LOS ANGELES—Technology is hitting both sides of the deal in commercial real estate, according to a recent webinar from Partner Engineering & Science. Joe Dehake, Partner’s CEO, talks to Rick Sharga of Ten-X, formerly Auction.com, about how technology is impacting the transaction process, and, on the flip side, Chris Reeves of BBVA Compass, about how the firm is implementing technology to deal with regulatory scrutiny.
“Real Estate is probably the single addressable market that really hasn’t been already impacted dramatically by the Internet,” says Sharga in the series. The company is looking to close the gap between informational and transactional, using financial services companies like E-trade and Ameritrade as examples. We believe that the closet parallel to what we are going to see in real estate is in the financial services industry. What the financial industry has done that real estate hasn’t gotten to yet is that they have created a middle tier, and in that middle tier you see people doing a pay-for-services model where they work with a broker to do part of the transaction, but not the whole thing.
The company received a sizable investment from Google Capital to boost their technology to make this shift. “One of their areas of interest was the fact that we are in the commercial real estate industry, where they really didn’t see anyone else moving into,” adds Sharga. In addition to changing their name from Auction.com to Ten-X, the company has also rolled out new platforms, including Tex-X Homes and Ten-X commercial.
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