Relocations demand a great deal of time, energy and communication. To keep on schedule, executives often move forward without taking the time to thoroughly assess and evaluate all information and aspects of the process. Some of the most frequently not-asked questions include:
What am I missing?
If your relocation strategy centers on a piece of property closely fitting basic specifications and meeting budget and a schedule, broaden your focus. Productivity and related issues, such as retention of transferees and local employees, determine long-term success. Examine exactly what will be needed to achieve these goals and invest in the expertise the company doesn’t have internally.
Is this property a great deal or a great investment?
Though the price for the real estate may seem fantastic, conduct thorough due diligence. Analyze the total value being brought to your company. Will transferees want to live in the community? Evaluate relationships with state and local governments and the infrastructure (health care, education, the work force, amenities, support services, transportation, etc). Any price is too high if retention of transferees is low and the location doesn’t achieve its targeted potential.
Should I go with the numbers or my gut?
Both. Solid plans require facts and judgment. Focusing solely on financial considerations can obscure reality and be disastrous. In evaluating many sites during his career, a corporate executive responsible for relocation said that looking beyond the page helped him avert failure.
“There is a reason some areas grow and some never have,” he said. “Always find the reasons. Some are surmountable; some aren’t.”
What are the possible consequences of not using relocation services?
They can be similar to moving the Mona Lisa to a do-it-yourself storage facility. The situation offers an immediate solution, but the lack of attention to critical details and an unsuitable environment negatively impacts the value of the investment.
Relocation professionals address and handle the emotional side of relocation — the factor that, when ignored, is the deal-breaker. However, they also have an intimate understanding of the conduct and language of business, as most have previous careers in corporate America. They bring structure, experience, expertise and sensitivity to the process and manage for results.
What are some indications that a real estate company is qualified to handle a relocation?
Look for an established specialization — a relocation department with a director and agents specializing in relocation, a track record of success and a sterling reputation for quality and service. The relocation director should make a presentation that demonstrates in-depth knowledge about housing, prices, communities and other key factors, as well as a concern for, and the ability to, negotiate the emotional issues of relocation. Materials should be left for evaluation. Responsibilities should be clearly delineated.
The relocation director should conduct a needs assessment of transferees, the basis for pairing a transferee with a specific agent. Compatibility, similar experiences and relevant agent experience are factors in creating these “teams.”
Agents should have experience in both listing and selling properties in the area. Many relocation professionals have also developed other applicable specialization skills.
How can I measure quality?
The office’s and agent’s conversion ratios — the percentage of transferees who found homes during a relocation — should be in the 80 percent to 90 percent range. Verifying the office’s and agents’ credentials is essential.
Progress reports should be supplied by agents to relocation clients. The relocation director should communicate regularly with the client.
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