Data Transparency Empowering Online Real Estate Transactions
What is your elevator pitch for Ten-X?
Ten-X owns and operates three online real estate marketplaces: Auction.com, the largest, most trusted marketplace for REO and foreclosure properties; Ten-X Commercial, a national platform where brokers and investors buy and sell commercial properties; and Ten-X Homes, the first online transaction platform for consumers and agents.
The company has sold over $46 billion of residential and commercial properties since 2007 – over 250,000 properties.
How do you and your customers utilize ATTOM Data?
Ten-X uses ATTOM data two ways — for internal analytics, and to improve the experience of customers looking to buy properties. On the analytics side, the data is used to help determine market trends, estimated property values, sales forecasting and foreclosure activity and inventory. On the customer side, we’re about to release a new version of our Auction.com site which integrates a large amount of ATTOM data into our property details pages, providing buyers with the kind of information they need to make an informed decision.
As we build out our Ten-X Homes website, we’ll be incorporating ATTOM data into property pages, and other areas of the site where consumers and their real estate agents will be doing research on homes, neighborhoods and cities prior to buying or selling a home.
Why did you decide to use ATTOM Data?
We were buying residential real estate data from a number of providers and wanted to centralize our purchasing with one partner who could provide us with a wide variety of housing-related data — sales, pricing, property characteristics, foreclosure activity, neighborhood information, etc. — in an integrated manner.
ATTOM (then known as RealtyTrac) stood out amongst its competitors as having the breadth and depth of data we wanted, the flexibility to allow us to use the data in ways that met our specific business needs, and a pricing model that enabled us to reduce our overall spending compared to the piecemeal approach we’d previously been using.
How is the marketplace responding to Ten-X products and services?
2016 was a record year for Ten-X, and we’re forecasting a bigger year in 2017. Having access to the full suite of data products available from ATTOM has helped us develop a more comprehensive approach to our business development efforts; helped us provide insights and guidance for our clients who are institutional sellers, and provided rich market information that’s helped us do strategic planning around markets and future business initiatives.
We had record sales this year, and are visited by almost 2 million prospective buyers every month. But in order to keep pace with customer demands,
we recognized that we needed to improve the buyer experience, and believe that incorporating ATTOM data into the consumer journey on our sites will make an enormous difference. So far, consumer testing has had very positive results.
What has been your experience with data delivery, quality and customer service?
We’ve had a great relationship with ATTOM, and feel like we’re treated as a preferred client. This started early on in our partnership when ATTOM responded to our initial inquiries about data delivery and quality. When we first started working with the data, we had a number of questions and issues, and couldn’t determine if the data was of a high enough quality to meet our needs. In fact, we believed it wasn’t and told this to CEO Rob Barber and his team.
In response, ATTOM assembled a team of engineers, including their Chief Data Officer, and visited our site for an all-day summit. They walked us through the data and identified several instances where we hadn’t properly configured the data on our end, which is what had caused poor quality results. After implementing some of ATTOM’s recommendations, we saw significant improvements in our processes and in the quality of the data itself. ATTOM also hosts a weekly call for us to ensure that any questions about the data are addressed promptly. If there is ever a delay in our data delivery, we hear about it quickly. Any time that we have a need to do so, we can reach out to ATTOM and expect a quick response to our inquiry. They are a valued partner.
Please contact us if you have questions about the underlying data referenced in this article, or would like to have access to that data in the form of custom reports, API, Bulk File or DaaS.