Shawn Miller, LFC director of sales, notes that the Newport Beach-based company has been in the auction marketing business for 30 years, and in 2004 went online exclusively with commercial property. "Brokers are understandably wary about all the online auction companies sprouting up on what seems like a daily basis, many of which charge upfront fees," Miller says. He points out that the LFC platform enables brokers to build and manage their own online auction campaign by creating a branded auction webpage, entering property information, uploading property documents and photographs, and setting auction parameters, such as minimum bid and bid deadline.
The auctions typically last between 45 and 60 days, during which brokers market their property and manage prospects, overseeing everything from the bidding to the final sale. LFC collects a 2% Internet marketing fee paid by the buyer at the close of escrow.
LFC has auctioned commercial properties for a broad range of companies, including corporations such as Coca-Cola Enterprises and Adelphia Communications Corp. Its commercial, industrial, land and residential property sales have totaled more than $5 billion. The company hosts all auctions on its commercial auction website, LFC.com.
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