During the real estate boom, the challenges of providing relocation assistance to employees had a completely different face. Homes sold quickly—usually at a substantial profit. With interest rates so low, most relocating employees could find (and finance) an even nicer home in their new region while lowering their monthly mortgage payments.
For many people, the view was on the short term, with the attitude that if they didn't like the new location, they could move again. After all, both jobs and houses were easy to come by. And that Adjustable Rate Mortgage? They could worry about that—or just re-finance—when the time came.
Relocation assistance packages emphasized generous bonuses to keep top talent, but relocation (for employees and companies) was still less expensive in the long run.
Today, relocating could mean:
- Selling a home at a loss
- Moving into temporary housing while waiting for the right house at the right price
- Jumping through hoops to be approved for a mortgage
- Months of stress and traveling from a current home to the new location while waiting for a home to sell
- Home staging for a quick sale at a fair price
Relocation Assistance Packages in the New Decade
Today's best relocation assistance packages emphasize lining up the right people and processes to sell homes quickly while minimizing a loss (rather than to maximize profits). It means forging alliances with the best real estate agents and home stagers to get a quick sale. It also means connecting employees with mortgage experts who can walk them through the approval process and do whatever it takes to get a mortgage.
Selling a home is stressful; relocation assistance should make it less so. If you find real estate issues to be a major stumbling block in successful employee relocation, give CapRelo a call to see how we can help you with our Low-Stress Relocation Process.
Posted by Barbara Miller