Select Century 21, Coldwell Banker Commercial Brokers Turn to AuctionPoint’s Online Platform to Sell Properties at Maximum Value in Shortest Timeframe

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Brokers from Two New Firms Add to Growing List of Commercial Brokers Who Believe This Innovative Solution is the Right Approach for Selling Properties in Today’s Market

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If you look around the marketplace, you won’t find a more effective selling tool than AuctionPoint.

AuctionPoint, Inc. today announced that commercial brokers from Century 21 Beachside, Realtors, and Coldwell Banker Commercial Atlantic International, Inc. are turning to the AuctionPoint online auction platform to effectively and efficiently sell properties at full market value.

These brokers are part of a growing trend of commercial real estate professionals who are seeking new approaches to selling, and are selecting AuctionPoint, for the disposition of property in a marketplace overburdened with excess inventory and a gap in buyer and seller expectations.

“We are excited to welcome these new brokers from two leading firms,” said Joe Tang, co-founder and CEO of AuctionPoint. ”It’s clear that AuctionPoint is more and more becoming a central element in a successful brokers’ strategy.”

The first commercial property to be sold by a Century 21 broker is a 4,902 square foot industrial condominium with a front show room and large rear warehouse at 7331-B Garden Grove Blvd. in Garden Grove, Calif. The minimum bid is $485,000 ($99 per square foot) and the live auction is on March 17. Medi Ryan of Century 21 Beachside, Realtors, is the listing broker, and the Web site for the auction is: http://www.AuctionPoint.com/7331 .

Since September 2009, brokers from leading commercial real estate companies around the country have seen firsthand the successful results of using AuctionPoint. Unlike traditional commercial real estate auctions which exclude or limit participation by brokers, AuctionPoint empowers brokers – the market specialists – to sell properties faster, more efficiently and at market value, all while keeping their full commission.

Michelle Owens Wheaton is not only the first broker from Coldwell Banker Commercial to sell a commercial property via AuctionPoint, but also the first commercial broker in South Carolina to adopt this technology. Wheaton is marketing and managing an auction for the 48-room Winton Inn in Barnwell, South Carolina.

“If you look around the marketplace, you won’t find a more effective selling tool than AuctionPoint,” said Wheaton. “As a broker, my job is to sell my client’s property at the highest possible price, and using AuctionPoint ensures that I will achieve this goal while also getting the deal done quickly.”

The AuctionPoint solution empowers brokers to customize and manage the entire auction of a featured property, from marketing to live bidding to sale, in a seamless manner. Each broker creates a unique, individual Web site for their auction for a nominal set-up fee of $395. AuctionPoint then charges a 1.75 percent Buyer’s Premium, which is added to the final purchase price and collected at the close of escrow, the same time as brokers receive their full commissions. During the registration period of an auction, brokers can review the list of registered bidders and qualify bidders to participate. While AuctionPoint’s platform gives brokers back control of the auction process, it also levels the playing field for bidders, creating transparency that is missing from traditional sales approaches.

About AuctionPoint
AuctionPoint, an innovative online auction platform, is changing the way the commercial real estate industry does business. At a time when the market is at a standstill, auctions create liquidity – motivating buyers to act and closing the gap between buyer and seller pricing expectations. Created by technology entrepreneur Joe Tang and real estate developer Keith Yang, AuctionPoint enables commercial real estate brokers to auction properties online. Brokers market listings as they have traditionally, and now drive potential buyers to a property-specific auction website, where buyers have access to all property details and due diligence materials. The auction then takes place in a transparent online environment, resulting in full market value being achieved for the property. For more information, visit http://www.AuctionPoint.com.

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Nancy Goldstein
Burson-Marsteller for AuctionPoint
(212) 614-4827
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