- July 12, 2019
“Reserve met.” Seeing that phrase can trigger a flurry of excitement and bids at a Ten-X auction as people realize that a property is going to sell today.
Many potential investors wait to bid until they see those magical words, but it can be frustrating when they’re not sure how far away the current bid is from the reserve. In the past, Ten-X and brokers would often reach out to bidders as an auction was about to hit the reserve price, yet it was challenging for them to ensure everyone was contacted in a timely manner.
That’s why Ten-X now provides additional transparency by automatically informing fully approved bidders when a property is one bid away from meeting reserve.
AUTOMATED ON-PAGE AND EMAIL UPDATES
When the next bid on an asset will meet the reserve, the following three updates occur automatically:
- A banner stating “Next Bid Meets Reserve” displays beneath the Bid Now button on the property marketing page.
- An additional 5 minutes are added to the auction clock.
- An email alert is sent to all registered fully approved bidders for the property, notifying them that the next bid will meet the reserve price. The email notification displays the current bid amount and what the next bid amount will be.
With “Next Bid Meets Reserve,” it’s even easier for brokers, buyers and sellers to navigate the final, critical moments of an auction – and enjoy the excitement of knowing that a property will sell today.
Ask your account manager for more information about our “Next Bid Meets Reserve” feature, and see it in action at one of our upcoming commercial real estate auctions.