The Request For Information in Real Estate Development
The request for information – I.e.: RFI – is the formal communication channel within real estate development which is utilized by individual stakeholders to obtain additional details about a project’s materials, processes, plans and/or specifications.
The RFP is issued. The RFI is requested…
The Respondent to a request for proposals (“RFP”) – the RFP being an entry point for proposed stakeholders who aspire to supply their products, their services and/or their processes to the project for which the RFP had been issued – benefits through the RFI. In that, through the RFI, the Respondent is able to gain information about construction. Enabling the Respondent to enhance or to amend their Response. In a manner which is aligned with additional “project directions” gathered by the Respondent through the RFI. The outcome being…?
The Respondent will more aptly be able to provide the real estate developer with project specifications which facilitate progression through each stage of development.
Project details gathered by a Respondent through the RFI may have initially been unclear to the Respondent when the RFP was first issued. Potentially, questions presented to the developer by a Respondent through the RFI – as well as answers sought by the Respondent in the RFI – may not necessarily have been spoken to, within the original RFP, at the onset of the RFP issuance. I.e.: when the site plan was first able to be studied by the Respondent.
In such a case, the most effective way for a real estate developer to provide clarity sought by a Respondent – and, as such, the most effective way for a Respondent to supplement (or amend) their Proposal for the developer – is through a request for information. The RFI.
When reviewing RFP development specifications, in order to be able to accurately understand how to best address site plan requirements for the developer, a Respondent may elect to submit their own RFI. Submitted to developer. Or to the architect. Or to the general contractor. And so on. Doing so lets the Respondent notify a particular project stakeholder – for example, the developer, the architect, or the general contractor… – that RFP provision clarification, as has been requested by the Respondent through the Respondent’s RFI, will be helpful at this stage of the project. Helpful, insomuchas, with the named clarification(s) provided, the Respondent will be able to progress towards satisfying their stated commitment to the project’s success. In alignment with goals established through the RFP.
Throughout development, as a project progresses, the RFI is an important tool which can be introduced by several different people. Issued by several different people. Each of whom remain independently, yet, through the process, collectively – through the RFP, through the RFI – involved in construction. Thinking About Becoming a Real Estate Developer?
The RFP is issued. The RFI is requested…
The Respondent to a request for proposals (“RFP”) – the RFP being an entry point for proposed stakeholders who aspire to supply their products, their services and/or their processes to the project for which the RFP had been issued – benefits through the RFI. In that, through the RFI, the Respondent is able to gain information about construction. Enabling the Respondent to enhance or to amend their Response. In a manner which is aligned with additional “project directions” gathered by the Respondent through the RFI. The outcome being…?
The Respondent will more aptly be able to provide the real estate developer with project specifications which facilitate progression through each stage of development.
Project details gathered by a Respondent through the RFI may have initially been unclear to the Respondent when the RFP was first issued. Potentially, questions presented to the developer by a Respondent through the RFI – as well as answers sought by the Respondent in the RFI – may not necessarily have been spoken to, within the original RFP, at the onset of the RFP issuance. I.e.: when the site plan was first able to be studied by the Respondent.
In such a case, the most effective way for a real estate developer to provide clarity sought by a Respondent – and, as such, the most effective way for a Respondent to supplement (or amend) their Proposal for the developer – is through a request for information. The RFI.
When reviewing RFP development specifications, in order to be able to accurately understand how to best address site plan requirements for the developer, a Respondent may elect to submit their own RFI. Submitted to developer. Or to the architect. Or to the general contractor. And so on. Doing so lets the Respondent notify a particular project stakeholder – for example, the developer, the architect, or the general contractor… – that RFP provision clarification, as has been requested by the Respondent through the Respondent’s RFI, will be helpful at this stage of the project. Helpful, insomuchas, with the named clarification(s) provided, the Respondent will be able to progress towards satisfying their stated commitment to the project’s success. In alignment with goals established through the RFP.
Throughout development, as a project progresses, the RFI is an important tool which can be introduced by several different people. Issued by several different people. Each of whom remain independently, yet, through the process, collectively – through the RFP, through the RFI – involved in construction. Thinking About Becoming a Real Estate Developer?
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Ted Ihde author of “Thinking About Becoming A Real Estate Developer?”
Today, a real estate developer and a licensed real estate broker, Ted graduated Summa Cum Laude from Bloomfield College.
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