Fewer employees are willing to relocate for either a new or current job. That's not surprising in today's real estate market, where a home sale often means taking a large loss, or leaving the closing table without enough for a new home purchase.
However, there are several ways companies can make employee relocation desirable, even with the added stress of selling a home in today's market. Here are three ways to help with home sales during employee relocation—and none of them involve your buying the employee's home or other large capital investments.
- Rely on a relocation company with the right industry connections. When you're shopping for a relocation company, look for one with non-exclusive supply chain partners that know your region. Your relocation company should work with real estate agents who know how to negotiate the highest sale price for a home and home staging services that know the changes to make to a property to encourage a quick sale. You'd be amazed at the difference it makes in employee satisfaction and getting the optimum selling price quickly.
- Implement quick sale bonuses designed to take relocating employees out of the “I can't sell my home,” mentality and into a state of mind where they know they have the support to sell their home quickly. Again, it comes back to effective, non-exclusive supply chain partners that know the market.
- Low-priced, high-quality temporary living choices. Sometimes, a home just won't sell as quickly as you and your relocating employee needs it to. In this case, temporary living and flexible working hours that will permit the relocating employee to return home as necessary will help ease the transition during employee relocation.