Overview of Bid Process
As the part of NM Apartments initial marketing material, you will find the last two pages contain a Buyer Registration and Confidentiality Agreement. This must be executed before any buyer is allowed to attend a tour or receive detailed information on the property. Seller’s expect the buyer to maintain a reasonable standard of conduct, disclose their agency relationship, and agree to keep the Seller’s confidential information just that¾confidential.
The registration form also allows a buyer’s agent to make sure that they are indeed representing this buyer. All too often, we’ve had less than scrupulous buyer’s agents attempt to represent a buyer with whom they do not have a buyer’s agency relationship, and “inject” themselves into a deal. By requiring that your client, the buyer, execute this agreement, we ensure that you are part of the procuring cause of the sale.
Property Tours: After reviewing the information we have on the property the buyer may wish to attend a tour of the property. These are scheduled long in advance. Usually during a thirty day marketing period there will be two opportunities for a buyer to tour the property. Individual tour dates are not available. Self guided tours, a buyer or agent taking it upon themselves to walk the property and speak with the manager or tenants are not allowed. Any buyer doing this will likely be banned from participating in the offer process.
As a buyer’s agent, procuring cause is often not enough to earn you fee—NM Apartments offer’s a one page document that can be downloaded here on what a buyer’s agent typically needs to do to earn their fee.
Most of our seller’s pay a brokerage fee that is in the range of industry norms for the size of the property. Typically we share this with outside selling brokers on a 50%/50% basis. Not all seller’s offer compensation. A few, particularly institutional owners, work with us on a consulting fee arrangement and specifically do not allow us to compensate outside agents. In these rare cases you must seek compensation from your buyer and we will make it very clear that no fee is offered to a buyer’s agent, but only because the seller demands it. Please review the compensation particulars as disclosed in the confidentiality agreements for each property.
Bid Deadline: All offers must be received prior to the bid deadline, or call for offers. The seller may choose one offer, may reject all offers, or may choose a handful of bidders from which to solicit a “best and final” offer.