Creating Relocation Packages: Incorporating Real Estate Assistance

There’s no place like home. Living in a home you love is a priority for everyone, including your organization’s future employees.

That’s why real estate assistance is a key component of competitive relocation packages.

Because when a professional accepts a position that involves relocation, their first order of business is finding a great place to live. Similarly, when a candidate receives a long-distance job offer—or even the chance to interview for one—they will immediately research the local housing situation.  

But what does quality real estate assistance look like? Good question. In our experience, the most comprehensive relocation packages include these six key real-estate related benefits and services.
  

1. A Close-up View of the Housing Market

For some candidates, knowing they’ll be able to find—and afford—a home that meets their criteria is essential to accepting a job offer. 

That’s why thoughtful relocation packages serve up accurate, detailed housing intel, sparing employees and candidates the need to search endlessly online (possibly encountering questionable information in the process). 

Obviously, it’s much easier to accomplish when employers use a tech-based relocation solution. For example, at UrbanBound, we collect and curate all the important data for our clients: their local housing market, neighborhood demographics, school ratings, etc. That way, their employees (and candidates, if they choose) have fast, easy access to the real estate data they most want to know.

 

2. Coverage for Transactional Costs

In addition, a quality relocation package will cover most or all of the costs associated with securing a new place to live.

For home buyers, that means closing costs, such as loan-related fees, attorney fees, agent commissions and title insurance. Some employers also choose to offer home sale assistance.

For renters, that can include the security deposit for a new rental, lease-breaking penalty for the old one, and attorney fees for reviewing the contracts.

 

3. Intros to Top Real Estate Pros

A top-notch real estate agent will help to ensure that employees not only end up in the right home for them, but get a good deal on it. That’s always important, but especially when you’re new to an area and need a guide that knows the local market.

One hallmark of a quality relocation program is that it has developed a proprietary network of successful agents who specialize in relocation.

For example, at UrbanBound, we rigorously vet all our suppliers: real estate agents, moving companies, etc. It ensures that employees have a positive relocation experience—and allows us to negotiate volume discounts that save clients money, too.

 

4. Access to Competitive Mortgages

One of the more stressful aspects of buying a new home is securing a mortgage. That’s why robust relocation packages link employees to reputable mortgage lenders on a preferential basis.

For example, our UB Home program offers direct access to some of the leading industry lenders. Employees not only receive VIP treatment, but may enjoy discounted interest rates, allowing them to spend less or buy more house.  

 

5. Successful Home-finding Trips

Because securing home-sweet-home is so important, one of the most valued benefits of relocation packages is home-finding trips. Typically, these include travel to and from the new location, meals and accommodations—plus, of course, the opportunity to tour some properties with an expert rental or real estate agent.

But in competitive housing markets, sometimes it takes a longer or second house-hunting visit to get the job done. That’s why most effective relocation policies are somewhat flexible when it comes to this particular benefit.

 

6. Short-term Housing Arrangements

Real estate transactions take time—typically 30-60 days. When a new employee is ready to get to work, but their housing arrangements aren’t, short-term housing can save the day.

Short-term housing allows employers to get new hires up and running more quickly by giving them a place to live while waiting to, say, close on a new home. For example, UrbanBound offers our clients a range of affordable short-term housing solutions, like extended stay hotels and rental services.

Not every situation warrants it, but sometimes, time is of the essence. That’s why smart relocation programs have short-term housing solutions in place.

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Home Is Where the Heart is

Your relocation package is an important HR tool —one that drives offer acceptance rates and new hire satisfaction. Because home is such a universal priority, real estate assistance is an essential component of competitive relocation packages.

Think your relocation benefits could use some updating? Find out how we can help–and save you money, too. 

Human Resources Today