Auction.com expands into non-distressed properties
Multi-channel approach reaches potential buyers around the globe
Auction.com is disrupting the residential real estate market with an online marketplace that has helped sell over 200,000 properties – more than $35 billion worth of residential and commercial assets.
The company has created this marketplace by leveraging Internet and mobile technology to streamline real estate transactions. And its extensive reach, which gives sellers access to millions of potential buyers from more than 100 countries worldwide, provides strong results and improves execution for sellers.
“Our sophisticated multi-channel marketing approach broadens the market for sellers by expanding the buyer pool and bringing in buyers from around the corner, and around the globe,” said Jason Allnutt, GM of the company’s Single Family Residential business unit.
As consumers demand more access to information, Auction.com has developed mobile applications designed to meet those needs – an iPad app that has facilitated tens of millions of dollars in sales over the past year, and an iPhone app that has proven popular among investors. The company’s online platform empowers buyers by simplifying the home-buying process and providing complete transparency, which helps reduce the risk of fraud and ensures that all interested parties have the opportunity to participate in a transaction.
Auction.com has developed specific programs that enable lenders and servicers to dramatically reduce holding times and carrying costs, while capturing fair market value for their assets. The company markets foreclosure sale properties in all 50 states, and conducts live courthouse auctions across the country. It also sells REO homes online for government-sponsored entities and virtually every major financial institution, and is the proven market leader for Claims Without Conveyance of Title auction services, with more than 35,000 properties sold.
With a new CEO at the helm, investors such as Google Capital, and senior management team additions this year from companies such as eBay and Yahoo!, Ten-X, the parent company of Auction.com, is focused on expanding beyond its traditional market.
“We’re committed to delivering innovative solutions that help our institutional customers sell their assets effectively and efficiently,” said Ten-X CEO Tim Morse. “But we’re also excited about the success we’re having with traditional property sales. Sixty percent of the commercial assets we bring to auction today are non-distressed, high quality properties, and we’re making headway in the residential market as well. Real estate really is moving online.”
Tim Morse, CEO
Tim Morse became CEO of Auction.com (now Ten-X) in June 2015 after serving as the company’s CFO for just over a year. Prior to joining the company, Morse helped numerous technology companies implement strategies that support sustainable growth, including years at Yahoo! Inc. where he served as CFO and interim CEO. After leaving Yahoo! in the fall of 2012, Morse joined online advertising start-up Adap.tv, where he led IPO efforts to near conclusion. For 15 years, Morse also held numerous positions of financial leadership with the General Electric Co., including GE Capital, GE Corporate, GE Appliances and GE Plastics. In July 2005, Morse was named CFO and general manager of business development for GE Plastics. He left GE in 2007 to become CFO for the Altera Corp. Morse holds a finance and operations and strategic management degree from Boston College.
Jason Allnut, GM, Residential Division
As general manager of Ten-X’s Residential Real Estate division, Jason Allnut oversees all aspects of the residential business, including Auction.com. Prior to joining the company, Allnut served as the executive in charge of credit operations for Fannie Mae from 2004 through 2009, where his responsibilities included underwriting, servicing and real estate management. Prior to his position at Fannie Mae, he served as vice president of Default Administration for GMAC ResCap.
Javid Jaberi, EVP, Residential Division
In his current position Javid Jaberi manages Residential Home Operations. He has more than 30 years of experience in real estate and financial services. Prior to joining the company, Jaberi was the chief servicing officer at Homeward Residential. He also served as vice president of Fannie Mae and was responsible for managing the servicing performance of its super mega servicers to optimize Fannie Mae’s risk position. He also managed the operational processes that drove servicing performance, including collections, campaign management, loss mitigation and MBS compliance. Prior to Fannie Mae, Jaberi was managing director and senior vice president – Enterprise Servicing and Asset Performance at GMAC ResCap and held management positions at U.S. Bank, BCG, Associated Bank and Colorado National Bankshares. Jaberi has undergraduate and graduate degrees from the MBA’s School of Mortgage Banking, and a bachelor of science degree in business administration and accounting from University of Northern Colorado.