Is Ten-X worth it? Seems like a very efficient way to sell an asset
What do you all think of Ten-X for investment sales? Apparently it costs nothing to the broker or seller to put a property there for auction. They handle due diligence, media, marketing, etc. Buyer pays the transaction fee. Seems like a very efficient way to sell. What am I missing?
[{"id": "i0gp5el", "text": "This post reads like an ad for Ten-x.  \n\n\nThe problem with this one is that not all the buyers are on it or check it. It's not the main market place for investment properties.", "replies": [], "depth": 1}, {"id": "i0gw356", "text": "Last I remember they double dip on fees buyer and seller pay.", "replies": [], "depth": 1}, {"id": "i0h1rfv", "text": "Probably missing out on true price discovery rofl.", "replies": [], "depth": 1}, {"id": "i0hakrk", "text": "If your reserve isn\u2019t met then your buyer pool knows you put the property up for auction, so you run the risk of your property being seen as something you wanted to offload quickly. Ten X will put in ghost bids to help get you to your reserve, but it doesn\u2019t always work out.", "replies": [], "depth": 1}, {"id": "i0haxhr", "text": "Would not touch anything Costar related w a ten foot pole. Their current work culture situation has so many ethics red flags", "replies": [{"id": "i0hjxr5", "text": "Lol I\u2019m failing to see how the toxicity of their office has anything to do with Ten X", "replies": [], "depth": 2}], "depth": 1}, {"id": "i0i9lve", "text": "Their marketing is not effective, most active buyers in a market don't look to buy there for many reasons, and properties tend to sell at a discount to true market value.  If you just need to offload a property then they can probably find a buyer.  The stats they put out on their transaction activity are BS.", "replies": [], "depth": 1}, {"id": "i0ie15e", "text": "They charge a fee in addition to the broker fee. Not sure where you got the \u2018free\u2019 from.", "replies": [], "depth": 1}, {"id": "i0ig0sg", "text": "Buyer perspective - #1 obviously I am going to price that transaction fee into a bid. #2 The DD is total crap so you're paying for it (thru the fee) but I can't really rely on it so there's a discount. #3 I have to assume something is wrong with the property that is not being revealed, there's another discount. #4 Typically can't finance so that cuts the buyer pool, discount again.\n\nPro - put a property up with no reserve and it'll sell, assuming that its not some obvious black hole of liability.", "replies": [], "depth": 1}, {"id": "i0ih21q", "text": "The only due diligence I trust is my own.  I used Ten-X a few times years ago when it was [Auction.com](https://Auction.com).  Met them at RECON.  You can find a deal or two, but overall it's difficult to use considering most sales have a hidden reserve price.  It's a waste of time.", "replies": [], "depth": 1}]