HUD awards $22.1M for REO Marketing & Management to Harrington, Moran, Barksdale, Inc
Contract Overview
Contract Amount: $22,128,824 ($22.1M)
Contractor: Harrington, Moran, Barksdale, Inc.
Awarding Agency: Department of Housing and Urban Development
Start Date: 2004-08-01
End Date: 2010-10-31
Contract Duration: 2,282 days
Daily Burn Rate: $9.7K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 11
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: SINGLE FAMILY REO MARKETING & MANAGEMENT
Place of Performance
Location: DULLES, LOUDOUN County, VIRGINIA, 20101
State: Virginia Government Spending
Plain-Language Summary
Department of Housing and Urban Development obligated $22.1 million to HARRINGTON, MORAN, BARKSDALE, INC. for work described as: SINGLE FAMILY REO MARKETING & MANAGEMENT Key points: 1. Contract awarded for residential property management services. 2. Full and open competition was utilized. 3. Contract duration is over 19 years. 4. The contract value is $22.1 million. 5. Services are for single-family REO properties.
Value Assessment
Rating: fair
The contract value of $22.1M over nearly 20 years suggests a moderate annual spend. Benchmarking against similar property management contracts would be necessary to fully assess value, but the long duration may indicate a need for stable, long-term service providers.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The use of full and open competition is a positive indicator for price discovery. This method allows multiple qualified vendors to bid, theoretically driving down costs and ensuring the government receives competitive pricing.
Taxpayer Impact: The long-term nature of this contract and its significant value mean taxpayers are committed to substantial spending over nearly two decades for property management services.
Public Impact
Ensures management of foreclosed single-family homes, potentially stabilizing neighborhoods. Supports the government's role in managing distressed real estate assets. Provides services that can impact property values and community appearance. Long-term contract may offer stability for service provider and consistent service delivery.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Long contract duration (2282 days) may lead to price escalation or reduced flexibility.
- Lack of specific performance metrics or outcomes in provided data.
- Potential for vendor lock-in due to the extended term.
Positive Signals
- Full and open competition utilized.
- Contract awarded to a single entity for consistent service.
- Services address a specific government need (REO management).
Sector Analysis
This contract falls under real estate services, specifically managing foreclosed residential properties. Spending in this sector can fluctuate based on economic conditions and housing market trends. Benchmarks would typically focus on per-property management fees or percentage of property value.
Small Business Impact
The data indicates this contract was not awarded to small businesses, as the 'sb' field is false. Further analysis would be needed to determine if small business participation was sought or subcontracted.
Oversight & Accountability
The long duration of this contract necessitates robust oversight to ensure performance standards are met and funds are used efficiently. Regular performance reviews and contract modifications would be crucial for accountability.
Related Government Programs
- Lessors of Residential Buildings and Dwellings
- Department of Housing and Urban Development Contracting
- Department of Housing and Urban Development Programs
Risk Flags
- Long contract duration may lead to price inflexibility.
- Lack of detailed performance metrics in summary data.
- Potential for vendor lock-in.
- No indication of small business subcontracting opportunities.
Tags
lessors-of-residential-buildings-and-dwe, department-of-housing-and-urban-developm, va, dca, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $22.1 million to HARRINGTON, MORAN, BARKSDALE, INC.. SINGLE FAMILY REO MARKETING & MANAGEMENT
Who is the contractor on this award?
The obligated recipient is HARRINGTON, MORAN, BARKSDALE, INC..
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 $22.1 million.
What is the period of performance?
Start: 2004-08-01. End: 2010-10-31.
What are the specific performance metrics and service level agreements tied to this contract to ensure effective property management?
The provided data does not detail specific performance metrics or service level agreements. Effective property management typically includes metrics such as time to secure properties, maintenance completion rates, leasing timelines, and tenant satisfaction. Without these details, assessing the effectiveness of Harrington, Moran, Barksdale, Inc.'s services is challenging.
How does the $22.1M contract value compare to market rates for similar REO marketing and management services over a 19-year period?
Benchmarking this $22.1M contract against market rates requires detailed analysis of comparable contracts, considering geographic location, property types, and service scope. The long duration (over 19 years) complicates direct comparison, as market conditions and pricing models evolve. A thorough analysis would involve examining average annual costs and comparing them to industry standards for REO management.
What is the potential risk of cost overruns or service degradation given the contract's extended duration and fixed price structure?
A fixed-price contract over nearly two decades carries inherent risks of cost overruns if market conditions change significantly, impacting the vendor's profitability. Service degradation is also a risk if oversight is lax, as the vendor may reduce efforts to maintain margins. However, full and open competition at the outset aims to mitigate this by selecting a competitive initial price.
Industry Classification
NAICS: Real Estate and Rental and Leasing › Lessors of Real Estate › Lessors of Residential Buildings and Dwellings
Product/Service Code: RESEARCH AND DEVELOPMENT › Commerce and Housing Credit R&D Services
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Offers Received: 11
Pricing Type: FIRM FIXED PRICE (J)
Contractor Details
Address: 306 W 7TH ST STE 415, FORT WORTH, TX, 90
Business Categories: 8(a) Program Participant, Black American Owned Business, Category Business, Minority Owned Business, Self-Certified Small Disadvantaged Business, Small Business, Small Disadvantaged Business, Special Designations, U.S.-Owned Business, Veteran Owned Business
Financial Breakdown
Contract Ceiling: $22,128,824
Exercised Options: $22,128,824
Current Obligation: $22,128,824
Timeline
Start Date: 2004-08-01
Current End Date: 2010-10-31
Potential End Date: 2010-10-31 00:00:00
Last Modified: 2014-04-02
More Contracts from Harrington, Moran, Barksdale, Inc.
- Single Family REO Marketing & Management — $165.3M (Department of Housing and Urban Development)
- Management and Marketing - North and South Carolina — $90.6M (Department of Housing and Urban Development)
- Single Family Real Estate Owned (REO) Management and Marketing Contracts (reprocurement) — $55.1M (Department of Housing and Urban Development)
- RCS for M&M Bridge Contract to Replace C-Atl-01759 (harrington, Moran, Barksdale, INC.) — $17.8M (Department of Housing and Urban Development)
View all Harrington, Moran, Barksdale, Inc. federal contracts →
Other Department of Housing and Urban Development Contracts
- Single Family Master Subservicer Services in Support of Ginnie Mae's Mortgage-Backed Securities (MBS) Programs — $982.0M (Carrington Mortgage Services LLC)
- TAS::86 4585::TAS Award of Portion of Hits Solicitation Under RFP R-Opc-21970 Pursuant to Settlement Agreement. the Contractor Shall Provide Data Center, Help Desk, and Disaster Recovery Services — $620.3M (Peraton Enterprise Solutions LLC)
- TAS::86 4585::TAS Award of Portion of Hits RFP to LMC. the Contractor IS Responsible for Lotus Notes, Desktops, Laptops, Field Office Servers, Lans, Printers, and Kiosks — $498.6M (Lockheed Martin Services, LLC)
- Single Family Master Subservicer Igf::ot::igf — $343.6M (Carrington Mortgage Services LLC)
- Single Family Master Subservicer Igf::ot::igf — $314.2M (Selene Finance LP)
View all Department of Housing and Urban Development contracts →