The lack of decision-making data and portfolio reporting for REO assets creates a complicated process for investors and lenders in the distressed property market. Auction.com, a leading online real estate marketplace for residential bank-owned and foreclosure homes, addresses this problem with a solution that delivers a seamless interaction between buyers and sellers.
Launched in June 2018, Portfolio Interact provides asset-level details, robust analytics and proper portfolio reporting to provide users with actionable data to make more informed decisions. The latest feature of Portfolio Interact, Bid Interact, was released as a result of continual innovation of Auction.com’s marketplace. Bid Interact delivers the power to monitor REO auctions in real time, make reserve changes instantly and accept a live bid with a click of a button.
“The traditional method of disposition holds sellers captive to a series of non-transparent intermediaries who may not be aligned with the seller’s ultimate goal,” said Auction.com’s Chief Business Development Officer Ali Haralson.
Portfolio Interact, featuring Bid Interact, is the first and only available tool that transforms the process of selling distressed assets using real-time functionality. The business intelligence dashboard delivers unprecedented asset-level detail, portfolio reporting and robust analytics. By offering easy-to-access information for portfolio performance and actionable data for pricing optimization, Portfolio Interact increases efficiency and sales performance.
“Never have sellers been empowered with real time decision-making, direct control of inventory in a live environment and the ability to make decisions about assets that can drive sales,” Haralson said. “Auction.com has achieved a level of technological advancement that offers transparency in real estate that has never been allowed before.”
By adding real-time functionality to Portfolio Interact, Bid Interact increases a seller’s power to sell by enabling them to:
- Monitor live competitive bidding of assets
- Review asset-level details and bid history
- Make reserve changes instantly
- Accept a live bid in real time with a click of a button
Sellers using Portfolio Interact, featuring Bid Interact, reported that the tool speeds sales, gives easy access to meaningful data and creates a connection between the specific asset and the bidder.
“One major financial institution client told us that Bid Interact has changed the way they run its REO business. It gave them a new perspective on their inventory and the best economical path to take with their properties,” Haralson said.
Portfolio Interact is a part of the Auction Interact suite of tools. These solutions were developed by Auction.com with the goal to build a bridge of transparency and enable buyers and sellers to conduct essential functions in real time.
“We are building a solution that gives control back to both our buyers and sellers and removes the friction that prevents real progress in this industry,” Haralson said.
PRODUCT: Portfolio Interact
SNAPSHOT: Auction.com’s business intelligence seller dashboard delivers unprecedented asset-level detail, portfolio reporting and robust analytics for informed pricing control and real-time asset decisioning.