One of the most challenging aspects of professional relocation involves helping employees find ideal housing solutions. While plenty of companies offer home buying help, many organizations miss out on addressing their employees’ need for advice and services related to home rentals.
Serving Employees Who Need to Rent Instead of Buy
Executives are often surprised by how many relocating employees choose renting over buying a home in their new city or town. Some employees prefer to hold off on buying until they’ve had time to explore the area or until they’re certain they want to live there for a significant amount of time.
Other employees are actually unable to buy a new home – possibly because their current home is underwater, has lost a significant amount of value or simply isn’t selling in the current market. The prospect of having two mortgages is enough to keep most professionals up at night, so finding a comfortable rental property is a smart option for individuals and families in this situation.
Employees who are being relocated for an indefinite period of time – whether it’s six months or three years – are understandably reluctant to purchase a home in their new city or town. Looking at rental options provides these employees with more flexibility and gives them the freedom to tailor their rental terms based on the specifics of their work assignments.
Providing Essential Rental Services
It’s all too easy to assume that the home rental process is less complicated than the home buying process. In fact, numerous steps, services and insights are necessary to match an employee with the ideal home rental.
Companies should start by providing extensive area tours to help employees become familiar with a new city or town. Giving employees a thorough insider’s view gets them excited about moving and helps them spot the areas they might like to live in or explore.
A relocating employee has enough to think about without spending hours researching demographics, walkability, public schools, transportation options and other important information about different neighborhoods. Compiling and delivering neighborhood profiles speeds up an employee’s process of choosing the area that fits their needs.
Finding the right rental property can involve almost as many moving parts as purchasing a home. Arranging for meetings with landlords, setting up property inspections and comparing lease terms are all necessary processes that are carried out more smoothly with the assistance of a professional rental agent.
Once an employee has settled on a rental home, companies can provide information on DIY services, such as pet registration, cable and internet setup, utility connections, vehicle registration and all the other essentials that allow employees return to their regular routines.
As important as all these steps are, organizations should note that each employee will have a unique set of relocation and living needs. Providing access to tailored professional rental services not only removes any hesitations employees may have, but it helps organizations attract and retain the top talent that fuels future success.