CommercialBid - Online Commercial Real Estate Auctions & Bidding

Coldwell Banker Commercial & CommercialBid.com Partnership

Contact CommercialBid.com Broker Liaisons
with your questions today!

Broker Liaisons:

Michael Black - 256.549.1433 Ext. 102
agents@commercialbid.com

Thank you for your interest in learning more about the Coldwell Banker Commercial & CommercialBid.com partnership!

We believe the partnership of CommercialBid.com and Coldwell Banker Commercial will have a huge impact on the selling power of Brokers within the Coldwell Banker Commercial system!

CommercialBid.com offers Coldwell Banker Commercial Realtors a tool for accelerating the sale of their commercial properties AND offers commercial property buyers the streamlined, user-friendly avenue for purchasing commercial properties they've been looking for.

CommercialBid.com is a new way to sell commercial property through online bidding events. The website is provided by a division of RealtyBid.com, the nation's leading online auctioneer of residential properties. CommercialBid.com's online bidding platform is the result of more than ten years of planning, implementation and consistent execution by RealtyBid.com on more than 200 commercial property transactions and 27,000 residential transactions nationwide.

Experienced Commercial Sales Team

Commercial Auction Experience

The founders of RealtyBid.com, the parent site of CommercialBid.com, have sold commercial assets through live auctions, online auctions and sealed bids. They have served the REO industry for more than 20 years exclusively through auction programs. In the early to mid-1990's, RealtyBid's Executive Team was an intricate part of the disposition efforts of the RTC while at another national real estate auction firm. This REO Auction Division, through live auctions and sealed bids, was responsible for the sale of hundreds of commercial assets and thousands of residential assets valued at over $1 billion. The properties included several high profile assets such as The Ocean Course on Kiawah Island (South Carolina), one of the most prestigious golf courses in America which was valued at over $60 million; and Palm Aire Spa Hotel Resort and Conference Center, a very complex multi-use commercial asset located in Pompano Beach, Florida, which was valued at over $30 million.

Significant Commercial Engagements

Commercial Property Sales Experience
CommercialBid's Executive Team has an extensive background in selling government-owned assets. In addition to the numerous Affordable Housing Events conducted by the team, commercial properties and land sales have also been a strong point during past real estate cycles. The properties listed below include some of the notable commercial and land sales programs conducted by our team past and present:

View Examples of Our Successful Commercial Engagements

25 Bank Branches – Norfolk, Virginia
$45,000,000
Our team sold 25 free standing, vacant bank branch properties for the RTC across the state of Virginia. The sales events were conducted in Norfolk, Roanoke and Richmond. The team set up sales staff at one of the properties in each location. These staff members were there daily for two weeks prior to the auction answering questions about the properties in that area. In the end, all properties were sold at prices greatly exceeding expectations.

Southern Golf Property – South Carolina
$27,100,000
Our team successfully sold the world-renowned Ocean Golf Course on Kiawah Island in South Carolina. This was a unique event where bidders had to be pre-approved to bid. Each bidder was required to place a non-refundable bid deposit for the amount of $250,000 in escrow prior to being approved to bid. Inquiries were received from prospective bidders all over the world.

Hospitality & Golf Property – South Florida
$14,850,000
Palm Aire Spa Resort, owned by the RTC, was located in Pompano Beach, Florida. It was a very complex and difficult asset. It contained an operating golf course, a non-operating hotel and a conference center. The property had environmental issues, as well as operational concerns. After an extensive national advertising campaign, the property was sold through a sealed bid auction by our team.

12 Bank Branches – Northern California
$28,000,000
Following on the success of the Virginia RTC bank branch auction, our team conducted another very successful sale of bank branches held by the Newport Beach Sales office of the RTC. The sales event was conducted in San Francisco and over 100 bidders registered to bid on the properties.

Four Office Buildings – San Diego, California
$7,300,000
A highly successful commercial event for the RTC was performed on the Ruffin Office Complex near San Diego, California. At the time, the price achieved for these properties exceeded everyone's expectations, and all of RealtyBid's buildings sold. Bidding was spirited among the parties, and the sale was a great success.

