The Department of Housing and Urban Development (HUD) has entered the world of electronic commerce in advertising multifamily HUD-owned properties, and properties in foreclosure sales. HUD’s multifamily property advertising and sales processes is now one line including:
- an electronic mail list to notify subscribers of new property sales
- a web site http://www.hud.gov/offices/hsg/mfh/pd/mfplist.cfm with instant downloading of property specific packages required for due diligence and bidding on a property.
A web team consisting of staff from the Fort Worth and Atlanta HUD Multifamily Property Disposition Centers worked together to develop an innovative, cost saving approach to market real property assets throughout the nation. As a result, print advertising is no longer the only medium for advertising. The use of the Internet to advertise the sale of properties reaches thousands of prospective purchasers at once, and provides instant access to information about the properties, including pictures, HUD’s terms and conditions of sale, and required forms, at no cost to the Government. The use of print advertisements has been greatly reduced with an estimated annual cost savings of $810,000. HUD also expects to create additional cost avoidance of approximately $300,000 each year when it discontinues printing and mailing contracts for the bid kits on properties in December 2003.
HUD’s web-based approach to advertising is cost effective, can be adopted by other Federal agencies, assists in the timely disposition of properties, and is very customer service oriented. The Department has received numerous positive calls and e-mails from its customers. There are approximately 22,000 thousand subscribers to the electronic mailing list, and it grows by several subscribers daily.
For more information, contact Ms. Arden Moomey at (817) 978-5820 or via e-mail at arden_j._moomey@hud.gov
