Ten-X’s Commercial Real Estate Platform is a marketplace and tool that allows Buyers and Sellers to connect and bring a transaction online, from initial interest to signing a purchase document and closing a deal. As a Buyer, you can create an offer, negotiate with the Seller in real-time, and have the opportunity to view the competitive landscape. As a Seller, the platform provides transparency into your buyer’s interest and validity, wider exposure to your assets, and an opportunity for faster closing time.

The Problem

For Commercial Real Estate investors, every minute lost is an opportunity of investment gone. The previous experience forced Buyers to go through a 4-step registration flow, along with a 1-2 day approval waiting period before even creating an initial offer. As a result, close to 50% of offers were being made offline. Users were confused with multiple friction points within the registration. From March to June 2016, 49% of chats, 46% inbound calls, and 30% of emails from buyers were related to registration questions. There was a large fallout rate, and only a 2% conversion rate from Login to Registration.

Our main metric and goal was to increase the amount of offers made on the Ten-X platform. The question we asked ourselves was: How do we increase the number of offers made online while maintaining and presenting credible offers to our Sellers?

Defining Vision & Strategy

As the Product Design Lead on this project, I facilitated brainstorming and user mapping sessions, that provided a vision and strategy for the team. By working closely with the PM and stakeholders we defined our roadmap for Phase 1 & 2 of the redesign. 

User Research & Testing

Before designing any solution, we ran research sessions and interviews with users and Client Managers, to gain a deeper understanding of the buy/sell flow and gather insights on our users and their pain points. I led and facilitated multiple usability sessions to test initial concepts and prototypes.

Cross-Platform Designs

To accommodate for the 23% of users who make offers online on mobile devices, I designed solutions that were scalable and responsive for desktop, tablet, and phone devices.

Iterative Solutions

For the Buyer, we decreased the offer creation steps down to one click after login. We’re providing our Buyers with more flexibility by letting them control their level of readiness and offer terms. We're also including in-app mechanisms to educate both new and seasoned Buyers of the offer flow. On the Seller side, we're giving them transparency to the quality of Buyers and offers. Post-launch test plans to catch deltas and gather data are in the works.