Ten-X Boosts Transparency in Its Transaction Platform

Ten-X, an online real estate marketplace, is making new strides toward more transparency in its investment platform. The company has rolled out a new dashboard to provide what it has called an “unprecedented” level of real-time information in a single place, giving important intelligence on the status of a property so that they can make more informed decisions. We sat down with Lawrence Yuan, chief technology office at Ten-X, to get more information on the new dashboard, its features and why providing more transparency is so important.

GlobeSt.com: What was the impetus to launch this commercial dashboard?

Lawrence Yuan: We consistently listen to our customers and anticipate how our technology can not only meet their needs, but far exceed their expectations. Our new commercial dashboard was born from direct conversations with brokers, buyers and sellers, who are increasingly turning to Ten-X Commercial to drive efficiency and unlock new opportunities in commercial real estate—but our new dashboard is much bigger than that. This enhancement allows us to further streamline the transaction process. As an industry innovator, we have continued to lead the digital transformation of commercial real estate and the launch of the new dashboard is a natural extension of our larger vision.

GlobeSt.com: Tell me about the dashboard, and how it works.

Yuan: Leveraging Ten-X transaction data, the new dashboard essentially organizes deal flow and intelligence into a single location, providing brokers and sellers with a real-time view of a property’s marketing activity. Our customers have the ability to gather valuable intel on the status of each property on our platform and make informed decisions based on actionable insights. For example, brokers and sellers are able to explore each property’s marketing traction and reach, as well as the number of potential buyers who have viewed the property details page. The dashboard also includes information on serious buyers who have signed a confidentiality agreement.

Another key feature our customers have been very receptive to is a map view driven by Google Maps™ that geographically breaks down buyer interest in each property. Through this feature, brokers and sellers are able to get a more tangible perspective of Ten-X Commercial’s reach and the global interest in their property.

GlobeSt.com: Why is it important to provide more transparency in real estate transactions today?

Yuan: The shift to more transparency, coupled with increased data and analytics, is leading to more intelligent decision making in real estate transactions. We live in an extremely transparent world where virtually everything is trackable, and data is at our fingertips like never before. As real estate transactions continue to move online, there is a clear demand for this level of transparency and insight.

The map view tool, for example, provides excellent visualization that shows our customers firsthand buyer interest by region, which helps demonstrate why 72% of all buyers on our platform are previously unknown to the broker. This level of transparency empowers brokers and sellers to better manage the transaction process for their properties and will help deal teams make more informed decisions as to when, or if, a pivot strategy should be put in place.

GlobeSt.com: How have clients responded?

Yuan: Our customers are thrilled with the enhancements that are available through the new dashboard. Our dashboard has further streamlined the transaction process on our platform and with fully integrated mobile functionality through the Ten-X commercial app, our customers can access these insights and transact on the go.

GlobeSt.com: Ten-X has been busy innovating. What is next?

Yuan: Innovation never ends. We are constantly thinking of ways to streamline the real estate transaction process and we have some very exciting features that we will be releasing in the near future. The launch of the new dashboard is really just the tip of the iceberg.