REQUEST FOR QUOTE (RFQ)
REAL ESTATE & BROKERAGE SERVICES
UPDATED NOTICE FOR BID SUBMISSIONS
The deadline for the bid proposal submission has been extended to Friday, July 9th by close of business.
Blight Authority of Memphis, Inc. (BAM) is seeking various real estate firms to provide brokerage and marketing services for BAM-owned residential properties. Contractors will be evaluated and awarded by Memphis 3.0 Neighborhood Districts. Properties assigned will include both current and future acquired vacant lots and lots containing vacant structures on existing inventory and future properties.
ISSUANCE DATE: Wednesday, June 9, 2021
PROPOSAL DEADLINE: Wednesday, June 30, 2021
SUBMIT BIDS TO: Support@blightauthoritymemphis.org
RFQ QUESTIONS & ANSWERS
Don’t see you questions answered already?
We are asking bidders to send an email with any questions they may have pertaining to the RFQ. If your question is not currently listed below, please be sure to send us an email at email@example.com or use the contact form below.
If I have inerests for applying for more than one neighboood, can my responses be consolidated to one bid package?
Yes, the bid responses may be consolidated into one bid, but please ensure that your bid answers all neighborhood-specific questions for all applicable neighborhoods you interested in servicing.
What is the process for assigning properties to realtors?
The process for assigning a property will be based on its location and where the property resides within the Memphis 3.0 Neighborhood boundary. The assigned contractor for that boundary will be responsible for performing market analysis on all inventory properties both current and future that is based within the awarded Memphis 3.0 Neighborhood Boundary.
What is the role and responsibilites assigned to the awarded realtor?
Brokers will be charged with helping BAM to assess the marketability of the properties as well as identifying qualified buyers. The analysis for that property should consider the following points:
- The current condition of the property;
- Comparable sales suggested list price and likely sales price;
- Conditions of the local market that will affect marketability (i.e., potential incentives, other projects in the area, crime, etc.);
- Potential uses/users for the property;
- The marketing strategy Contractor will use for the property;
- Estimated market time to affect a sale; and,
- Any other information that would be relevant to the marketability of the property.
In short, we are looking to achieve the most productive use for the property, community, and highest return.
How many properties a month/year can I expect to receive?
BAM will receive properties on its own initiative to sell. At any time, BAM will consider properties to acquire from various sources, i.e., tax sale, Shelby County Land Bank, Property Donation, and private market purchase. BAM will acquire properties based on its current financial standing and operational capacity. In consideration of BAM’s initial steps for operationalizing its real estate transactions, a baseline has not been determined to date. The location of the property will vary and can not guarantee a number of properties that will be assigned for each neighborhood, but realtors are encouraged to submit a proposal for all neighborhood boundaries of interests.
In reference to Section II. General Conditions Part C. Payment, what costs are contained in the Contract documents - what are the defined costs of goods and services being referenced?
The proration provision is only applicable if there are add-ons by the contractor in the proposal for costs of goods and services that would need to be prepaid.
Any such costs would need to be negotiated. It is BAM’s preference to limit its costs under the contract to the 6% commission fee. Any additional costs would be an exception that will need to be negotiated and would need to be included in the contractor’s proposal.
If the only payment term is the commission fee (as preferred), the proration provision will not be included in the contract.
Will I be required to provide the initial maintenance of the property and then be reimbursed at closing?
For example: Moving the lawn, no dangerous conditions, securing the structure, etc.?
No, BAM will be responsible for acquiring, insuring, securing, and maintaining the property(ies). The Contractor will be responsible for:
- Performing a market analysis on the assigned property(ies);
- Developing marketing strategies for the property;
- Working with BAM staff to negotiate the sale of property(ies);
- Submitting a bi-monthly report of progress on sales and leads on the assigned property(ies); and,
- Coordinating real estate appraisals, real estate transaction closing.
In reference to Section II. General Conditions Part Q. Audit Examination of Records, is this in reference to only the Contractor/Agent’s books/documents, statements, etc. OR does this include the Managing Broker and Real Estate Firm as well?
BAM is required to submit its audited financials to the state of Tennessee and the city of Memphis. At any time during BAM’s auditing process, the auditors may request additional documentation associated with any vendor that receives payment from BAM. The selected Contractor will be responsible for maintaining their records associated with any costs associated with performance under the terms of the Awarded Contract.
I will be required to increase my insurance coverage in order to take on the bid to sell these homes. Will this cost be reimbursed at closing with the other invoice items for goods and services?
No, these costs will be covered by costs expensed in commission.
Curious about our property sales process?
Learn more about our Acquisition & Disposition Policy and Procedures by clicking the button below: