Dubuque Board of Realtors Agreement Copyright 2014
City of Dubuque Consent Items # 11.
ITEM TITLE: Dubuque Board of Realtors Agreement
SUMMARY: City Manager recommending approval of a three year agreement with the
City of Dubuque's Housing & Community Development Department and
the Dubuque Board of Realtors for the listing of City-owned properties.
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Approve
ATTACHMENTS:
Description Type
❑ Dubuque Board of Realtors Agreement-MVM Memo City Manager Memo
❑ Board of Realtors Agreement Memo Staff Memo
❑ Board of Realtors Agreement Supporting Documentation
THE CITY OF Dubuque
UBE I
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Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Agreement Between the City of Dubuque Housing & Community
Development Department and Dubuque Board of Realtors to List city-
Owned Properties
DATE: February 9, 2015
Housing & Community Development Department Director Alvin Nash recommends City
Council approval of a three year agreement with the City of Dubuque's Housing &
Community Development Department and the Dubuque Board of Realtors for the listing
of City-owned properties.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Alvin Nash, Housing and Community Development Department Director
THE CITY OF Dubuque
AII11-America CiI.ty
UB E1
Masterpiece on the Mississippi 2007-2012-2013
To: Mike Van Milligen, City Manager
From: Alvin Nash, Housing and Community Development Director
Subject: Agreement Between the City of Dubuque Housing & Community
Development Department and Dubuque Board of Realtors to List City-
Owned Properties
Date: January 30, 2015
Introduction
The purpose of this memorandum is to request City Council to authorize signature of
an Agreement between City of Dubuque's Housing & Community Development
Department and Dubuque Board of Realtors to list City-owned properties.
Background
The City had three year agreement with the Board of Realtors that expired April
2014. We have been working with the Board and Legal Department to put together
a new agreement. The new Agreement basically states that "City will pay a listing
fee of five percent (5%) commission to the City selected REALTOR member with a
minimum fee of$2500.00. If the City finds the Buyer, the listing fee will be half (1/2)
of the five percent (5%), or two and one-half percent (2.5%) commission with a
minimum fee of$1250.00." It continues to say "If City has received interest from a
potential Buyer for a property before the property is listed with the selected
REALTOR member, City must provide the REALTOR member with the potential
Buyer's name(s). If a potential Buyer provided to REALTOR member by City makes
an offer on the property (30) days or less from the time of the listing, and that offer is
ultimately accepted, then the City will pay the lower commission of two and one-half
percent (2.5%) or minimum fee of$1250.00 to REALTOR member."
Discussion
The reason for the new revised Agreement is due to the fact that a few of the
properties they listed for us in the past were buyers that the City had been working
with and felt that the full commission of 5% should not be given. The Board has
agreed to this new Agreement is waiting for approval for signatures.
Action Step
The action requested is for City Council to approve the attached three year
Agreement between the City of Dubuque's Housing & Community Development
Department and Dubuque Board of Realtors.
KLN
Attach.
THE CITY OF DUBUQUES HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT
AND DUBUQUE BOARD OF REALTORS
AGREEMENT TO LIST CITY OWNED PROPERTIES
The City of Dubuque Housing and Community Development Department(City) and members of the
Dubuque Board of REALTORS (REALTORS) agree to the following terms:
• The REALTORS will work with City to list,market and sell properties owned by the City.
REALTOR members will list the property using an"Exclusive Agency Listing Contract'.
• City will pay a listing fee of five percent(5%)commission to the City selected REALTOR
member with a minimum fee of$2500.00. If the City finds the Buyer, the listing fee will be half
(1/2) of the five percent(5%), or two and one-half percent(2.5%) commission with a minimum
fee of$1250.00.
• Reserved Prospects —If City has received interest from a potential Buyer for a property before
the property is listed with the selected REALTOR member, City must provide the REALTOR
member with the potential Buyer's name(s). If a potential Buyer provided to REALTOR member
by City makes an offer on the property(30) days or less from the time of the listing, and that
offer is ultimately accepted,then the City will pay the lower commission of two and one-half
percent(2.5%) or minimum fee of$1250.00 to REALTOR member.
• Buyers have the right to choose his/her own lender(s). City may reject any offer from a Buyer
based on his/her proposed financing.
• The City will be provided a list of REALTOR member applicants secured by the REALTORS.
The City will interview the REALTOR members on the list to determine whether they meet the
City's requirements. The City may reject and decline to work with any REALTOR member that
does not meet City's requirements.
• REALTOR members selected by the City to list and sell City of Dubuque owned property will
place property data in the Dubuque Multiple Listing Service(DMLS)which is available to all
225 of the DMLS members. Partial listing information is also syndicated to over thirty(30) web
based partners that include Google, Trulia, Cyber Homes,Ebay,Facebook,HouseHunting, etc.
• This Agreement runs for three(3)years commencing with the signature date below. Either party
can cancel the agreement with thirty(30) days written notice and for any reason.
Signature Date:
Dubuque Board of Realtors President
Signature Date:
Director, City of Dubuque Housing and Community Development