Commercial real estate auction platform AuctionPoint Inc. says an investment from MySpace co-founder Tom Anderson will help the company accelerate its nationwide expansion.
The terms of the investment were not disclosed, but the company said Anderson will also provide strategic counsel on the company’s growth strategy and input on technological developments as a member of AuctionPoint’s board of advisers.
"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, AuctionPoint’s co-founder and CEO, in a press release.
AuctionPoint said brokers from leading firms including CB Richard Ellis, Grubb & Ellis, Coldwell Banker Commercial and Cushman & Wakefield have used the platform to auction their properties.
In March, commercial listings website operator LoopNet Inc. announced a marketing partnership with AuctionPoint as part of an undisclosed investment in the company. LoopNet, which attracts nearly 1 million unique vistors per month, now markets AuctionPoint as its exclusive online auction offering.
In their most recent quarterly report to investors, LoopNet executives said that by working with AuctionPoint, LoopNet will be "well positioned to capitalize on the rapid increase in distressed properties coming to market later in 2010 and in 2011."
LoopNet disclosed that listings on the site have grown steadily during the downturn, from 652,000 at the end of 2008 to 754,000 at the end of March.
LoopNet customers include most commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX and Sperry Van Ness.
The National Association of Realtors is also a competitor in the commercial listing space, having acquired ePropertyData, operator of CommercialSource.com, in 2008 through NAR’s Second Century Ventures LLC subsidiary.
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