Auctions are a hot topic right now. Due to the effects of the pandemic on certain sectors of the commercial real estate industry, owners are looking to liquidate assets. While auctions have long been a part of the industry, there is reason to expect an influx of new auction listings to hit the market in the coming months.
On May 27, 2021, Michael Griffin, the Managing Director of Broker Solutions, presented an exclusive webinar highlighting the exciting opportunities available with the RCM LightBox auction platform. Read on for key takeaways from the webinar.
A Streamlined Process
Our auction platform was developed in 2009 to help commercial real estate brokers expedite sales during the Great Recession. At that time there was a huge demand for rapid processing, so RCM stepped in with a unique solution. We streamlined the process to make it something that anyone can do. Since 2009, over $2.5 trillion in investment transactions have been completed through our system. Estimates suggest that auction sales could soon generate more than $28 billion in fees industry-wide.
Is A CRE Auction Right For You?
A commercial real estate auction is ideal for selling performing or non-performing assets or loans. The auction process allows you to make more money, have more control, and include more personal marketing with every transaction. If you have a CRE asset or loan that you want to sell, our platform is a great fit if you meet the following criteria:
- You have an asset that you must sell and need to achieve the highest possible price.
- You can close quickly. An average sale in our system only takes 45 days from the day you start marketing to the day it closes.
- You are looking for a low-cost option with virtually no risk.
Whether you are new to CRE auctions or have built your career around them, our CRE auction platform allows you to tap into a lucrative revenue stream.
How Does A CRE Auction Work?
If you have a property to sell, it is easy to market it within our system. You start your deal in our online portal which gives you complete control over everything you need. You can easily create a new listing, market it, manage bidders, and monitor the auction through closing. You’ll also have a dedicated auction manager who is available to help you every step of the way.
To get started, you will create an interactive website — no special marketing or technical skills needed. The website landing page is unique and is one way that the platform truly shines in this industry. This page is made to showcase you and your listing, with your branding front and center. Every deal you do through our system promotes you, your brand, and your capabilities. Your listing website makes it easy to add visuals like maps, aerials, and photos. You can even register your own website domain name for each auction. Simply pick your custom website address and we will register it for you for free as part of our services.
After your branding is established, then you can move on to the secured due-diligence section. This is where you can lock down certain documents and limit access to only the people you approve. The system also has the ability to enable online execution, so everything is paperless throughout the entire auction process.
Market Your Listing
The CRE auction platform provides everything you need to expose your commercial property deal to the broadest audience in the industry via email. Simply create a customized branded email campaign. Choose from a variety of email templates that showcase you, your team, and your capabilities. All emails come from you, not a third party.
When preparing your email, you can upload your own contacts to target the buyers that you think are strong prospects. You can also send your campaigns to our list of over 80,000 vetted and qualified bidders as well as over 300,000 interested parties. This flexibility to market to your own target list as well as leverage the prospects allows you to cast a wide net since you do not know where your next buyer will come from.
The call-to-action within your marketing email will lead recipients to your custom landing page to learn more – not a LightBox website. There is no LightBox branding, and no navigation from your listing to other competition. Viewers will only see you, your company, and your deal.
Once your marketing is in full swing, and the executed confidentiality agreements start rolling in, we’ll keep you updated on how many prospects you have, where they came from, and what documents they have downloaded. You also have instant access to your list of potential bidders so you can contact them directly in the days leading up to your online commercial real estate auction.
You Are In Control
This is your CRE auction, and you are always in control. You allow who gets to bid, you control the reserve price, the auction date, and every detail. It is your auction and your rules.
During the auction, bidders have access to an interactive page that provides real-time feedback on the current bid, whether the reserve has been met, and the time remaining to keep the process moving along. All related documents are always available to make sure your bidders have all the information they need. Once the auction is complete, you and the buyer follow the same process you would with any other sale.
So, what happens if your deal doesn’t close? There’s no cost to you! If your deal doesn’t close you do not pay any fees for using our auction service. We succeed if you succeed.
Leverage The RCM LightBox Auction Platform
Our approach to commercial auctions is different. We focus on helping you keep more of what’s yours. We believe that auctions should be an opportunity for you to provide a level of client service that sets you apart, and introduce a type of service you have never offered before. We also believe that the auction should promote your brand and be easy with no risk.
Now is the time to see how easy it is to leverage the RCM auction platform to sell your next deal fast and efficiently. You can view the webinar recording or request a personalized demo. Our team would love to show you all the amazing benefits and the RCM auction platform. We look forward to helping you close your next deal.
Category Commercial Real Estate