While the news would have you believe that bitcoin, space exploration and chicken sandwiches are the most popular topics these days, things are a bit different for commercial real estate. CRE auction platforms are officially the main talking point of the moment.
From Loopnet to Brevitas, commercial real estate auction platforms are becoming more-and-more popular. Why? It’s mainly due to the easy experience these platforms provide in evaluating, purchasing and selling assets.
The only question is, what does the ideal one look like? Let’s discuss what you should look for in a CRE auction platform.
Number of Properties On the Platform
Whether you’re interested in CRE auction platforms for purchasing assets, selling assets or simply evaluating them, there needs to be enough properties on the platform to make it worthwhile. For sellers, you might not want too many similar properties, as that will be competition for your listings. For buyers, you want enough options to pick the perfect property for your portfolio—limited choices will also give you increased competition for bids. There’s no perfect number of properties, but you ultimately want to choose an auction platform that meets your needs and you want to think about the number of properties before setting prices.
Trade Rate for Properties
You also want to make sure the auction platform has a history of success with the types of properties you’re interested in selling or buying. If making a purchase, you want enough options to ensure the trade rate is fair. (A large number of properties is a system of checks and balances in itself.) If selling, you can gauge which platform fits your typical property best. Brevitas, for example, is ideal for the exclusive, high-end market. PropertyShark is ideal for foreclosures. TotalCommercial.com is ideal for value properties. You get the idea.
An Easy-To-Use Interface
What good is the best auction platform in the world if it’s difficult to use? You don’t want to be placing bids or conducting searches and run into technical errors at the most inopportune times. Make sure the interface allows for easy completion of tasks like uploading asset information, changing listing parameters and placing bids. All verbiage, settings and listing information should be easy to understand as well and the customer service team should be helpful. Overall, you want a seamless user experience, not a frustrating one.
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