Building A Better Broker With Technology
While data analytics and automation continue to disrupt commercial real estate, brokers are increasingly adopting CRE technology, which has become a vital tool in today’s competitive real estate landscape. When properly utilized, CRE tech allows brokers to work more efficiently, which frees up time for them to focus on what they do best: establishing and maintaining client relationships.
Many brokers have increased their deal volume significantly by leveraging Ten-X’s online marketplace.
Ten-X has transacted over $50B in residential and commercial real estate. The Ten-X Commercial platform adds value to a broker’s process by streamlining the entire documentation process, expanding marketing efforts for the property to a global pool of investors and increasing the certainty of a close by eliminating the risk of a re-trade.
Colliers International Executive Managing Director Jacklene Chesler is a broker who understands the importance of managing time effectively. With CRE technology, she has been able to efficiently and quickly close deals, bringing significant value to her clients. Last June, she sold Continental Plaza, a $63M, 650K SF office park in Hackensack, New Jersey, using the Ten-X Commercial marketplace.
“My team has personally marketed many different investment deals via the Ten-X Commercial platform, from value-add to core properties, from private equity to institutional sellers and purchasers,” Chesler said. “These transactions have always been extremely successful, no matter the size, type of property or buyer profile.”
Chesler sold Continental Plaza using Ten-X’s managed bid solution. The process starts out with an initial call for offers, where buyers submit indicative bids and gain access to a secure vault providing all due diligence documentation on the property. The selectivity allows buyers to put their best foot forward and enables sellers to shortlist potential buyers, further increasing certainty of a close.
“Ten-X Commercial gets deals done,” Chesler said. “It’s a highly efficient process with an unparalleled reach to a large number of qualified buyers. Furthermore, Ten-X’s hands-on approach to customer service and expansive buyer reach allow us to find investors we might never have reached on our own.”
Brokers also receive a full commission directly from their clients, eliminating any opportunity cost associated with using the Ten-X platform.
“The Ten-X marketplace lends itself directly to a high level of transparency, enabling buyers to make decisions at the initial stages of the process, and it ensures that a seller will reach only qualified, serious buyers who will close in a specified time frame. This level of efficiency takes many of the unknowns out of the transaction,” Chesler said.
By integrating the Ten-X marketplace into her sales process, Chesler has become a model for brokers finding success in nontraditional ways. By utilizing the Ten-X Commercial marketplace, brokers have the opportunity to differentiate themselves in today’s competitive real estate market.
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