The Internet-based service is designed to improve the way commercial real estate transactions are conducted by providing both buyers and sellers with free online bids for many services. To obtain bids for services, the real estate principal logs on to the site and fills out approximately five minutes worth of transaction-specific data. The information is converted into an electronic request for proposal and submitted via e-mail to service providers doing business in the area of the transaction. Within three business days of the initial RFP, up to 48 quotes are submitted back to the investor, who then makes direct contact with the winning bidders. Because we are a Web-based service, a portfolio manager in Denver can access services in Chicago, San Francisco or any other U.S. market without ever leaving the office or even picking up the phone.
Somebody always has to pay.
Locating the best service providers in unfamiliar markets can be a sometimes time consuming and expensive proposition. Sounds cool to me. Sounds cool to investors, too. This little problem caused the company's stock to nosedive more than 40 percent, resulting in several shareholder lawsuits. In the past week, JDN has announced quarterly dividends.