Battle of the Bids From Ten-X Was a Success
A new game called Battle of the Bids from Ten-X is giving commercial real estate professionals the chance to win cash prizes, in addition to gaining exposure to the company’s offerings. This competition is an eight round affair, and is designed to promote the use of the company’s proprietary software to help businesses manage their leases, property sales and other related transactions. The competition gathered more than 15,000 commercial real estate professionals who were tested with an assortment of trivial but fun challenges. In the end, the game proved a lot more exciting than participants had expected.
For a company that’s spent a fortune building its user interface, the real-world test was a success. A significant increase in website traffic was observed during the contest. During each of the eight rounds, players selected from among up to 10 properties and had the opportunity to wager on their luck in the game. Players had the opportunity to take home an impressive $3 million in total prize money. However, it wasn’t all good news for Ten-X. The most notable problem was getting real estate professionals to utilize the game in the first place. Luckily, a new partnership with the CoStar Group helped to turn the tide.
On top of all the buzz, the contest had an outsize impact on inventory. Ten-X has added over three million square feet of inventory in the last six months, which is more than double what the firm racked up in its previous incarnation. That’s a big deal in the world of commercial real estate. Despite the challenges, Ten-X was able to keep the lights on, and the company has plans to continue its winning streak.