Thanks to “Storage Wars” and its ilk, the purchase of storage units with delinquent rent has become a subject of significant cultural fascination. However, while the process may be simple entertainment to some, it actually provides a model for much of the real estate industry as it continues to evolve.
In fact, buying a delinquent storage unit is similar to buying a traditional real estate asset at auction. In each case, the seller is provided with a fully transparent means to achieve the highest value for what he or she is selling. In this case, either the unit’s contents or the property itself. Innovators such as Ten-X Commercial have taken the "tried-and-true" concept of buying a delinquent unit’s contents at auction and amplified it by providing the same benefits to sellers of office buildings, retail centers and other commercial properties. These sellers can see every bid from pre-vetted buyers unfettered by geographical borders and complete transactions with an efficiency never before seen in commercial real estate.
By taking the traditional sales method of using a broker and a live bid auction online, sellers can expand their pool of potential buyers and produce nearly unlimited offers with maximized pricing and all-cash closings. An auction method also helps eliminate the dreaded re-trade - when a buyer or seller attempts to renegotiate a deal after previously agreeing to terms.
The sale of delinquent self storage units at auction already boasts the transparency and efficiency that many buyers and sellers are now demanding as they transact traditional real estate assets. By taking those same advantages to an online marketplace such as Ten-X Commercial, sellers can expand their reach to find unknown buyers and their transactions can close with unprecedented certainty, velocity and efficiency.
Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 292,000+ residential and commercial properties totaling nearly $48 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif. and has offices in key markets nationwide. Investors in the company include CapitalG (formerly Google Capital) and Stone Point Capital. For more information, visit Ten-X.com.