IRVINE, CA-Sellers use an auction to bring assets to marketbecause they are confident that buyers who use the online auctionplatform are properly verified and eager to buy at a fair price. Inturn, buyers participate in the online events because sellersunderstand the value of an asset is determined by the market. So says Robert Friedman, chairman of locallybased Auction.com. The GlobeSt.com Thought Leader and heavyparticipant in commercial real estate auctions chatted withGlobeSt.com about the impact of online auctions to the CREcommunity, benefits for private and institutional buyers and doingdue diligence among other things.
GlobeSt.com: What is the impact of online auctionson commercial real estate?
Friedman: Auctions in general andonline auctions in particular are playing an increasingly importantrole in commercial real estate. In today’s volatile market, thequestion of value is increasingly vague. A properly marketedauction determines the true value of a property by bringing allparties to the table in a transparent marketplace. An onlineauction takes it a step further by enabling a much broader group ofpotential bidders, in many cases a global set of bidders, toperform due diligence and ultimately participate in the auction inreal time. Online auctions are a perfect complement to thetraditional sales process.
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