{"id":1004120849,"date":"2015-06-09T05:51:24","date_gmt":"2015-06-09T13:51:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004120849"},"modified":"2022-12-04T20:19:31","modified_gmt":"2022-12-05T04:19:31","slug":"auction-coms-new-cre-partner-ceo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/auction-coms-new-cre-partner-ceo\/","title":{"rendered":"Auction.com\u2019s New CRE Partner and CEO"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004107669\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Rick-Sharga.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004107669\" data-attachment-id=\"1004107669\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/colony-american-finance-grabs-165m-loan-portfolio-partners-with-auction-com\/rick-sharga\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Rick-Sharga.jpg\" data-orig-size=\"290,225\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Rick Sharga\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Rick Sharga&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Rick-Sharga.jpg?w=290\" class=\"size-thumbnail wp-image-1004107669\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Rick-Sharga.jpg\" alt=\"Rick Sharga\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004107669\" class=\"wp-caption-text\">Rick Sharga. Auction.com<\/p><\/div>\n<p>Auction.com has partnered with Situs, with the latter company set to deliver due diligence services to the Auction.com clients for properties on the firm\u2019s commercial real estate platform.<\/p>\n<p>\u201cSitus and Auction.com already had a business relationship\u2014Situs was using the Auction.com platform to sell assets for its special servicer,\u201d Rick Sharga, Auction.com\u2019s executive vice president, told <em>Commercial Property Executive<\/em>. \u201cAs the two companies learned more about each other\u2019s operations, it became apparent that there might be an opportunity for Auction.com to leverage the expertise Situs has in commercial real estate to create a new standard for due diligence.\u201d<\/p>\n<p>Set to begin in August, Situs will leverage a global team of employees, proprietary methodology and cutting edge technology to provide deeper insights into properties listed on Auction.com\u2019s commercial real estate platform.<\/p>\n<p>According to Sharga, the company will provide Auction.com\u2019s investors increased transparency on the listed properties in a standardized format to more easily evaluate and compare investment decisions.<\/p>\n<p>\u201cIt\u2019s a perfect fit. Auction.com is committed to leveraging Internet technology to deliver a better\u2014more transparent, more efficient\u2014way for people to buy and sell commercial real estate,\u201d he added. \u201cIts online marketplace opens transactions to buyers from around the world; in fact, a very large percentage of winning CRE bidders are from outside the state where the property they\u2019ve purchased is located. So having a way to provide enhanced due diligence to out-of-town buyers helps these buyers mitigate risk.\u201d<\/p>\n<p>Another consideration for the deal was how transactions are orchestrated on Auction.com since due diligence must be conducted up front, not after a bid is submitted. For this reason, Auction.com has an extraordinarily high closing rate\u2014more than \u00a097 percent of properties close within 30 days\u2014and there\u2019s virtually no \u201cre-trading\u201d after the auction is over.<\/p>\n<p>\u201cHaving due diligence materials a buyer can have confidence in is incredibly important in this sort of scenario,\u201d Sharga concluded. \u201cFinally, making this sort of high-quality information available for all bidders helps to level the playing field, and allow smaller investors to bid with confidence against larger investment firms who might have more internal capabilities and resources to spend on their own due diligence.\u201d<\/p>\n<p>In other company news, Auction.com has named former Yahoo! Inc. CFO and interim CEO Tim Morse as the company\u2019s CEO. Current CEO and co-founder Jeff Frieden will remain fully engaged with the company as Auction.com\u2019s executive chairman.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Auction.com has gone from having a business relationship with this company to actually partnering with it.<\/p>\n","protected":false},"author":451,"featured_media":1004107669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004120849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Auction.com\u2019s New CRE Partner and CEO - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/auction-coms-new-cre-partner-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Auction.com\u2019s New CRE Partner and CEO\" \/>\n<meta property=\"og:description\" content=\"Auction.com has gone from having a business relationship with this company to actually partnering with it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/auction-coms-new-cre-partner-ceo\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-09T13:51:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T04:19:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Rick-Sharga.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"290\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/auction-coms-new-cre-partner-ceo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/auction-coms-new-cre-partner-ceo\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Auction.com\u2019s New CRE Partner and CEO\",\"datePublished\":\"2015-06-09T13:51:24+00:00\",\"dateModified\":\"2022-12-05T04:19:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/auction-coms-new-cre-partner-ceo\\\/\"},\"wordCount\":440,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/auction-coms-new-cre-partner-ceo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/11\\\/Rick-Sharga.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/auction-coms-new-cre-partner-ceo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/auction-coms-new-cre-partner-ceo\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/auction-coms-new-cre-partner-ceo\\\/\",\"name\":\"Auction.com\u2019s New CRE Partner and CEO - 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