As part of the transition into an online marketplace that sells traditional, non-distressed properties, Auction.com announced on Monday that the company is rebranding as Ten-X.
Based in Irvine, California, Auction.com was founded in 2007 as a disposition for distressed assets. Since then, the company has facilitated the sales of more than 200,000 residential and commercial properties totaling more than $35 billion. In recent years, the company has begun a migration toward non-distressed assets.
In addition to rebranding as Ten-X, the company also announced that it plans to introduce new platforms in March that will give sellers the option to choose either an auction or a non-auction process when conducting transactions online.
“Today's announcement represents something far more significant than a name change,” Ten-X Chief Executive Officer Tim Morse said. “Our move to the Ten-X brand reflects our evolution into a marketplace for a much broader range of residential and commercial property types, and our expansion into new technology solutions that empower buyers, sellers and real estate professionals alike. Our vision is to make buying and selling real estate ten times better for everyone involved.”
The three new transaction platforms Ten-X will feature under the new brand will be Ten-X Commercial (a national platform), Ten-X Homes (a platform with a national footprint with an initial focus in the launch markets of Dallas, Denver, Miami, and Phoenix), and Auction.com. Whereas Ten-X homes will feature tradition, move-in ready residential properties, the Auction.com platform will continue to feature properties for residential real estate investors. The company will launch the new platforms, which give sellers the choice of selling a property through either an auction or more traditional transaction, at the South by Southwest Interactive Festival in Austin, Texas, in March. Users will be able to utilize the new platforms on any device, including desktops, tablets, and smartphones.
“We believe that, increasingly, people buying real estate want to be able to buy property whenever they want, wherever they happen to be, and on whatever type of computing device they're using, and we plan to meet those requirements,” Morse said.
He continued, “As real estate moves online, we are committed to providing buyers, sellers, and real estate professionals more of what they need to transact successfully. Ten-X offers a proven platform, a simplified process, and the information and tools that allow everyone to confidently buy and sell real estate online.”