COMMERCIAL REAL ESTATE
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Leading brokerage firms auction O.C. properties online
Auctions of four Orange County commercial properties will take place in Sept.
By Susan BelknappPublished: August 13, 2009 11:00 AM
Due to the large and increasing number of distressed commercial properties on the market, many brokers are utilizing online auctions to bring buyers and sellers together, however, the traditional auction model excludes or limits participation by the broker – the one party that best understands the local real estate market and buyer pool.
Because of this, commercial real estate giants such as Newport Beach-based Voit Commercial Brokerage, CB Richard Ellis and Cushman & Wakefield have selected Marina Del Rey-based AuctionPoint.com to provide their auction platform to sell commercial properties in Southern California.
Using the AuctionPoint platform, these brokerage firms have created individualized online auction sites – each dedicated to a specific property auction – which opened for bidder registration on August 10 with auctions taking place in September.
“It’s been frustrating trying to bring buyers and sellers together in this market, and while I believe in the value of the auction model, I haven’t been able to utilize existing auction platforms until now because they disengage the broker,” says Gary Stache, executive vice president of CB Richard Ellis. “We chose AuctionPoint because it gives the broker – the market expert – control over the entire auction process, including marketing the auction to the right pool of buyers.”
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Due to the large and increasing number of distressed commercial properties on the market, many brokers are utilizing online auctions to bring buyers and sellers together, however, the traditional auction model excludes or limits participation by the broker – the one party that best understands the local real estate market and buyer pool. Because of this, commercial real estate giants such as Newport Beach-based Voit Commercial Brokerage, CB Richard Ellis and Cushman & Wakefield have selected Marina Del Rey-based AuctionPoint.com to provide their auction platform to sell commercial properties in Southern California. Using the AuctionPoint platform, these brokerage firms have created individualized online auction sites – each dedicated to a specific property auction – which opened for bidder registration on August 10 with auctions taking place in September. “It’s been frustrating trying to bring buyers and sellers together in this market, and while I believe in the value of the auction model, I haven’t been able to utilize existing auction platforms until now because they disengage the broker,” says Gary Stache, executive vice president of CB Richard Ellis. “We chose AuctionPoint because it gives the broker – the market expert – control over the entire auction process, including marketing the auction to the right pool of buyers.” NEXT PAGE >> Related headlines First American CoreLogic launches iPhone application CB Richard Ellis directs speedy sale of bank-owned building in Irvine 'OC METRO Minute,' Aug. 11: Maguire Properties set to give back 6 O.C. buildings to lenders Apartment sales down in Southern California; up in O.C. Maguire Properties not considering bankruptcy |
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