HUD awards $577K for Asset Management Services to Raine & Company, LLC, with no competition
Contract Overview
Contract Amount: $577,150 ($577.2K)
Contractor: Raine & Company, LLC
Awarding Agency: Department of Housing and Urban Development
Start Date: 2023-09-01
End Date: 2024-02-29
Contract Duration: 181 days
Daily Burn Rate: $3.2K/day
Competition Type: NOT COMPETED
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: ASSET MANAGEMENT AREA 3P
Place of Performance
Location: ATLANTA, FULTON County, GEORGIA, 30305
State: Georgia Government Spending
Plain-Language Summary
Department of Housing and Urban Development obligated $577,150.11 to RAINE & COMPANY, LLC for work described as: ASSET MANAGEMENT AREA 3P Key points: 1. Contract awarded for asset management services. 2. Raine & Company, LLC is the sole awardee. 3. No competition was utilized for this award. 4. The contract duration is 181 days.
Value Assessment
Rating: questionable
The contract value of $577,150.11 for 181 days of asset management services appears high without a competitive benchmark. The lack of competition makes it difficult to assess if this price is reasonable compared to market rates for similar services.
Cost Per Unit: $3,189 per day
Competition Analysis
Competition Level: sole-source
This contract was not competed, indicating a sole-source award. Without a competitive process, it's challenging to determine if the government achieved the best possible price or if alternative solutions were considered.
Taxpayer Impact: The absence of competition may lead to higher costs for taxpayers, as there was no market pressure to drive down the price.
Public Impact
Taxpayers may be paying a premium due to the lack of competitive bidding. The effectiveness of the asset management services provided by Raine & Company, LLC is unverified through competition. Transparency in government spending is reduced when contracts are not competed.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of competition
- Potentially high per-unit cost
Positive Signals
- Specific service area identified
Sector Analysis
This contract falls under 'Other Activities Related to Real Estate' (NAICS 531390). Spending in this sector can vary widely depending on the complexity and scale of asset management needs.
Small Business Impact
The contract was awarded to Raine & Company, LLC, and there is no indication that small businesses were involved as subcontractors or partners in this sole-source award.
Oversight & Accountability
The Department of Housing and Urban Development awarded this contract. Oversight would involve monitoring the performance of Raine & Company, LLC and ensuring the services meet contractual requirements.
Related Government Programs
- Other Activities Related to Real Estate
- Department of Housing and Urban Development Contracting
- Department of Housing and Urban Development Programs
Risk Flags
- Sole-source award lacks transparency and competitive pricing.
- High per-unit cost raises concerns about value for money.
- No indication of small business participation.
- Potential for inflated costs due to lack of competition.
Tags
other-activities-related-to-real-estate, department-of-housing-and-urban-developm, ga, delivery-order, 100k-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $577,150.11 to RAINE & COMPANY, LLC. ASSET MANAGEMENT AREA 3P
Who is the contractor on this award?
The obligated recipient is RAINE & COMPANY, LLC.
Which agency awarded this contract?
Awarding agency: Department of Housing and Urban Development (Department of Housing and Urban Development).
What is the total obligated amount?
The obligated amount is $577,150.11.
What is the period of performance?
Start: 2023-09-01. End: 2024-02-29.
What is the justification for awarding this contract on a sole-source basis?
The provided data does not include the justification for the sole-source award. Typically, agencies must document specific reasons, such as the unique capabilities of the contractor or urgent needs, to bypass the competitive bidding process. Without this documentation, it's difficult to assess the validity of the sole-source determination.
How does the per-unit cost of $3,189 compare to industry benchmarks for similar asset management services?
Without access to specific industry benchmark data for comparable asset management services, it is difficult to definitively assess the per-unit cost. However, given the lack of competition, this rate warrants further investigation to ensure it represents fair market value and is not inflated due to the absence of competitive pressure.
What performance metrics will be used to evaluate the effectiveness of Raine & Company, LLC's services?
The provided data does not specify the performance metrics for this contract. Effective oversight requires clearly defined metrics tied to the asset management objectives. The Department of Housing and Urban Development should have established key performance indicators (KPIs) to measure the quality and impact of the services rendered by Raine & Company, LLC.
Industry Classification
NAICS: Real Estate and Rental and Leasing › Activities Related to Real Estate › Other Activities Related to Real Estate
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES
Competition & Pricing
Extent Competed: NOT COMPETED
Solicitation Procedures: ONLY ONE SOURCE
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Parent Company: Raine & Company LLC
Address: 15 PIEDMONT CTR NE STE 120, ATLANTA, GA, 30305
Business Categories: Black American Owned Business, Category Business, Corporate Entity Not Tax Exempt, Economically Disadvantaged Women Owned Small Business, Minority Owned Business, Self-Certified Small Disadvantaged Business, Small Business, Special Designations, Subchapter S Corporation, U.S.-Owned Business, Woman Owned Business, Women Owned Small Business
Financial Breakdown
Contract Ceiling: $577,150
Exercised Options: $577,150
Current Obligation: $577,150
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED
Cost or Pricing Data: YES
Parent Contract
Parent Award PIID: 86616022D00013
IDV Type: IDC
Timeline
Start Date: 2023-09-01
Current End Date: 2024-02-29
Potential End Date: 2024-02-29 00:00:00
Last Modified: 2026-04-02
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