PHOENIX—Just how much has technology changed the way we do business? We talked tech with Trusha Patel, director of hospitality, commercial division of Ten-X at the Lodging Conference last week in Phoenix. Patel sat down with us for an exclusive interview to discuss technology, specifically, how deals were previously done versus today.
In this video interview, Patel gave us a look at how technology has impacted deal production. Pre-technology, deals were transacted through networking and relationships. Now, Ten X has a safe platform for buyers and sellers to come and meet the market, positioning assets on the platform with a level of transparency. This platform gives sellers the visibility of assets worldwide and buyers access to due diligence documents at their fingertips 24/7. Ten-X offers three ways to transact online: the Offer Select negotiated transaction which allows sellers to provide individual buyers with offer guidance; Managed Bid, which narrows the buyer pool based on a round of initial bids; and Live Bid online auctions which attend to the needs of different buyers, Patel shared.