The Vendor is required to provide real estate brokerage services.
- Commercial real estate broker: a commercial real estate broker representing the city will act as a middleman between sellers and buyers of commercial real estate, assisting with selling, leasing, or purchasing real estate.
- The broker shall be able to list real estate on co-star or loop net.
- Residential real estate services: a commercial real estate agent is qualified to deal with residential and commercial properties.
- Accordingly, the city may from time to time require assistance with the sale, lease, or purchase of residential real estate.
- Commercial real estate brokers wishing to participate in this category must be able to list real estate on the multiple listing service (mls).
- Commercial real estate services
• Provide a full and detailed marketing plan for a facility, including a marketing budget and expense schedule within thirty (30) days of being assigned said facility by the city.
• If the marketing plan is accepted, city will bear approved marketing expenses.
• Show the facility to interested parties
• Assist in negotiating the terms of the agreement with the tenant.
• Advise city regarding the valuation of the facilities.
• The city will obtain an appraisal of the facilities, at its sole cost, if the city so desires.
• While assigned facilities are vacant, the broker will provide monthly reports of marketing, advertising, and other activities involving potential tenants for those facilities.
• Reports will be standardized and submitted as exhibited in the agreement.
• All real estate transactions to be processed with the approval of the city and in accordance with applicable rules, regulations, and ordinances of the city.
• Commission will only be paid to successful broker and co-broker upon execution of an agreement with a tenant/buyer/seller if procured by successful broker.
• If the city rejects the offer for any reason or if negations are unsuccessful in executing an agreement, the city shall not be liable for any costs, claims, or commissions.
• The city reserves the right to delete or cancel any portion or all services provided in the agreement at any time without cause and for convenience.
• Suppose the city exercises such right.
• In that case, it shall compensate for costs associated with the partial termination of the agreement based on the estimated percentage of completion, as reasonably determined by the city.
- Residential real estate services
- Occasionally the city may have the need to post city-owned property on the multiple listing service (MLS).
• Procuring buyers and assisting in negotiating sales for available various types of properties.
• Developing and implementing marketing/advertising and sales plan(s) for the properties.
• Providing comparative market analysis
• Sales analysis and due diligence regarding prospective buyers.
• Standard report(s) along with the reporting period of marketing, advertising, and other activities involving prospective tenants for the landlords.
- Contract Period/Term: 5 years
