KANSAS CITY, Mo. and BOSTON, Dec. 16 // PRNewswire // -- United Country Auction Services, a division of United Country Real Estate, Inc. (United Country), and Colliers International (Colliers) announced today a strategic alliance to provide accelerated commercial real estate transaction services to their respective commercial real estate clients.
Accelerated marketing of commercial real estate involves setting a specific date for the sale of an asset and completing a saturation marketing effort to promote the asset for sale at the predetermined date. Accelerated marketing events are generally completed through the auction or sealed bid process.
"It's likely that a large number of commercial assets nationwide will need to be sold in the next 12 months, and auctions are an ideal solution when seller requirements dictate," said Patrick Duffy, chairman of Colliers' National Retail Group. "The auction event is an excellent vehicle to expose an asset for sale to motivated and capable buyers, establish urgency through the date-certain aspect of the process and obtain the best, most transparent price for the seller through a competitive bidding process. We believe combining the resources of our two organizations creates a unique opportunity for clients to realize current market value in a predictable time frame, so they can clean out their balance sheets, adjust their commercial real estate portfolios and turn their attention back to their core business."
While auctions have been utilized regularly for unique luxury properties, farm and ranch land, fine art and collector automobiles, their use in commercial real estate transactions waned following the Resolution Trust Corporation (RTC) disposition market of the late 1980s and early 1990s. In recent years, however, the expediency and effectiveness of this sales and marketing method has reignited the popularity of auctions in commercial real estate sales. In 2007, $15.7 billion of commercial and industrial real estate was sold via the auction method of marketing.
Mike Jones, president of United Country Auction Services, said, "As the nation's largest integrated real estate auction network with 675 offices, 4,000 agents and more than 140 dedicated, experienced auction professionals, United Country brings the support platform, accelerated marketing and auction expertise to this effort. With 11,000 employees in 61 countries, Colliers brings first-tier local commercial real estate expertise and global marketing reach. We believe that this team represents one of the most powerful asset-disposition platforms ever assembled for commercial real estate, and we are proud to be working with Colliers to offer this enhanced and differentiated solution to our collective client base."
Colliers' alliance with United Country Auction Services represents one of the tools deployed for clients by Colliers Asset Resolution Services, launched last month to respond to the demands and needs of banks, financial institutions and special servicers amid a dramatically changing commercial real estate marketplace.
"Our professionals are committed to providing innovative solutions through a broad set of front-line skills, strategic alliances and resources to deal with complex real estate challenges," said Carolyn Sidor, Executive Vice President of U.S. Operations for Colliers and a member of Colliers' Asset Resolution Services leadership team. "Our full range of services is tailored to the entire asset life cycle. These capabilities, coupled with the strength of our local principals, allow us to proceed with speed and agility to achieve stabilization for each asset."
Asset managers and investors who are interested in learning more about the accelerated commercial real estate asset resolution services offered by Colliers and United Country may contact either Patrick Duffy at email@example.com or Mike Jones at firstname.lastname@example.org .
Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 11,000 employees span the world in 293 offices in 61 countries. On a worldwide basis, Colliers manages 868 million square feet and has revenue of $US 2.0 billion.
United Country Real Estate is the largest integrated real estate and auction company in the U.S. Based in Kansas City, Mo., the company has been an innovator in real estate marketing since 1925. United Country supports 675 offices nationwide with a unique, comprehensive marketing program that includes one of the largest portfolios of property marketing web sites (over 750 separate sites), publishes seven proprietary real estate catalogs with a cumulative distribution of 1.5 million, an extensive, current buyer database and national advertising of properties to more than 90 million potential buyer prospects a week. United Country has been recognized as a Top 25 Franchise by the Wall Street Journal, Inc. 200 Franchise Company and Entrepreneur Magazine's Franchise 500(R).