantly reducing carrying costs and holding times while at the same time bringing in a fair market value for assets. Auction.com now markets foreclosure properties in every state, as well as conducting courthouse auctions in real time. Also offering REO properties for sale online, Auction.com gives buyers access to the greatest pool of available properties.
New Management and Investors on Board to Fuel Future Growth
The company now has a new CEO directing future growth, and has already attracted new investors, including Google Capital, to assist in expanding its reach. According to the company, it is dedicated to providing consumers with innovative solutions that will also help institutional companies market assets in a more effective and efficient manner. This is yet another area of the real estate industry that has proven to be quite inefficient in the past. Now, institutional companies are able to reach a far larger pool of consumers and ensure that assets do not linger on their books for lengthy periods of time, while simultaneously driving a greater return on investment.
As real estate continues to move increasingly online, services such as those provided by Auction.com will likely prove to be more and more important. Already, the vast majority of buyers begin their property search online. In order to reach most buyers, sellers will now need to take advantage of such services in order to ensure that they market their properties in the most effective manner possible. Auction.com is helping to meet that need in a clear and streamlined way.
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