Foreclosure auction platform Auction.com has inked a referral agreement with the National Association of Hispanic Real Estate Professionals (NAHREP) that might involve the creation of a special portal for the trade group.
As part of a larger partnership announced today, the agreement establishes a referral service “that connects buyers and their agents to specific assets available through Auction.com.” The two organizations are still in the process of ironing out the shape of the referral service, and a spokesperson for Auction.com would not share any information on planned financial arrangements related to it.
But NAHREP co-founder Gary Acosta said that the referral service might involve creating a dedicated portal for NAHREP members that would be stocked with Auction.com listings. The portal could include Spanish-language content and exclusive listings that don’t appear on Auction.com, he said.
“These details are being worked on and would always require the approval of Auction.com clients,” he said.
The partnership will also support an education campaign separate from the referral service, in which NAHREP will offer advice to buyers and brokers on “accessing opportunities” to buy and sell through Auction.com. As part of the campaign, Auction.com and NAHREP will jointly host workshops and training sessions in key markets for agents and brokers across the country about how they can “participate in the auction process,” Acosta said.
Part of the goal of the education campaign is to brand Auction.com as a marketplace that can benefit owner-occupant buyers and agents just as much as investors, according to Acosta.
“The perception by most agents is that auctions through Auction.com exclude agent commissions and have a preference to cash buyers and investors,” Acosta said. “This is generally untrue, and because of this misperception, most agents are missing opportunities for their clients.”
Auction.com hosts virtual foreclosure auctions that let participants bid on properties online. The site currently carries more than 22,000 listings.
NAHREP touted the partnership as an attempt to help more Hispanic buyers overcome the primary obstacle to homeownership among their cohort: access to affordable housing stock.
“As a national leader in the sale of homes in all stages of the foreclosure process, Auction.com has an extensive portfolio of properties that greatly expands buyers’ purchasing power,” said Auction.com CEO and co-founder Jeff Frieden in a statement.
“We want agents and buyers in Hispanic communities to be aware of these opportunities and have a level of comfort with the auction process.”