Three Story Office – Santa Paula
$3,600,000
This property was a low-rise office building located in Santa Paula, California. It was also owned by the RTC and marketed through the Newport Beach Sales Office. It was part office and part industrial in nature.

18 Condominium Units – Corpus Christi, Texas
$2,600,000
This property was sold for an individual investor who acquired the property from the RTC for a price of $1.5 million through private negotiations. It was sold through the Dallas Sales Center. Within 90 days of owning it, the investor decided to sell it through a high profile live auction program. It sold for $2.6 million netting him a $1.1 million profit.

22 Beachfront Condominiums – Mustang Island, Texas
$2,200,000
This property was sold for a private investment group which acquired it from a developer who was distressed. Over 200 bidders attended the sale and in the end 22 of 28 units were sold.

56 Condominium Units – Beach Mountain, NC / Hilton Head, SC
$2,100,000
A Private Mortgage Insurance Company owned these properties in Beach Mountain, North Carolina, and Hilton Head, California. Both properties were marketed and sold at auction just days apart. Both auctions were complete sellouts, and the PMI company that sold them continued to sell properties with the team for more than 15 years.

18 Riverfront Condominiums – Columbia, South Carolina
$1,800,000
This project was sold for one of Columbia's most well-known and respected development companies. It included 18 units remaining from 24 total units on the river in downtown Columbia. More than 150 people attended the auction sale of the units, and all units were sold in a few hours.

Apartment Sales
CALIFORNIA:
98 Apartment Units – Oceanside, California $3,400,000
51 Apartment Units – El Cajon, California $2,010,000
192 Apartment Units – Ontario, California $3,800,000

These three apartment properties were included in a larger multi-property commercial sales event held on over 40 properties located throughout Southern California. In the end, all properties were sold through a live bidding process.

Apartment Sales
TENNESSEE:
210 Apartment Units – Chattanooga, Tennessee
$2,400,000
This project was conducted on behalf of a regional developer working in cooperation with his lender. The property was in a low rent section of town and had been on the market for more than a year. Our team took the assignment and sold the property through a regional marketing effort in just over 60 days.

35 Land Parcels – Los Angeles, California
$75,000,000
Our team sold 35 land properties for the RTC across the state of California. The sales event was conducted in Los Angeles. All properties were sold to a packed audience of investors and speculators.

Multi Parcel Land Auction – Dallas, Texas
$58,000,000
Our team sold over 42 land properties for the RTC across the state of Texas. The sales event was conducted in Dallas. The team set up a sales center in Dallas for 16 days prior to the live auction event. Many of the properties were partially completed subdivision, or final units left in a subdivision. Several of the properties were PUDs or raw development land.

10 Land Parcels – San Francisco, California
$18,000,000
Our team sold 10 land properties for the RTC in Northern California. The sales event was conducted in San Francisco. Most of the properties were final units left in a subdivision or development land. Approximately 30 bidders attended the sale for which all properties were sold.

Residential Development Land – Danville, California
$14,200,000
This property was one of the most high-demand land parcels we sold for the RTC. It had 122 platted, permitted lots waiting for a builder to begin building houses. More than 30 investors and builders registered to bid on the property. The property was appraised and on the market for $12.5 million. The bidding started at $8 million and never slowed until it reached $12 million. The final bids were placed by several builders, such as Ryland Homes and Centex Homes.

Benefits & Fees

Benefits

The benefit of the CommercialBid.com bidding event program is two-fold. The program benefits the commercial broker by providing a transparent and expedited selling process for those sellers who want to move properties more quickly, and it benefits the commercial investor by leveling the playing field in relation to offers. Additionally, for the commercial investor, the program provides a transparent offer process, eliminating concerns over backroom deals and favoritism of offers.

CommercialBid.com also offers brokers the option of advertising a commercial property on the site without creating an online bidding event.

