HUD awards $165M for REO Marketing & Management to Harrington, Moran, Barksdale, Inc
Contract Overview
Contract Amount: $165,320,822 ($165.3M)
Contractor: Harrington, Moran, Barksdale, Inc.
Awarding Agency: Department of Housing and Urban Development
Start Date: 2004-08-01
End Date: 2010-04-30
Contract Duration: 2,098 days
Daily Burn Rate: $78.8K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 10
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: SINGLE FAMILY REO MARKETING & MANAGEMENT
Place of Performance
Location: CHICAGO, COOK County, ILLINOIS, 60601
State: Illinois Government Spending
Plain-Language Summary
Department of Housing and Urban Development obligated $165.3 million to HARRINGTON, MORAN, BARKSDALE, INC. for work described as: SINGLE FAMILY REO MARKETING & MANAGEMENT Key points: 1. Contract awarded for single-family REO marketing and management services. 2. Full and open competition was utilized. 3. The contract duration is 2098 days. 4. The total award amount is $165,320,822.
Value Assessment
Rating: good
The contract's value of $165.3 million over approximately 5.7 years suggests a significant need for these services. Benchmarking against similar large-scale property management contracts would be necessary for a precise value assessment.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The use of full and open competition indicates a broad market solicitation, likely leading to competitive pricing. The award to a single contractor suggests they offered the best value proposition.
Taxpayer Impact: Taxpayer funds are being used for property management services, aiming to efficiently handle foreclosed properties and potentially recover costs through effective management and sale.
Public Impact
Ensures efficient management of single-family foreclosed properties. Supports the Department of Housing and Urban Development's mission. Potential impact on local housing markets where properties are managed. Provides services that could stabilize neighborhoods with vacant homes.
Waste & Efficiency Indicators
Waste Risk Score: 78 / 10
Warning Flags
- Long contract duration may lead to price increases over time.
- Performance metrics and oversight are crucial for ensuring value.
Positive Signals
- Full and open competition utilized.
- Significant award amount suggests substantial service requirement.
Sector Analysis
This contract falls under real estate services, specifically managing foreclosed properties. Spending in this sector can fluctuate based on economic conditions and housing market trends.
Small Business Impact
The data indicates this contract was not set aside for small businesses, and the contractor is not listed as a small business. Therefore, there is no direct small business participation evident in this award.
Oversight & Accountability
Oversight by the Department of Housing and Urban Development is critical to ensure the contractor meets performance standards and manages properties effectively and ethically.
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-term contract duration may not reflect current market conditions.
- Potential for cost creep if not managed tightly.
- Dependence on a single contractor for a large portfolio.
- Effectiveness of property management can vary significantly.
Tags
lessors-of-residential-buildings-and-dwe, department-of-housing-and-urban-developm, il, dca, 100m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $165.3 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 $165.3 million.
What is the period of performance?
Start: 2004-08-01. End: 2010-04-30.
What specific services are included in REO marketing and management?
REO (Real Estate Owned) marketing and management typically encompasses a range of services including property preservation, maintenance, security, valuation, marketing for sale, and closing assistance for properties acquired by lenders or government agencies due to foreclosure.
How does the firm fixed price contract structure impact potential cost savings or overruns?
A firm fixed price contract shifts most of the risk to the contractor. While it provides budget certainty for the government, it could lead to overruns for the contractor if costs are higher than anticipated, or significant profit if costs are lower. This structure incentivizes contractor efficiency.
What are the key performance indicators (KPIs) for this contract?
Key performance indicators would likely include metrics such as time to market for properties, sale price achieved relative to market value, property preservation standards adherence, tenant eviction timelines (if applicable), and overall cost-effectiveness of management services. Specific KPIs are usually detailed in the contract's performance work statement.
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: 10
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: $165,320,822
Exercised Options: $165,320,822
Current Obligation: $165,320,822
Timeline
Start Date: 2004-08-01
Current End Date: 2010-04-30
Potential End Date: 2010-04-30 00:00:00
Last Modified: 2013-12-18
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