Ten-X, the online real estate marketplace formerly known as Auction.com, has unveiled more details on the residential platform, Ten-X Homes, to be launched at SXSW (South By Southwest) Interactive, a technology and networking event, in Austin tomorrow.
At launch, Ten-X Homes will offer between 400 and 500 “move-in ready” single-family homes from a range of sellers, including banks, investors, institutions, new homebuilders and agents.
Carrington Real Estate in Aliso Viejo, California, a full-service brokerage, will be trying out the home sale platform.
Traditional transactions meet modern convenience
Said Ten-X CEO Tim Morse: “Our new platforms combine the familiarity of traditional real estate transactions with the transparency, efficiency and ease that the Internet has brought to other market sectors, like travel and financial services, and sets a new standard for our industry.”
Ten-X chief marketing officer, Rick Sharga, said, “Of the properties that we are launching with, all of them have a listing agent, and all of them will have a broker co-op available — a buyer’s agent for those interested in the properties, as well.”
One of the advantages for buyers is the ability to make an offer online as soon as they have seen the home and see any counter-offers from sellers as quickly as they decide to move.
Users will be able to search for homes or create their own property listings, negotiate prices and terms, manage offers and complete sales transactions, all online from any device, said the company.
Consumer campaigns in Dallas, Denver, Miami and Phoenix targeting FSBOs
Sharga is expecting more FSBO (for sale by owner) parties to provide listings after a consumer campaign in the markets where the platform is launching initially — Dallas, Denver, Miami and Phoenix.
Ten-X will be researching new markets, intending to go to national coverage eventually, but it is likely to stick with these four for 2016.
Transaction management for agents
Agents will like the transaction management part of the platform, said Sharga, which takes the seller and their listing agent through every step of the process, from listing a property through accepting the offer, the home inspection and so on.
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“The agent and the seller can walk through that together, so everybody knows what’s assigned,” he said. “From an agent perspective, it means they can stop playing email and phone tag.”
The seller also has the option to view offers side by side with their agent, streamlining the process for the parties.
Ten-X is in discussions with mortgage companies about bringing them into the process, too.
Agent program?
In January, Sharga talked about an agent program for the new initiative. “We are still trying to figure out what the agent program would look like,” he said this week.
“Our current plan is going to market sometime in the April-May time period, when we will start doing outreach to agents in the four markets.”
For agents, it will mean accelerating the marketing for their listings and giving their clients’ homes international exposure.
“By making the process more transparent, we level the playing field for both agents and their clients,” addd Sharga. “And make the process more enjoyable.”
“Why should it take two days for the offer to go from the buyer to the buyer’s agent, who has other things to do, to the seller to look at your offer and make a response. The objective is to make it easy and transparent for people to buy and sell properties,” he said.
What about auctions?
Ten-X will be offering auctions on Ten-X Homes as an option at some stage.
“We will limit this to institutional sellers or to agents,” said Sharga. “We are not sure that consumers could do it at this point.”
Ten-X will continue to run Auction.com for distressed properties.
The launch this week is just the beginning of the road ahead, said Sharga.
“We have a roadmap with 97 different product features — and at launch, we will have one-third of them on the website, so there is a lot more to come.”
Buyers, sellers, brokers and agents can visit www.ten-x.com for more information tomorrow when the site goes live.
Editor’s note: This story has been updated to explain the nature of SXSW Interactive.
