Ten-X and CCIM Institute have recently announced the formation of a strategic partnership, the goal of which is bridge the gap that exists between technology and real estate deals. The historic partnership between the renowned online real estate marketplace and successful CRE broker organization has the potential to completely transform real estate transactions. Currently, deals on Ten-X typically close within 90 days. Thanks to the new partnership, deals could become even more efficient.
Previously known as Auction.com, Ten-X has recently rebranded, and is now providing high-quality commercial products while partnering with the broker community. Ten-X has also recently announced it will be introducing a non-auction marketplace to complement its existing auction offerings. As a result, brokers will be able to benefit from a far greater selection of products.
The partnership between Ten-X and CCIM Institute is also significant in that it represents a move away from the historically strained relationship that has existed between technology and commercial real estate professionals. Programming will be hosted by Ten-X in South Florida, New York, and Los Angeles. As part of the partnership, Ten-X will be working with CCIM Institute to educate members on the best ways to take full advantage of the platform while transacting properties online.
Ultimately, the goal is to provide the thousands of CCIM Institute members with the tools and knowledge necessary to build their businesses and work more efficiently by taking advantage of everything offered by the Ten-X platform.
According to Ten-X, CCIM Institute represents the ideal partner, as the institute offers the greatest array of educational products for real estate professionals. Furthermore, the institute is already at the cutting edge in terms of promoting the adoption of technology-based solutions for improving the transaction process in the commercial real estate industry.
Ten-X has also announced plans to launch new transaction platforms that will provide sellers and broker advisors with the choice to transact using either an online version of the more traditional non-auction process or an online auction. Since rebranding, the company has displayed a strong commitment to moving toward stabilized property sales. Currently, almost 60 percent of the commercial properties sold on the Ten-X platform last year were high-quality assets. The firm reports facilitating approximately $14 billion in commercial sales and paying more than $300 million in commission fees to brokers.
Technology has begun to play an increasingly larger role in the real estate transaction process. As such, it has become imperative for brokers to ensure that they are positioned at the precipice of this transformative period in the industry. With the formation of the new partnership between Ten-X and CCIM, more sophisticated resources will be given to brokers, thus providing them with a distinctive competitive advantage.
The CCIM designation, Certified Commercial Investment Member, has long been recognized as a symbol of elite proficiency in the commercial real estate industry. This certification provides access to a network of thousands of leaders throughout the real estate, investment counseling, appraisal, and brokerage industries.