Ten-X Announces Season 2 of “Battle of the Bids” Property Auction Competition with Enhanced Features and Larger Prizes

Rhea-AI Summary

Ten-X Launches Season 2 of 'Battle of the Bids' with Enhanced Features and Bigger Cash Prizes, Open to a Wider Audience

Positive

• Season 2 of 'Battle of the Bids' offers new tools, live-streaming, and bigger cash prizes, expanding the competition to a wider audience of CRE participants and players
• Last year's first-ever Battle of the Bids featured more than 13,000 commercial real estate industry players competing to win $3.1 million of cash prizes, showcasing the variety of CRE properties offered on Ten-X
• The game now condensed from eight to six rounds, offers new tools to help participants underwrite and estimate property values using CoStar Group data, and participants can now play on CoStar and LoopNet alongside the Ten-X platform

Negative

• None.

CoStar Group’s online property auction transaction platform, Ten-X, aims to build upon last year’s $3 million prize competition smash hit in the CRE community by expanding eligible participants, game features and winnings

WASHINGTON--(BUSINESS WIRE)-- Ten-X – the world's largest online commercial real estate exchange and a CoStar Group brand – today announced the launch date of Season 2 of its celebrated “Battle of the Bids” competition. Last year’s first-ever Battle of the Bids featured more than 13,000 commercial real estate industry players competing to win $3.1 million of cash prizes. Their objective was to predict the sale price of the properties nationwide during a Ten-X auction. This year, Ten-X is taking Season 2 of Battle of the Bids to new heights with more ways to win and bigger cash prizes. Registration opens today at BattleoftheBids.com and the game begins on September 8th.

Battle of the Bids (Graphic: Business Wire)

“Last year’s Battle of the Bids showcased the variety of CRE properties offered on Ten-X while the players, which included existing and new customers: buyers, sellers and brokers, had the opportunity to see firsthand how we’ve been trading CRE properties online for over 13 years offering twice the speed, and twice the certainty compared to traditional approaches,” said Steven Jacobs, President of Ten-X. “We’re excited to launch Season 2 with several enhanced player tools, live-streaming, and bigger cash prizes. Additionally, Season 2 will be open to a significantly wider audience of CRE participants and players.”

Battle of the Bids received phenomenal feedback from players last year – 98% said they wanted to play again. One participant raved, “Pretty amazing marketing concept for both brokers and sellers. Sellers get expert broker opinions on price and brokers are motivated to nail the accuracy with the chance at prize money. Ten-X will continue to control the auction marketplace for years to come with this strategy. Win-win for everybody.”

The feedback from players helped Ten-X enhance the game for Season 2. Now condensed from eight to six rounds, the game offers new tools to help participants underwrite and estimate property values using CoStar Group data. These tools help identify properties that perform well on Ten-X, provide market intelligence, and include a new property valuation calculator. Participants can now play on CoStar and LoopNet alongside the Ten-X platform.

In addition, Ten-X will open the gameplay to observers for an inside view on real-time CRE market dynamics and property pricing. Live player competition, winning bets on property prices, Ten-X expert commentary, and CRE market news and analysis will be livestreamed for viewers and participants to watch in real-time, with winners in each of the six rounds announced weekly.

Season 2 is open again to all CoStar Group clients plus anyone who has owned or brokered a CRE property within the past three years. Cash prizes are up to $3 million across six rounds, leading up to the $1 million grand prize. Also new this year is a “mystery” prize valued at $100,000 for the game’s overall second-place winner. Finalist prizes also include a substantial contribution to the winner’s charity of choice; $100,000 for the grand prize winner and $10,000 for the second-place winner.

“The popularity of last year’s Battle of the Bids is a testament to the success of online property auctions at a time when the wider commercial real estate industry is undergoing tremendous change,” said Jacobs. “As the market has shifted and investment sales transaction volumes overall have declined, Ten-X has seen a tremendous influx of interest in listing properties on our online transaction platform. Our investment to take Battle of the Bids to new heights is an invitation to CRE buyers, sellers and brokers to participate and gain new insights into how a commercial real estate online auction can provide speed and certainty through the CRE cycle.”

Put your CRE knowledge to the test. To learn more about this year’s Battle of the Bids or to register to participate, visit BattleoftheBids.com.

View commercial here.

About Ten-X

Ten-X is the world’s largest, online commercial real estate exchange. For over thirteen 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

CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract nearly 100 million 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, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that new multifamily unit deliveries do not occur when expected, or at all; and the risk that multifamily vacancy rates are not as expected. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2022, which is filed with the SEC, including in the “Risk Factors” section of that filing, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230717746062/en/

Matthew Blocher

CoStar Group

(202) 346-6775

mblocher@costargroup.com

Source: CoStar Group

FAQ

What is the launch date of Season 2 of 'Battle of the Bids' by Ten-X?

The game begins on September 8th, and registration is open at BattleoftheBids.com

What are the cash prizes for Season 2 of 'Battle of the Bids'?

Cash prizes are up to $3 million across six rounds, with a $1 million grand prize and a 'mystery' prize valued at $100,000 for the game's overall second-place winner

Who is eligible to participate in Season 2 of 'Battle of the Bids'?

All CoStar Group clients, plus anyone who has owned or brokered a CRE property within the past three years

What enhancements have been made to Season 2 of 'Battle of the Bids'?

The game now offers new tools to help participants underwrite and estimate property values using CoStar Group data, and participants can now play on CoStar and LoopNet alongside the Ten-X platform