Fees

The fee structure is simple. For bidding events, CommercialBid.com charges a one and one half percent (1.5%) buyer's premium, unless otherwise noted on the property's BidPage. This fee is to be paid by the buyer of the property at closing. There are no fees if a property does not sell, and there are no withdrawal fees unless a property has already received bids. The withdrawal price for a property with bids is a flat $5,000.00. CommercialBid.com is an ally in the sales process, and our staff is here to help you sell properties, not provide roadblocks along the way.

The charge for advertising a property through CommercialBid.com without creating a bidding event is $250.00.

How To Participate

Auction Event – Online Bidding Program

To create an auction event for your property, you would need to take the following steps:

1) Contact one of our Broker Liaisons to help you with the process.
2) Register as a Broker on the CommercialBid system. To register, click here. Registration will allow you to login to your account, create a profile, load properties, create an auction process, and view your Broker Dashboard in order to review any registered bidders for your properties. You will also be able to approve bidders who have submitted an electronically-signed NDA for each asset and provided any other qualifications materials to your office. Once a bidder is qualified by you and approved, he will receive an authorization number via email for each specific asset for which you have approved him. Authorization numbers are property specific. You will be able to see who has viewed your property's due diligence materials in order to rate interest in the property.
3) Load your property into the CommercialBid.com Advertising Platform with all required information. To print a checklist, click here.
4) Select a starting date for marketing to begin. This date will be the starting date that emails are sent to our commercial database of proven buyers. This date should also correspond with an email blast to Coldwell Banker Commercial's internal database of buyers notifying them of the event. Click for a sample email design. This start date should also correspond with 21 days of advertising provided by you and your Seller. To have a successful auction event, adequate marketing is necessary. This marketing should include emails, local newspaper ads (if appropriate), WSJ ads (if appropriate), online banner ads, LoopNet ads, etc. Notification of potential buyers is a critical element in any marketing campaign, especially a highly energized auction campaign.
5) The duration of each event will be 48 hours of bidding from 1:00 pm until 1:00 pm (CST). This two-day bidding period will begin 21 days after the start date of the campaign.
For example: If you select August 1st as your start date, the marketing period will be from Aug 1st – 22nd. The bidding will begin at 1 p.m. on Aug 22nd and end at 1 p.m. on August 24th.
6) The closing timeframe will be selected when you upload the property. You will select from 30-, 45- or 60-day durations. If these standard timeframes are not adequate due to the complexity of the asset and its closing difficulties, state the actual closing timeframe in the description of the property under Disclosures.
7) If you make an error, just contact one of our Broker Liaisons, and they can correct your error internally.
8) If you need assistance with a marketing program, our in-house marketing department can assist you. Click here to email the CommercialBid.com marketing department. There is a 15% mark-up on print ads and a $1,000 fee on production of each campaign.

Investment Property - Online Classified Advertisement

If you would like to advertise a property on the site and not create an online bidding process, you would need to take the following steps:

1) Contact one of our Broker Liaisons to help you with the process.
2) Register as a Broker on the CommercialBid.com system. To register, click here. Registration will allow you to login to your account, create a profile, load properties, create an auction process, and view your Broker Dashboard in order to review any registered bidders for your properties. You will also be able to approve potential buyers/bidders who have submitted an electronically-signed NDA for each asset and provided any other qualifications materials to your office. Once a bidder is qualified by you and approved, he will receive an authorization number via email for each specific asset for which you have approved him. Authorization numbers are property specific. You will be able to see who has viewed your property's due diligence materials in order to rate interest in the property.
3) Load your property into the CommercialBid.com Advertising Platform with all required information. To print a checklist, click here.
4) Load your due diligence materials into the system. As stated previously, a standard CommercialBid.com NDA Form will be a requirement for a potential buyer to view due diligence materials on any asset.
5) Approve each potential buyer who has requested authorization to view due diligence materials, who has signed an NDA, and who has met any other qualification requirements set by you.
6) If you make an error, just contact one of our Broker Liaisons, and they can correct your error internally.