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Prop.Exchange, powered by TrueMarketValue, is a digital auction platform for trading commercial real estate properties; it's where supply meets demand.
The purpose of this digital tool is to efficiently trade properties at the true market value - and in a time efficient manner.
Value for buyers:
• All buyers have access to same information
• The auction takes out the “bluffing” of the negotiation
• No bias or disadvantage due to lacking relationship
• You don't have to pay more than you think the property is worth
Value for sellers:
• It's very time efficient
• Determines and documents the true market value
• Sales complexity, cost and time are significantly reduced
Our solution; 3 easy steps:
1. Preparations – Due Diligence material/essential documents and the SPA are added to our data room
2. Marketing of the property in newspapers and virtual
3. Digital auction – Divestment by Dutch Auction on prop.exchange
The Dutch Auction is characterized by a descending price, starting at index 100 and e.g. decrease 1 point every weekday at noon until a bidder accepts the price offered or until seller decides to rather keep the property. Once a bidder accepts a price offered, the bidder has 2 business days to sign the Purchase Offer/SPA and pay a reasonable deposit. If bidder fails to perform he becomes disqualified from this and future auctions - and the auction will resume for everybody else. Interested bidders can access relevant data, drawings and the applicable contracts after log-on and qualification for the auction.
The challenge we are solving:
• The property valuation is uncertain; there are only few relevant comparables
• The running costs are a burden – Taxes, reporting, maintenance, security, etc.
• Selling has been time consuming and frustrating – No easy solutions existed before, without compromising good governance