Auction.com leverages technology and the global reach of the Internet to bring massive efficiencies to the property disposition process, dramatically reducing time on market and carrying costs.
By aggressively marketing properties online, in print and through a tightly targeted direct-response program, Auction.com brings buyers and sellers together from around the world on its easy-to-use and transparent platform.
“This competitive bidding process is the best way to deliver the true market value of a servicer’s real estate asset,” CEO Jeff Frieden said. “All of this is done in collaboration with buyers’ and sellers’ agents to ensure that everyone gets the information they need to ensure a satisfying experience and optimal outcome.”
As a way to make more capital available to prospective buyers, Auction.com also offers financing options through a strategic partnership with Colony American Finance, which offers loan products especially designed for investors in the residential real estate market.
“Mortgage servicers like the efficiency of our process — our online auctions reduce days on market and associated carrying costs — and the fact that we typically cost less and deliver a higher price than traditional sales, reducing their loss severity,” said Jason Allnutt, chief business officer at Auction.com.
“Our process is entirely open and transparent, which reduces the potential for fraud, and ensures that all interested parties have the opportunity to participate and potentially purchase these homes.”
Auction.com is made up of a unique mix of seasoned real estate professionals, auction experts, highly skilled technology practitioners and world-class marketers.
“We truly believe we have a one-of-a-kind mix of talent, and that this ‘melting pot’ of skills and personalities is what’s allowed us to build the world’s largest online real estate marketplace — and exactly what we need to continue to evolve as the market continues to go through its own transition,” President Jake Seid said.
Auction.com has benefited from the investment of some heavy hitters, including Stone Point Capital, Starwood Capital and Google Capital, which invested $50 million in Auction.com in early 2014. This infusion of capital has positioned Auction.com to take full advantage of the seismic shift happening in real estate as it migrates online.
“We’ve already seen informational real estate sites such as Zillow and Trulia go through explosive growth; the next phase will be transactions, and Auction.com has the most experience and most expertise in conducting these online sales – over $26 billion since 2007,” Frieden said.
“We’re successfully selling properties today that are less distressed, so whether a servicer is looking to move hard-to-sell properties in need of repair, or rehabbed, retail-ready REO homes, Auction.com can help them move their assets more quickly, and at the best possible price,” he said.
Jeffrey Frieden is the CEO of Auction.com, the country’s largest online real estate marketplace, which he co-founded in 2007 with Rob Friedman. Under Frieden’s leadership, Auction.com has thrived during one of the most challenging real estate markets in U.S. history.
Frieden has also led the company in its transition from a traditional auction company into a technology company, leveraging its extensive real estate and auction expertise.
He has built relationships with investors such as Stone Point Capital, Starwood Capital and Google Capital, which invested $50 million in Auction.com in early 2014.
President Jake Seid oversees overall company operations for Auction.com and played a key role in securing an investment in the company by Google Capital in early 2014. He was also named one of HousingWire’s Rising Stars for 2014.
Prior to joining Auction.com in 2011, Seid was a managing director at Lightspeed Venture Partners, where he was an active board member and investor in private growth companies in the U.S. and abroad. Prior to his work at Lightspeed, Seid was an early employee in Cisco Systems’ broadband Internet cable operator business unit. He participated in its growth from an annualized revenue run rate of $1 million to $1 billion, and from 0% to over 90% market share.
Jason Allnut became chief business officer for Auction.com in 2009. In his role, Jason is responsible for business development and the strategic development of residential auction products and clients. Prior to joining Auction.com, Allnut served as the executive in charge of credit operations for Fannie Mae from 2004 through 2009, where his responsibilities included underwriting, servicing and REO.