Kevin Maggiacomo has a good post up today on what I would call the marketing future of transactions.  Kevin advances the idea that auctions will become increasingly relied up as a marketing/transactional method.  I found the following contributing factor to be fairly convincing.

Deal transparency: It sounds reasonable doesn’t it? It sounds like something any buyer of commercial real estate should be entitled to right? Sure it does…In a recent decision in Delaware, the court found independent directors of a company personally liable for what the court called a breech of fiduciary obligations by holding a “passive” sale. If officers and directors on the sell-side cannot get away with entertaining exclusive deals without incurring personal risk, guess what…they won’t do it.

In working some bank deals in the past year, I’ve seen the range of effective and disastrous sales strategies and the “passive” sale, or the “quiet marketing” sale is always a head scratcher.  I just don’t get it.  What’s the upside?  So Kevin’s point that increasing transparency and accountability on the seller side of transactions will be one of the contributing factors to a paradigm shift in the way that CRE is sold definitely compelling to me.

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