NRC is the national leader in conducting accelerated sales programs for real estate, and has sold over 10,000 properties using this highly effective sales method since 1989. NRC's clients range from governmental agencies such as the RTC and FDIC to leading banks and corporations including GE Capital, Bank of America and BP America. With over 20 years of experience liquidating residential and commercial real estate assets, NRC is a valued partner for any institutional or corporate seller needing heightened exposure and rapid asset disposition. NRC focuses on six key steps to ensure our sellers achieve the highest possible sales prices in the shortest possible time.
- Determining the best sale strategy, whether Sealed Bid Sale, Online Sales or some combination
- Designing and implementing the highest profile marketing and advertising plans to maximize exposure for the assets
- Communicate with the maximum numbers of qualified buyers
- Generate competitive bidding for the highest selling prices
- Create a ‘price discovery’ process where true market values are determined
- Aggressively manage escrows for rapid closings
NRC coordinates sales initiatives from its Chicago office, and we have professionals based in every region of the country; NRC sells and closes properties nationally. Lenders choose NRC to sell REO properties, and Bankruptcy Trustees and Receivers find the transparency of a Sealed Bid Sale fulfills court requirements for active and open property exposure and competitive bidding.
Not all properties or sellers are suitable for an NRC accelerated sale, but selling real estate in times as difficult as today, NRC should be high on any seller’s list as a source of high quality divestiture services. Call or e-mail us to learn more about how NRC can help.
Sealed Bid Sales
No other company conducts more Sealed Bid Sales than NRC. We have successfully bid out restaurants, convenience stores, retail centers, hotels, resorts, master planned golf courses, multi-family apartment complexes and fractured condo projects; residential and commercial lots, land and subdivisions; commercial and industrial buildings and special-use properties such as vacant churches and schools. We are also active in the timeshare resort arena with a focus on selling legacy properties in addition to marketing hotels and commercial properties to timeshare resort and hotel developers as adaptive reuse opportunities.
- A sense of urgency created by a Sealed Bid Sale deadline draws out more buyers than any other selling method, increasing competition and maximizing results.
- Time and cost savings from start to finish, because properties are sold more quickly than through conventional sales methods which take many months to complete and close. In an accelerated sale, advertising periods range from four to six weeks, with the overall project, from start to bid date, typically taking 12 to 16 weeks.
- All bids are received simultaneously, allowing the seller to accurately gauge market depth and better assess true property value. Bids are made on pre-set purchase agreement forms, and bidders are required to remit earnest money by cashiers check or wire transfer with their bids.
- With all bids on the table at the same time, the seller is in an excellent position to evaluate what the market is willing to offer for the property, with no contingencies and a fast close.
- Bids are confidential and are not public knowledge, thereby strengthening the seller's negotiating position with the bidders, protecting disparities between high and next high bids. Properties are often offered with minimum bid prices or the undisclosed seller's right to accept or reject the high bid. In addition, certain properties fare best when offered on a Sold Absolute basis where the property is sold to the highest bidder. Once NRC has reviewed the properties, we will recommend the most appropriate pricing strategy, and the one most likely to attain the highest bid price.
NRC uses on online feature called Bid Now to let interested prospects make bids on properties displayed on the NRC website. Prospects place electronic bids until five days prior to the sale while other properties may be offered solely through Bid Now. Bidders click the Bid Now button next to the property description on our website and are linked to a pre-populated page containing the address of the property, the bidder's contact information, a field to enter the bid price, and check boxes to indicate they have an agent, and whether they require financing or not. Hitting send generates an e-mail to NRC who then conveys the bids to the seller. If the seller accepts the bid amount, NRC e-mails the buyer a purchase contract to be completed and returned with a deposit in 24-48 hours.
NRC has handled dozens of portfolio sales with 100 properties or more. Portfolio sales in a Buy One, Some or All format have the efficiency of a bulk sale in terms of time, but usually generate a much higher price. In one of our largest sales of 520 closed convenience stores for Swifty Serve Stores in the Southeast, NRC had 600 bidders and sold the stores to 220 individual buyers. In our sale for Clark Retail of 520 operating convenience store businesses and real estate, we had 900 bidders and 8700 bids.
There were over 200 individual buyers. NRC has developed a unique and highly effective bidding technique (Buy One, Some or All) for multiple asset portfolio sales such as restaurant chains, vacant bank branches or office and retail properties. Bidders may make single bids with a single purchase contract and check; multiple bids on some or all assets but may be awarded less sites than their bid; preference bids where a bidder can bid on as many properties as he or she wants but be awarded only one property; multiple preference bids where a bidder can bid for a larger number of properties but be awarded a lesser number (5 of 10 for example); and an All or Nothing or Linked Bid which requires the award of all the properties or none. Whatever the bid type, bidders are required to provide individual bid amounts for each property, so while an All or Nothing bid might have an aggregate value of $10 million; we want to know the value of each property. Our Buy One, Some or All program will often generate 3-4 times the number of bids, and results in much higher selling prices when single bidders are pitted against multi-site bidders. NRC portfolio sales recover much more money with the efficiency of a bulk sale.