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Ten-X Announces Million-Dollar “Battle of the Bids” Winner in First-Ever Gamified Real Estate Competition
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Rhea-AI Sentiment
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Rhea-AI Summary
Ten-X, the largest online commercial real estate exchange, has crowned Mike King, a Seattle-based real estate broker, as the winner of its inaugural “Battle of the Bids” competition. King secured a grand prize of $1,000,000 and selected Big Brothers Big Sisters of America to receive a $100,000 donation. The competition engaged 15,000 participants, with over $3,000,000 in prizes, demonstrating the platform's appeal and robust data capabilities. The event concluded with a total of $1.5 billion in property bids on the Ten-X platform.
Positive
Engaged approximately 15,000 participants in the competition.
Total prizes exceeded $3,000,000, showcasing platform popularity.
The competition drove new customer interest in Ten-X services.
The platform facilitated over $1.5 billion in property transactions.
Negative
None.
WASHINGTON--(BUSINESS WIRE)--
Ten-X – the world's largest online commercial real estate exchange and a CoStar Group brand – today announced the top winner of its first “Battle of the Bids” competition. The grand prize winner, Mike King, a real estate broker at Seattle’s Kidder Mathews, received the $1,000,000 grand prize as well as a donation of $100,000 to a charity of his choice.
The “Battle of the Bids” competition is the first gamification of commercial real estate, bringing together approximately 15,000 commercial real estate owners, buyers and brokers to compete for a total of over $3,000,000 in prizes to most accurately bet the final trade price of real properties on the Ten-X platform. Throughout a total of eight rounds, which began in April, players of the competition gained first-hand experience with the platform by selecting up to ten properties per round to bet on how much the properties would trade for when auctioned. Points were awarded for properties that sold on the Ten-X platform. More points were awarded based on how precise the bet was to the final trade price. The winner was determined by the highest score, indicating the most accurate predictions across all eight rounds.
King, the winner, selected the youth-focused Big Brothers Big Sisters of America, a nonprofit organization committed to helping children reach their potential through professionally supported, one-to-one relationships with mentors to receive the $100,000 donation. Alongside the grand prize and charity donation, Ten-X awarded $100,000 for the competitor with the highest score each round, alongside a number of smaller prizes, for a combined $3,100,000 in donation and prize money. King’s betting was so precise that in addition to the grand prize, he also won the eighth and final round of the competition for a combined $1.3 million in total winnings.
The competition — which saw a total of more than $1.5 billion of properties on the CRE platform during the duration of the competition — required in-depth knowledge of commercial real estate investments, valuations and sales, and winners devoted considerable time and energy into researching historical sales data, monitoring the live online auction of the properties and placing their bets.
“We were thrilled to see such incredible engagement with the ‘Battle of the Bids,’” said Ten-X President Steven Jacobs. “A competition of this scope and nature is only possible because of the robust data and volume of sales on our platform, and we’re excited to see such skillful gameplay throughout the eight rounds. ‘Battle of the Bids’ succeeded in its mission to drive new customers to Ten-X, to put our technology directly in the hands of more real estate professionals and show the industry how much fun trading real estate on the Ten-X platform is.”
For more information about the competition, including a full list of winners, visit BattleoftheBids.com.
About Ten-X
Ten-X is the world’s largest, online commercial real estate exchange. For over twelve years, the Ten-X platform has empowered brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. With Ten-X, brokers and sellers tap into a digital platform that makes it easy to onboard assets, evaluate the success of complimentary marketing campaigns in real-time and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time, we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
