Companies have been quickly moving to completely online services to answer the problems that have arisen from the pandemic. One of those services that multiple companies around the world have been turning to is online auctions. Recently, CRE proptech firm, biproxi, has entered a partnership with The Future of Real Estate (FRE) to do just that.
FRE is an online real estate auction site toting its Accelerated Marketing Program (AMP®) which offers brokers an end-to-end transaction platform to sell commercial real estate online.
With this partnership, biproxi will offer an innovative and sophisticated auction platform that offers brokers CRE marketing and technology products and services.
Gordon Smith, CEO of biproxi, said:
"We're excited to add auctions to the suite of products and services available from biproxi, and believe it is a natural progression to our current offerings.”
The CRE proptech company offers a number of products and services for brokers to utilize, including:
Bill Lange, CEO, and Founder of FRE said:
"For centuries auctions have provided the primary way to appraise the most priceless works of art and jewelry via competitive bidding. Over the past few years, we have seen a dramatic rise in commercial real estate sellers and brokers exploring auctions as a way to shorten the time on market and provide a true appraisal of the property's value."
This isn’t the first time since the pandemic started that a company has moved to online auctions. Earlier in the year, realestate.com.au also turned to online auctions, as well as a number of other companies going down the same route to continue making profit during market unrest.