The two real estate firms submitted proposals to the city's Loan Board of Review to sell the homes, which will be made available to income-qualified households. The city used federal and state money to purchase homes for the Neighborhood Stabilization program, which Mayor John Dickert is touting as the model for improving the city's housing stock. (See eight of the homes purchased by the city here.)
Dickert, who formerly worked for First Weber, explained a few months back that two firms would be selected to sell the homes to avoid charges of favoritism. The city laid out specific criteria real estate agencies needed to meet, including selling the homes at a 6 percent commission with a 2.4 percent selling commission.
The board approved the contracts on June 17. The City Council did not have to approve the contracts.
Here's the city's Request for Proposals to sell the homes:
Here's the city's Request for Proposals to sell the homes:
DATE: April 28, 2010
TO: Racine Area Real Estate Brokers
FROM: Jean Wolfgang
RE: Request for Qualifications/Proposals to List City-Owned Residential Real Estate
Through various federal programs the City of Racine is rehabilitating about 20 homes that will need to be sold to income-qualified households. Properties include the following with more to be added:
1706 Maple, 1537 Thurston, 2026 Orchard, 1317 Albert, 1124 Irving, 630 Hagerer, 1125 Grand, 1132 Irving, 1016 Park, 1841 Villa, 944 Villa, 900 Center, 906 Walnut, 1112 Villa, 1732 Mead, 1805 Mead, 1031 Ninth, 912 Birch
The City is seeking responsible real estate brokers with designated responsible agents to list the properties at a 6% commission offering a 2.4% selling commission. The City may list with one firm or choose to list groups of properties with various firms. Firms wishing to list properties for the City of Racine must submit the following.
• Application for the broker and for each full-time agent that will be involved. (See attached)
• Proof of insurance to the satisfaction of our City Attorney, including errors and omissions.
• Copies of all applicable licenses. (Agents must be licensed and have at least 3 years of experience.)
• Examples of internet advertising that would be provided for these properties.
• List of advertising (including electronic advertising) to be used including within Racine and other markets such as Milwaukee or Kenosha. Include frequency of advertising
• Resume of each agent including years of experience and experience working with any programs such as down payment assistance or the IDA program.
• Proposal narrative including frequency of open houses, agent availability, sales strategy, and proposed listing contract.
Selection will be based on quality of marketing and services, experience, and proof of responsibility.
Submittals are due May 17, 2010 by 4:30 p.m. to City Development, Attention: Jean Wolfgang, Room 102, 730 Washington Avenue, Racine, WI 53403, or by email to jean.wolfgang@cityofracine.org, or by fax to 262-635-5347. Staff will conduct interview of top candidates before making a recommendation to the Loan Board of Review for final selection. Please contact Jean Wolfgang at 262-636-9476 with any questions.
