auctionpoint

AuctionPoint provides an online auction platform built for commercial real estate brokers. Founded in 2008 by Keith Yang and headquartered in Los Angeles, California, the company offers a tool that enables brokers to create and manage their own branded auction websites for properties. This allows brokers to market their listings to qualified buyers, conduct the auction, and secure a signed purchase agreement with the winning bidder.

The platform is designed to give brokers control over the auction process, including setting times and minimum bids, uploading property information, and customizing the site with their own branding. The business model involves a setup fee of $395 for the website creation, and the company then collects a buyer's premium from the winning bidder upon the close of escrow, allowing brokers to retain their full commission. The service aims to help brokers achieve market prices in a short timeframe by creating a competitive bidding environment.

AuctionPoint received an undisclosed amount of seed funding on March 17, 2010, from a single institutional investor, LoopNet. The company operates in the real estate services industry, with competitors including platforms like Ten-X and Auction.com.

Keywords: commercial real estate, online auction platform, CRE broker tools, real estate auction, property auction, investment sales, broker-branded auctions, real estate technology, asset disposition, online bidding, Keith Yang