AuctionPoint’s business model of bringing sophisticated technology to an otherwise traditional industry is a game changer
Marina Del Rey, CA (PRWEB) May 25, 2010
AuctionPoint, an innovative online auction platform for commercial real estate, announced today that it has received a strategic investment from Tom Anderson, social media pioneer and co-founder of MySpace. Anderson also joins AuctionPoint’s Board of Advisors.
In this new advisory role, Anderson will provide strategic counsel on the company’s corporate vision and growth strategy, as well as provide input on technological developments. The investment partnership will help accelerate AuctionPoint’s nationwide expansion. Terms of the investment were not disclosed.
“I believe AuctionPoint’s business model of bringing sophisticated technology to an otherwise traditional industry is a game changer,” said Anderson. “AuctionPoint is shaping how commercial real estate deals get done, and industry players are realizing that these new ways of doing business are essential to jumpstart the marketplace.”
“Tom’s expertise and successful background in social media and viral marketing will be instrumental in guiding AuctionPoint’s business plan, helping us identify opportunities to advance the business and to form future strategic alliances,” said Joe Tang, co-founder and CEO, AuctionPoint.
Anderson’s venture marked the second high profile investment in AuctionPoint recently, further demonstrating investor confidence in the company. In March 2010, AuctionPoint announced a strategic investment from LoopNet, Inc., operator of the largest online commercial real estate marketplace.
Since its launch, AuctionPoint’s first-of-its-kind technology has become the winning solution for many commercial real estate brokers looking for an effective way to sell property at full market value. Brokers from leading firms including CB Richard Ellis, Grubb & Ellis, Coldwell Banker Commercial and Cushman & Wakefield have used the platform to auction their properties.
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 under their name and brand, while keeping their full commission. LoopNet, the largest and most heavily trafficked commercial real estate listing service online, became a strategic investor in 2010 and now markets AuctionPoint as its exclusive online auction offering. AuctionPoint’s broker-centric platform, coupled with the national reach and database of LoopNet, form a unique set of tools that empower commercial real estate brokers to accelerate the disposition process. For more information, visit http://www.AuctionPoint.com.
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