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Camille Renshaw, Ten-XName & Title: Camille Renshaw, Head of CRE Sales
Company Name: Ten-X
What was your most notable project, deal, transaction or professional achievement in 2016?
Ten-X, a Google Capital company, is the leading online platform for buying and selling real estate. I joined Ten-X earlier this year as Head of CRE Sales and revamped the sales division from the bottom up. We hired new staff, merged two divisions, reorganized into a teaming structure, implemented new training and systems. The immediate result of the reorganization of my division (CRE Sales for Institutional and Private Clients) has been a YOY revenue growth of 35%. Ten-X is quickly taking market share, and my whole team is having fun leading through the paradigm shift.
What project, transaction, market trend or product had the greatest impact on your industry this year?
Offer Select is the first major platform to transact stabilized real estate online. We introduced it mid-year 2016, and the platform is changing the way sellers of stabilized property are connecting with 1031 exchangers, foreign buyers, and other equity buyers worldwide who are willing to purchase at the property’s highest value point. I brought my team with me from the Stan Johnson Company where we worked as NNN brokers. At Ten-X, we are leveraging those relationships and experiences to create systems and technology that help principals of NNN real estate transact more quickly and efficiently.
How will you be supercharging your productivity in 2017?
At Ten-X we have tremendous reach into fractured buyer markets (1031 exchangers, tertiary markets, foreign buyers etc). This is demonstrated by the fact that there 65% of our deals sell to a buyer that is out-of-state or international; further, 73% of the time the transaction involves no cobroker. In 2017, we are deepening our relationships with these buyers, both 1031 exchangers and foreign buyers, through targeted products. We are introducing a new product for 1031 exchangers, to help them organize their tax event and increase their assurity of close through the efficient purchase of high quality real estate. We expect to make further gains in market share, as we vastly improve the user experience of commercial real estate buyers worldwide.
Additionally, we are partnering on EB5 initiatives to bring more of those buyers to our deals.
What emerging trends will drive investment and development in 2017?
As more commercial real estate is bought and sold online, the transaction cycle will shorten and costs will compress. This will ultimately make CRE a more liquid marketplace, stimulating more investment across most asset classes, as owners will be able to move in and out of investment positions more quickly. We believe transaction volume in general will increase.
If real estate values continue to trend down, we will see more activity in our auction product, Live Bid (the former Auction.com), again stimulating more trading overall.
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