Overview of Bid Process
· taking the time to submit an offer on a property only to find out that the property has been sold (sometimes months ago)?
· taking the time to visit a property only to find out the “deal has hair” ¾that the property has incurable defects?
· written an offer only to find out that the proforma numbers were not even close to reality?
- not receiving return calls or emails from listing agents?
- finding out at the closing table that a minimal or no commission was being offered?
The following text is provided to buyers and buyers agents as an explanation of a marketing process that NM Apartments has been using since 2001 to represent its clients ¾the sellers. To date, we have
used this process in over $50M of apartment sales and have received feedback from buyers and buyer’s agents that when this process is followed, it ensures their buyer a forum for their offers and a “level playing field”
Disclaimer: In today’s current market conditions, qualified all cash buyers are experiencing a one-in-five to one- in- ten odds of securing an investment – buyer competition for investments is fierce with many investments selling over list price.
New Mexico Apartments offers many of its listings through a fixed-bid deadline process. If you are a potential buyer, seller, or agent representing a buyer, the following should thoroughly explain our process and procedures.
What is it?
Our marketing process is a structure that we use to manage the marketing, data dissemination, touring, and offering for many of our apartment listings.
How does it work?
Information: We make every effort to make all potentially interested parties - agents specializing in apartments and apartment investors – aware of each available property at the same time. Anyone who receives information on one of our listings may go to our web site, www.nmapartment.com, and down load a flyer and an APOD on the property. After reviewing these, a buyer may complete a Registration and a Confidentiality Agreement and provide these to us. When we receive these documents we will provide the buyer, and their agent, with a username and password which will allow them to download the, usually very extensive, data and analysis that we have completed for the property. Usually included are completed rent rolls, analytical financial modeling, unit floor plans, and surveys and other information designed to allow the buyer to have as complete an understanding of the property as possible.
NM Apartments promise:
Our commitment is to carry out each sale, using this process, in such a way that is fair, open, honest, and transparent to all parties.