Biproxi, an end-to-end commercial real estate transaction platform, introduced Live Offer™, its new online auction product for Commercial Real Estate (CRE) properties. The auction platform has been designed to provide maximum flexibility to CRE brokers and their clients, and is the first online auction product that enables brokers to control the process from start to finish.
"We worked closely with brokers who have extensive experience auctioning commercial properties online to design our Live Offer platform," said Gordon Smith, biproxi CEO. "This allowed us to build in the kind of features and functionality brokers want in an auction platform, while delivering more flexibility and broker control than any auction product on the market."
Live Offer provides brokers with unprecedented flexibility and optionality, giving brokers control throughout the entire process – before, during and even after the auction itself. Working in tandem with advisors from biproxi, brokers can control a wide variety of options, such as the start and end date; the time of the auction; the minimum acceptable offer; minimum offer increments; the earnest money deposit amount; the closing date; approval of prospective buyers to participate in the auction; and the maximum bid amount for each participant. Brokers and their clients can also make changes to these and other parameters in real time during the auction event.
"We built our company to be incredibly nimble, and wanted an auction platform that is equally nimble, allowing us to adapt as needed to customer needs and demands," said Dan Beider, Chairman and Senior Managing Director of Paramount Lodging Advisors. Beider's company recently used the biproxi Live Offer platform to successfully market the La Quinta Frankfort, Indiana. "We really like being in control of the auction process, and appreciate that the Live Offer technology is flexible enough to accommodate the specific needs of a given deal, rather than being more rigid, and forcing the deal to conform to the limitations of the technology."
Biproxi works with brokers to actively market properties on the Live Offer platform, targeting buyers who frequently purchase the type of property being auctioned, active local and regional investors, global investors interested in U.S. commercial properties, and other investors in the biproxi database. The biproxi marketplace, which already includes over 100,000 listings of properties for sale, along with marketing tools that enable brokers, buyers and sellers to execute transactions online, also offers a non-auction transaction solution.
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