Shawn Miller, LFC director of sales, notes that the NewportBeach-based company has been in the auction marketing business for30 years, and in 2004 went online exclusively with commercialproperty. "Brokers are understandably wary about all the onlineauction companies sprouting up on what seems like a daily basis,many of which charge upfront fees," Miller says. He points out thatthe LFC platform enables brokers to build and manage their ownonline auction campaign by creating a branded auction webpage,entering property information, uploading property documents andphotographs, and setting auction parameters, such as minimum bidand bid deadline.

The auctions typically last between 45 and 60 days, during whichbrokers market their property and manage prospects, overseeingeverything from the bidding to the final sale. LFC collects a 2%Internet marketing fee paid by the buyer at the close ofescrow.

LFC has auctioned commercial properties for a broad range ofcompanies, including corporations such as Coca-Cola Enterprises andAdelphia Communications Corp. Its commercial, industrial, land andresidential property sales have totaled more than $5 billion. Thecompany hosts all auctions on its commercial auction website,LFC.com.