EverestAuctions.com, an online auction site, claims it discovered a way to expedite the commercial leasing process, according to Globest.com

Steve Winger, founder of EverestAuctions.com, created the online site.

An article from Globest.com claims its the first website to auction commercial space ‘for lease’ only.

Additionally, the website simplifies the process, cutting the time it takes to finalize the lease down to 45 days. The average leasing process is roughly six months, the articles claims.  

“We take all these elements—the primary term of the lease, the range of the term amount, the base risk a landlord is willing to accept, amount of tenant improvements, free rent, commission—and find the net effective rent number,” said Winger.

Winger added, “This is the landlord’s reserve amount, so when bidders come to the site, they can bid in different parameters, but unless it exceeds the landlord’s net effective rent, the bid won’t be accepted. That’s how we’re different on the lease side.”