February 5, 2009 by MSI
With the current economic conditions, companies are more closely scrutinizing relocation, as it relates to both new recruits and existing employees. Failed assignments cost organizations over three times the relocation expense so company’s today need to be confident that the relocation investment is maximized and that the organization will yield a return on the investment.
Evaluating how relocation may impact your recruit or employee personally is critical as well. They are asking the following questions and factoring in the responses in their ultimate decision. Will I be able to sell my home? Will I be selling at a loss? Will I be able to afford a home in the new location? How do you answer these questions if asked? Are you faced with making policy exceptions? What specifically can you do to help your employees make an informed decision and ensure you have the right candidate for relocation?
After the pre-decision process is complete, we recommend the following, 3-step approach to our clients for their employees.
- Advise them to thoroughly assess their current situation. Obtain at least two broker market analyses to help clearly evaluate the current market and housing competition and determine what the best probable list price will be to ensure a sale.
- Research the destination Location. Learn about market conditions in the new location and identify and evaluate potential communities that will meet your personal needs.
- Get pre-approved for a mortgage. Obtain a pre-approval and know in advance how much home you can afford. This is critical in identifying potential destination communities.
Also key during this process is working with real estate professionals and mortgage originators who are relocation savvy. Their experience is critical to a successful relocation for your employee.
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