Innovation That Drives Results
A common perception is that properties become discounted in value through the auction process, but in every case, allowing the open market to compete for distressed properties and convert those assets back into stabilized homes produces a greater net return for financial institutions. Much of this success is attributable to the scale and reach of the internet as a proven communications and business channel.
“The broad reach of our digital marketing creates a more competitive environment, attracting 4.5 million global buyers with billions of dollars in liquidity to our marketplace,” according to Colleen Lambros, Chief Marketing Officer at Auction.com. "Our extensive marketing strategies shorten the time it takes to sell properties and creates a ‘win-win’ situation for our buyers and sellers. We leverage the internet, mobile technology and data science to maximize the reach and exposure of the assets on our platform and match them with the most qualified buyers.”
In many ways, the company’s auction marketplace represents a new paradigm in how technology is impacting the REO industry. “Last year, 60 percent of Auction.com’s homes were sold to buyers via the company’s mobile applications, underscoring an industry shift toward more cutting-edge alternatives to traditional sales methods. As a Google Capital company," Lambros explains, "Auction.com's culture of innovation in this area is one of the reasons why we are – and continue to be – the market leader."
Allnutt continues. "It is good for buyers and sellers but – just as important – it's good for American neighborhoods.”
Looking ahead, Auction.com continues to innovate in order to help servicers better optimize their sales process, mitigate risk, reduce costs and stabilize neighborhoods.
“Over the past decade, Auction.com has revolutionized the real estate industry with our online marketplace that has helped sell residential properties nationwide worth a cumulative $29 billion,” says Allnutt. “Our online platform has transformed real estate sales, empowering consumers to safely and easily view and buy residential properties. I believe that we have created a positive effect on countless neighborhoods across the country. We look forward to continuing this progress by developing groundbreaking new products and services that help sellers, consumers and communities continue to thrive.”