After Real Estate Disposition has changed its name into Auction.com in 2011, the company changed the way distressed properties were auctioned online, an article from Housing Wire said.
After the change, the company has expanded its property auctions business, in both residential and commercial sales. Recently it has transformed itself as an ideal site for traditional real estate sales as well.
It is now rebranded as Ten-X, saying that it will be an "online marketplace where buyers, sellers, and the agents and brokers who represent them can easily and efficiently buy and sell high quality residential and commercial real estate."
Ten-X CEO Tim Morse said that the change from Auction.com has led to the introduction of the "future of real estate."
Ten-X will have new platforms in March that will provide sellers a medium to conduct their transaction through an online auction or through a regular auction online.
The company also said that their auction platforms have facilitated the sales of over 200,000 residential and commercial properties totaling over $35 billion since 2007.
Morse said, "Today's announcement represents something far more significant than a name change," Morse said.
"Our move to the Ten-X brand reflects our evolution into a marketplace for a much broader range of residential and commercial property types, and our expansion into new technology solutions that empower buyers, sellers and real estate professionals alike," Morse also said. "Our vision is to make buying and selling real estate ten times better for everyone involved."
The new brand will feature three transaction platforms: Ten-X Commercial; Ten-X Homes, for traditional, move-in ready residential properties; and Auction.com, for residential real estate investors.
New platforms will be optimized for use on desktop, tablet and smartphones considering that current users are using their mobile devices to access the web.
"As real estate moves online, we are committed to providing buyers, sellers and real estate professionals more of what they need to transact successfully," Morse also said. "Ten-X offers a proven platform, a simplified process, and the information and tools that allow everyone to confidently buy and sell real estate online."