Choosing The Right Online CRE Auction Platform For Your Asset: An Interview With Newmark Knight Frank's Brock Cannon

  • Jul 14, 2020
  • Research

As online auction platforms become more popular, it is critical that sellers evaluate which online CRE auction website is the best fit to assist them in the sale of their assets.

The auction process is a premier way to sell commercial real estate (CRE) assets in a distressed or challenged market, but choosing which commercial real estate online auction platform is a critical and challenging step. Are you sure that you are asking the right questions to ensure a successful trade on your individual asset?

As we conclude this series of interviews on how to choose the right online CRE auction platform for you, we spoke with Brock Cannon, Head of National Loan Sales at Newmark Knight Frank, to ask what he looks for when selecting an online auction website.

1. What Testing Has Been Performed On The Online CRE Auction Platform?

A lot of online auction platforms are relatively new, so the first questions I focus on are centered around the platform testing they have performed. Is the technology secure and solid? Are you confident that the technology will not break down in the middle of an auction? Having been involved in the development of an auction platform, it is vital that the technology works seamlessly, that it is secure, and that it is not vulnerable.

2. What Will The Marketing Plan Look Like?

Every platform markets its assets in different ways, so it is important to understand the marketing plan as a whole. What is the strategy to find potential buyers? What is the depth and engagement of their investor lists? Is the marketing custom and targeted to your asset by location and property type or is it more of a shotgun approach? Timing is also important, the marketing timeline is normally around 45 days, so it’s important that marketing is going out on time and hitting the right people throughout the 45-day process. Another focus is the flexibility of the marketing. If the asset needs extra help does the platform accommodate and is it able to pivot in the middle of the marketing period?

3. Who Is My Main Point of Contact?

Executing a successful auction depends on who you are working with and if you have a good relationship. Working with professionals who have years of commercial real estate experience will make the online auction process much easier as they can bring knowledge and another set of skills to ensure a positive experience. Does your point of contact have CRE experience outside the CRE auction platform? Can their knowledge and experience help guide the process? Having experience in more than one faucet of CRE will add tremendous value when working towards maximizing profits for your clients.

We hope these questions help you find the right online CRE auction platform for your clients.  If you are interested in learning more, visit our Broker Page and sign up for a free property valuation, or send us an email to info@rimarketplace.com.