Title/Name/Summary
Real Estate Brokerage Services Selection - Agreement with Rich Real Estate
History
The Village of Orland Park requested proposals from interested parties for real estate brokerage services for the sale of various Village-owned properties located throughout the Village.
Staff evaluated proposals based on prices, vendor's qualifications, and additional factors deemed relevant including;
-Must be licensed and in good standing with the State of Illinois.
-Must have an excellent reputation in the real estate community.
-Must be knowledgeable in the local real estate market and have experience with small and large properties.
Village staff reviewed proposals submitted to sell various Village-owned properties and invited potential firms to interview. Three (3) total proposals came in with one (1) local firm offering a traditional real estate sales approach while the other two (2) firms recommended conducting an ‘Auction Sale’. Staff interviewed all the brokerage firms that submitted a proposal.
Although all the firms interviewed were extremely impressive, the selection committee is recommending at this time to proceed into a contract with a local Real Estate Brokerage Service provider (Rich Real Estate, Inc. of Orland Park, IL) at the purposed 5% commission’s rate.
The structure and marketing approach by Rich Real Estate is believed to be the best approach for the Village in its sale of various properties. It is also more in line with what the Village has historically done, as opposed to the more unfamiliar auction structure proposed by the other two (2) proposers/firms. Rich Real Estate has tremendous experience working in the Real Estate industry and extremely familiar with the local market. Rich Real Estate can be available to show any of the numerous properties at a moment’s notice and is an Orland Park business.
On August 20, 2018, this item was reviewed by the Development Services Planning and Engineering Committee, recommended for approval and referred to the Village Board of Trustees for consideration.
Recommended Action/Motion
I move to approve a real estate listing agreement with Rich Real Estate not to exceed one (1) year;
And
Approve authorizing the Village Manager to execute the necessary contract.