Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the official policy or position of WERC.
Relocating is a highly stressful experience, often ranked among life’s most challenging events, trailing closely behind death and divorce. When coupled with recent upheavals like the COVID-19 pandemic, fluctuating interest rates, shifts in the real estate market, changing remote work arrangements, and familial complexities like moving with elderly parents or children of any age, the stress can escalate exponentially.
Corporate Support and RMC Collaboration
Even if anticipated, relocation represents a significant change. Such large changes can trigger symptoms akin to depression, commonly referred to as “relocation depression.”
For these reasons, the relocation landscape is evolving to prioritize the well-being of relocating individuals alongside their professional success. Joint efforts from corporations, relocation management companies (RMCs), and relocation directors to prioritize services from relocation-trained real estate agents can mitigate the heavy burden of stress and strain on a relocation professional’s overall stress.
For corporations, supporting their employees during their relocation means providing flexible policies tailored to individual needs. Such policies often include clear timelines and collaboration with RMCs and their consequent service providers, including real estate agents.
A corporation’s effort to improve conditions for its relocating professionals is twofold. Home sales, purchases, and general moving expenses constitute significant costs in the relocation process. In exploring cost-saving strategies, corporations and their clients alike benefit greatly by engaging competent real estate professionals well-versed in relocation intricacies.
The Role of RMCs and Relocation-Trained Agents
This is where RMCs enter the equation. The goal of an RMC is to provide optimal support for their clients, the relocating professional and their company. As such, an RMC must seek out and attain partnerships with reputable real estate brokers and agents. Building an internal network of vetted real estate brokers and agents ensures adherence to each corporation's relocation policies as well as top-notch, comprehensive client services to the relocating professional.
Identifying Optimal Real Estate Partners
Identifying optimal real estate brokerages and agents to serve relocation clientele involves collecting and analyzing data regarding past client experiences, communication proficiency, relocation-specific training, transaction history, market acumen, and the accuracy and timeliness of producing all required paperwork crucial to a transaction.
A key component in this data analysis done by an RMC is the level of relocation-specific training completed by an agent. Relocation-trained agents adhere to stringent standards and are mandated to undergo initial training as well as annual refresher courses. Specializing in the complexities of relocation transactions, these agents adeptly handle the home sale process from start to finish.
Critical components in the home-sale process of a relocating professional include prerequisite forms for home sales, such as Broker Market Analyses (BMAs), listing documentation, disclosures, preferred title company paperwork, monthly reports, written and verbal updates, knowledge of the management of inventory listings, and ultimately the final closing process with the buyers.
Navigating the Home Sale Process
Real estate agents play a vital role in educating their home-selling transferees and sometimes even buyer’s agents about the relocation process to mitigate any anxieties or misunderstandings during the home sale process. Additionally, they comprehend the nuances of tax-protected home sale programs, offering invaluable insight.
Selling a house is inherently emotional, and relocation adds layers of complexity, such as timing, negotiation, paperwork, economic factors, and the likelihood of a successful sale. Like the stages of grief, selling a home involves emotional stages like optimism, concern, searching, nostalgia, acceptance, and, ultimately, relief.
With the well-being of the relocating professional in mind, a relocation-trained agent offers tailored support in selling a home by overseeing every aspect of the relocation process. Leveraging their insight into the local market, they accurately price the home, assist in sourcing qualified vendors for necessary repairs before listing, ensure alignment with the relocation company’s policies and client requirements, and furnish consistent updates on the sale’s process to the relocation company. Their objective is to facilitate a seamless and transparent transaction, striving to create a positive seller experience throughout the relocation journey.
Facilitating Home Purchases in New Destinations
Similar to the home sale process, purchasing a home in a new destination can evoke a range of emotions, from excitement upon discovering a potential home to the disappointment of losing out in a bidding war. Transferees are best served by partnering with an agent who can keep them informed about rapidly shifting market conditions, including escalating home prices and limited inventory, which may compel them to make swift decisions.
Again, collaborating with a relocation-trained destination agent can significantly reduce stress on this side of the relocation process as well.
Supporting Relocation With Destination Agents
Relocation directors have sought out destination agents who are trained specifically to assist individuals moving to new areas and fully grasp the intricacies involved in purchasing a home. To effectively match a relocating professional with the right agent in the new destination, a relocation director must communicate with the transferee or their partner, comprehend their family dynamics, and identify their specific requirements and preferences.
Arranging a visit to explore the new location beforehand can mitigate the stress of arriving blindly in a new city. Relocation-trained agents can assist by offering area orientation or providing rental information/rental tours, furnishing neighborhood insights tailored to the transferee’s needs, supplying them with relevant statistics, school and community information, and providing guidance on various amenities and services.
These agents also recognize the significance of collaborating with preferred mortgage and title companies endorsed by the RMC or corporation. They offer continuous support throughout the process, addressing any questions that might arise.
Conclusion
Relocation-trained real estate agents play a pivotal role in mitigating the stress associated with home sales and purchases. Their specialized training and experience enable them to navigate the complexities of the real estate market, providing invaluable support to clients during a significant life transition.
By leveraging their expertise, relocation-trained agents ensure that clients and transferees are well-informed, prepared, and supported, leading to a successful and less stressful real estate experience. Their role is indispensable in today’s challenging real estate environment.
Individuals seeking relocation brokers can utilize resources like WERC’s directory or explore the Relocation Directors Council (RDC) website.
Additionally, it’s advisable to seek out certifications such as GDS (Global Destination Services Certification) through RDC, the CRP® (Certified Relocation Professional®) or GMS® (Global Mobility Specialist®) provided by WERC.