Los Angeles-based Hudson & Marshall, a real estate auction company, is joining forces with Genesis Auctions, the Internet-based distressed residential real estate disposition platform, to create a technology driven auction powerhouse to meet the growing needs of clients by offering a full-suite of auction solutions.
"The combination of Genesis with Hudson & Marshall creates the second most significant independent (not affiliated with a large servicer) auction provider in our industry, creating real competition, which we believe will really benefit both sellers and buyers," said Dave Webb, principal and owner of Hudson & Marshall. "We plan to compete on client service and property sales execution — the core drivers of the real estate business."
The firms will be owned by Global Property Exchange and maintain the Dallas and Los Angeles operations of both companies.
In addition, Webb will co-own and co-lead the new combined entity with Trixy Weiss, founder and CEO of Genesis Auctions.
The new transaction combines Hudson & Marshall’s background with servicers, lenders, credit unions, GSE’s, asset management firms and investors with Genesis Auctions’ relationship with lending affiliate Genesis Capital, a private bridge lender to investors active in distressed single-family real estate.
“The addition of Genesis’ investor sales and marketing programs and databases, technology expertise, and relationship with Genesis Capital, will attract more buyers to our platform and provide them access to capital which will increase auction execution exponentially and enable a higher level of service to our collective clients” said Webb.
“The real estate sales marketplace is changing rapidly,” said Weiss. “With our highly complementary offerings, clients, and expertise, our combined company will offer our clients a full suite of technology-driven high performance auction solutions spanning both traditional and untraditional programs.”
Webb and Weiss said the companies were drawn to a partnership because of their shared belief in the future of online real estate marketplaces, the philosophy at both companies that puts the clients first, and a belief that the future of real estate must include partnership with real estate agents and brokers.
"We believe real estate agents — the community experts and boots on the ground — will always have a key role to play in most real estate transactions, but that this role will shift as technology and data change the availability of information and the behavior and needs of homebuyers," Webb said.