What's Necessary for Auction Transactions

IRVINE, CA—Whether they be online or at live events, auction transactions involve multiple parties and require clear and consistent communication, Auction.com's Patrick McClain tells GlobeSt.com. McClain was recently hired as the firm's SVP of auction portfolio operations, a new position. He has managed portfolios of more than 200,000 REO assets over the course of his career and will lead Auction.com's portfolio-management team toward establishing a “one-stop-shop” experience for sellers from onboarding to closing, regardless of disposition type.

Under McClain's direction, Auction.com's portfolio operations will focus on optimizing REO disposition services by establishing enhanced partnerships with third-party vendors, agents and its clients' asset-management companies. He comes to the firm with almost 20 years in asset management at various companies, having held numerous senior-level positions including SVP/managing director for Atlas Nationwide, where his primary role was leading the REO asset-management-services division. During his tenure with Atlas, McClain was also responsible for the development of the Dallas location and worked closely with the rest of the executive team in its business-development efforts. He also spent 12 years with GMAC Mortgage and served as SVP, responsible for the enterprise REO group. In this position, he was responsible for the management of GMAC's REO portfolio. He also oversaw the integration of the two REO platforms under the GMAC servicing umbrella and for multiple system integrations.

We spoke exclusively with McClain about his new role and what you should know about online auctions.

GlobeSt.com: What are you most looking forward to accomplishing in your new role with Auction.com?

McClain: I look forward to working closely with our existing and prospective clients to gain a better understanding of their changing needs and working with our teams to tailor unique solutions to help overcome existing challenges. And, to developing a deeper partnership between Auction.com and the real estate agents across the country. I believe that a stronger relationship with these agents can help facilitate smoother transactions and improved outcomes for our clients.

GlobeSt.com: What would you say are your main goals in this new position?

McClain: Everything that I'm working on is directly tied to Auction.com's commitment to customer centricity, specifically creating optimal experiences for buyers and sellers of residential real estate. That means consistently delivering what we already know our customers want while also taking the time to understand their emerging needs. Over the past year, Auction.com has invested heavily—both in time and resources—in elevating the customer experience by consistently delivering simplicity, transparency and proactive engagement. My goal is to focus on tying all of those initiatives and ideas together and then executing programs that provide added value to our clients—from first-time investors and visitors to the platform to more active investors and long-term adopters.

GlobeSt.com: What else should our readers know about online auctions?

McClain: As with any real estate sale, auction transactions—whether they be online or at live events—involve multiple parties and require clear and consistent communication. Auction.com continues to work diligently to work with our clients and vendors to improve this communication and ensure a transparent and efficient transaction. We deliver improved financial results for our clients, which include government agencies, banks, servicers and investors, by bringing transparency, competition and liquidity to the sale of homes during the foreclosure and REO process. Our integrated marketing model and partnership with Google allows us to target specific buyers and maintain an unmatched marketing effort.

IRVINE, CA—Whether they be online or at live events, auction transactions involve multiple parties and require clear and consistent communication, Auction.com's Patrick McClain tells GlobeSt.com. McClain was recently hired as the firm's SVP of auction portfolio operations, a new position. He has managed portfolios of more than 200,000 REO assets over the course of his career and will lead Auction.com's portfolio-management team toward establishing a “one-stop-shop” experience for sellers from onboarding to closing, regardless of disposition type.

Under McClain's direction, Auction.com's portfolio operations will focus on optimizing REO disposition services by establishing enhanced partnerships with third-party vendors, agents and its clients' asset-management companies. He comes to the firm with almost 20 years in asset management at various companies, having held numerous senior-level positions including SVP/managing director for Atlas Nationwide, where his primary role was leading the REO asset-management-services division. During his tenure with Atlas, McClain was also responsible for the development of the Dallas location and worked closely with the rest of the executive team in its business-development efforts. He also spent 12 years with GMAC Mortgage and served as SVP, responsible for the enterprise REO group. In this position, he was responsible for the management of GMAC's REO portfolio. He also oversaw the integration of the two REO platforms under the GMAC servicing umbrella and for multiple system integrations.

We spoke exclusively with McClain about his new role and what you should know about online auctions.

GlobeSt.com: What are you most looking forward to accomplishing in your new role with Auction.com?

McClain: I look forward to working closely with our existing and prospective clients to gain a better understanding of their changing needs and working with our teams to tailor unique solutions to help overcome existing challenges. And, to developing a deeper partnership between Auction.com and the real estate agents across the country. I believe that a stronger relationship with these agents can help facilitate smoother transactions and improved outcomes for our clients.

GlobeSt.com: What would you say are your main goals in this new position?

McClain: Everything that I'm working on is directly tied to Auction.com's commitment to customer centricity, specifically creating optimal experiences for buyers and sellers of residential real estate. That means consistently delivering what we already know our customers want while also taking the time to understand their emerging needs. Over the past year, Auction.com has invested heavily—both in time and resources—in elevating the customer experience by consistently delivering simplicity, transparency and proactive engagement. My goal is to focus on tying all of those initiatives and ideas together and then executing programs that provide added value to our clients—from first-time investors and visitors to the platform to more active investors and long-term adopters.

GlobeSt.com: What else should our readers know about online auctions?

McClain: As with any real estate sale, auction transactions—whether they be online or at live events—involve multiple parties and require clear and consistent communication. Auction.com continues to work diligently to work with our clients and vendors to improve this communication and ensure a transparent and efficient transaction. We deliver improved financial results for our clients, which include government agencies, banks, servicers and investors, by bringing transparency, competition and liquidity to the sale of homes during the foreclosure and REO process. Our integrated marketing model and partnership with Google allows us to target specific buyers and maintain an unmatched marketing effort.