One year ago, our client AuctionPoint (www.auctionpoint.com), an innovative online auction platform for commercial real estate that Guidance helped build, ran its first-ever online auction.
The property was an industrial building in Tustin, CA that AuctionPoint executives Joe Tang and Keith Yang owned. Up to that day, nobody had ever tried to auction real estate using a broker-run online format. At 11:01am on September 15, 2009, bidder #0478 put in the first bid for $375,000. Four hours and 29 bids later, the property sold to bidder #2536 for $560,000. In one day, they auctioned a building that was listed on the market for two years. That’s when Joe and Keith knew they were onto something big.
Great things have happened for AuctionPoint over the last year:
- The number of online auctions created by AuctionPoint has grown from 1 to 132. That’s about one new auction created by AuctionPoint every two and a half days.
- Beginning in Southern California, AuctionPoint auctions are now in 23 states. From Sequim, Washington to Framingham, Massachussets, to Lantana, Florida – AuctionPoint auctions have spread throughout the country.
- LoopNet, the largest commercial real estate listing service in the country, became a strategic investor in January. Other leading real estate groups – including Sperry Van Ness, NAI Global, CCIM, and Peracon -- also jumped on board as strategic partners during this past year.
- AuctionPoint grew from an idea sketched on a white-board by Joe and Keith to a thriving company of 14 people.
- AuctionPoint is now working on planning its next round of investment into the company, which will be used to grow the core business and formally enter the residential auction market. AuctionPoint's second year should be as exciting as its first!
Happy Anniversary, AuctionPoint!