Huge contract, ton of volume and an easy contract to run. M&M extended 3.7 to the end of May and then extended again. So you can still get in to the process. Being a HUD “Local Listing Broker” (LLB formerly BLB) is one of the most profitable contracts that you can ever get. It can mean dozens of new listings assigned directly to you each month! Many approved LLBs earn hundreds of thousands of dollars each year just from this one source. The contracts are coming up again and here is the information you need to know!
Preparing for HUD 3.7 (Please note that as of April 2017, you will be preparing for HUD 3.9)
This is a highly profitable contract to get in your region. There is so much documentation you have to have written and at your fingertips to get the contract. Don’t wait until the last minute. This is your start to prepare and get going on the proposal process.
3.7 include the Denver HOC (Home Ownership Center) Philadelphia HOC, Atlanta HOC – M&Ms Managing & Marketing Contractors – think of them as your Asset Managers or an outsourcer. That’s who you will apply to so you can become an LLB and they will manage it.
We don’t know when it’s coming, but it is coming. It takes a few months to get this all together. West Coast was already done in 3.5. Most of these areas are minority and small business set asides. They are looking for all new brokers so you have a chance. Winner take all. Each area will only have one M&M contractor to apply to and one chance to apply.
New M&M’s will then have a 60 day for transition period – typically. They will need to set up their Broker Network Immediately. This is why you have to be ready for your RFP response. They can be requested online, 40 page paper – it all depends. There is typically a 3-5, 7-10 day response period to be an LLB. This eliminates those who are not prepared.
RFP Response for LLB: Everything must be prepared ahead of time. If you wait for the announcements, you will never make it.
- Office locations – a REAL office
- Staffing
- Certifications
- Licenses, NAID #s, etc. If not current, you won’t be able to submit.
- Technical requirements
- Insurance and assorted documents (W-9s and more)
Three components:
- RFP Responses – Application – within a week or so after M&M is selected. This is where they thin it out.
- Interview/Site Inspection – this is a very short list of brokers submitting.
- Contract/Acceptance
Remember the GOAL:
Show the M&M that you are the one who will make THEM look good!
The proposal shouldn’t be about how great you are – well not all of it. It needs to be about what you will do for them and how you will make them look good.
This video goes into the details of this process covering the points above in detail. These are HUGE tips including HUB zone awareness, certifications – SBA 8A, SBA 8m, SBA Small Business, WOSB – Woman Owned Small Business – all of these make you look better and separate you from the competition on this contract.
You’ll have to watch this to get the rest of the information, then move on to HUD 3.7 Part 2.
- 05:18 – Time Frame
- 05:30 – RFP Response
- 06:49 – Three Components
- 08:02 – The Goal
- 08:28 – Office/Locations
- 09:37 – Certifications
- 10:29 – Response Components
The attached sample is just that, a sample. Brand it, make it yours. Clock is ticking. GET MOVING.
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