According to Jeff Frieden, CEO and co-founder of the firm, Smith was the ideal choice to oversee both business units. He says the 25-year veteran of real estate sales, finance and operations “has a unique combination of deep real estate sales experience combined with a track record of significantly improving the operations and management teams of multiple-portfolio companies. He has quickly become a key contributor to the growth and evolution of the broader Auction.com offering.”
In his new role, Smith will oversee the company's work in all commercial real estate sectors, including retail, multifamily, office, hospitality and industrial. Auction Finance, which facilitates access to Auction.com's preferred lenders and helps bidders access the proof of funds needed to participate on the platform, will become part of the company's commercial division.
Regarding the joining of these two divisions, Smith says, “Bringing these two business units together reflects increasing demand from our commercial clients for a frictionless financing solution. I'm excited to be part of the new and innovative ways Auction.com is serving the needs of the commercial marketplace.”
When GlobeSt.com asked Rick Sharga, Auction.com's EVP, about the launch of Auction Finance in October 2014, Sharga told us, “It's part of the evolution of our business model. When we first started out, we were doing big, ballroom-style auctions, and people would come in with briefcases full or cash or cashier's checks and buy properties on the spot. We wanted to provide as many options on our site as possible to help as wide a range of people as possible, so this was one way to do it.”
Also, there are shifting market conditions at play, Sharga added. “This is not a major driver, but something to consider as well. Big institutional investors have slowed down their buying activity on homes for rental, and we're seeing more of the medium-sized investors who have a bigger need for financing than some of the larger investors do. So, Auction Finance is meeting a market need.”
Stay tuned to GlobeSt.com for an in-depth interview with Smith on his new role at Auction.com and what he envisions for the firm's future.
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