Tag: Relocating Employees

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Corporate Relocation Global Relocation Global Relocation Tips Relocation Best Practices Visas and International Travel

Company Relocation Policy Checklist for 2024

Use this checklist to perform a review of your company relocation policy
Aerial view of the Bay Bridge in San Francisco, CA

Things to keep in mind when reviewing Relocation policies

Offering relocation benefits to new or promoted employees is a great way to ensure that your company can hire the most qualified candidate for the position. As the new year is now upon us, HR managers should start to review their company’s relocation policies. Most relocation assistance companies recommend checking and renewing policies annually, usually in Q4. As the global mobility industry sees continuous change over time, reviewing policies at least once per year helps ensure that the relocation policies offered are still competitive within your industry, and ensure cost efficiencies are adapted to your current business environment. 

Whether you are going out to bid for a new relocation company or just want to ensure that your relocation policies are above the standard, use this 2024 relocation policy checklist to ensure all of the joint pain points are met.

Our recommendations for global mobility planning cover both short-term and long-term initiatives. Here is the 2024 relocation checklist:

Short-Term Assignment Policy Review Points

  1. Identify all instances relating to immediate and upcoming needs for your relocating employees, including visas, work permits, immigration status changes, and cross-border travel. Determine appropriate action plans for each case.
  2. Document policy exceptions relating to the pandemic. Consider adjusting the company relocation policy or adding an addendum to account for the effects of the pandemic and other major relocation disruptions.
  3. Review all assignments that were placed on hold during 2022 and 2023. Determine if they are still critical to corporate objectives for 2024. If yes, implement a talent acquisition plan.
  4. Examine all data sources and information flows for integrity and accuracy. Form a relocation integration program project team to Identify instances that can be automated with effective relocation advanced programming interfaces (APIs).
  5. Identify current short-term assignments that can be further extended in support of corporate objectives. This will reduce costs relating to repatriation and re-assignment.

Long-Term Assignment Policy Review Points

  1. Determine areas in the relocation process where the company owes a higher duty of care than previously expected. Examples include programs and costs relating to transferees unable to return to their original locations due to pandemic-cause restrictions.
  2. Correlate talent acquisition and management programs to ensure consistency in achieving objectives across the company.
  3. Leverage virtual relocation solutions that enhance the transferee’s experience and provide added value to the company.
  4. Focus on process simplification and cost reduction. Use the lessons from 2020’s expanded virtual relocation solutions to modify your company relocation policy to adopt new technologies and procedures.
  5. Look to future corporate initiatives to determine appropriate company relocation policies, plans, and budgets. Ensure alignment with company objectives relating to growth, expansions, mergers, acquisitions, and divestitures.

Get in Touch with GMS for More Helpful 2022 Tips

At GMS, we understand that each company runs differently, meaning everyone will have different needs regarding relocation benefits. Our team has been helping companies construct some of the most competitive relocation packages for over 25 years. With 2024 now here, it’s time to ensure all your bases regarding relocation are covered. GMS recommends that clients thoroughly review their company relocation policy every 12 to 18 months. Following all the impacts of the COVID-19 pandemic on relocation, this review is critically important to ensure your company can respond effectively for regulatory, tax, and reporting purposes.

If you found this company relocation policy checklist useful, please refer to our Knowledge Base for more helpful blogs, case studies, and industry news. If you want to continue success with your employee relocation program and relocation packages, please feel free to reach out to Global Mobility Solutions for all your corporate relocation needs. 

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

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Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends

Florida Gains Residents for Several Reasons

Employees relocating to Florida in 2020 and 2021

News on state-to-state relocation often notes that Florida gains residents as part of a broader domestic US migration trend. Recently it was noted that Florida is gaining even more residents due in part to the impact of the COVID-19 pandemic. Several factors are driving this domestic migration trend, including:

  • Availability of jobs and future job growth
  • Corporate relocations
  • Retiring workers moving to warmer climates
  • Desire for lower costs of living
  • Seeking lower tax environments

Many states in the Northeast and Midwest are losing residents to Florida. A review of tax filings shows many new Florida residents hail from the Tri-State region of New York, New Jersey, and Connecticut, as well as Massachusetts and Illinois. Comparing these factors between states illustrates why Florida gains residents while other states lose residents.

New York versus Florida Tax Environment Helps Illustrate why Florida Gains Residents

High taxes are often cited as a major reason that residents depart New York. How high are New York taxes versus Florida taxes? Recent analysis shows New York is the state where residents pay the most in taxes.

In 2018 the US government put limits on individual state and local “SALT” tax deductions for income tax filing purposes. The $10,000 cap on SALT deductions can result in a significant increase in a resident’s federal tax burden. As a result, many high income residents have been fleeing high tax states. The situation has caused some state governments to try to enact workarounds to prevent this effect. However, the IRS is disallowing several of these workarounds. Only a limited number of workarounds relating to “pass-through entities” appear to be excluded from IRS disallowances.

In the case of New York and New York City, unless an individual can leverage some kind of pass-through entity to avoid the cap on SALT tax deductions, they may face many of the following taxes:

New York State Taxes

  • Income tax
  • Sales tax (goods and services)
  • Property tax
  • “Sin” tax (liquor, tobacco, gambling)
  • Estate tax
  • Motor Fuel tax (excise tax, petroleum business tax, petroleum testing fee)

New York City Local Taxes

  • Income tax
  • Sales tax (goods and services)
  • Metropolitan Commuter Transportation District (MCDT) surcharge

In the case of Florida and Miami, it may not be easy to see why Florida gains residents, as individuals may face many of the following taxes:

Florida State Taxes

  • Sales tax (goods and services)
  • “Sin” tax (liquor, tobacco, gambling)
  • Motor Fuel tax

Miami Local Taxes

  • Property tax
  • Sales tax (goods and services)

Major Differences between New York and Florida Taxes Shows Why Florida Gains Residents

There are some major differences in the tax situation between New York and Florida. These differences help explain why Florida gains residents while New York loses residents. In particular, Florida does not impose any state or local income tax. There is also no estate tax in Florida.

Additionally, the tax rates may be significantly different, such as in sales taxes. Sales taxes may include state, county, city, and other local taxing jurisdictions.

New York City versus Miami Sales Taxes

Comparing the rates for New York City and Miami:

New York City total sales tax rate: 8.875%

  • City sales tax 4.5%
  • State sales tax 4%
  • MCTD surcharge 0.375%

Miami total sales tax rate: 7%

  • County surtax 1%
  • State sales tax 6%

As Florida Gains Residents, What Does This Mean?

There are several points to consider as Florida gains residents. The construction industry will continue to grow with job opportunities as housing, commercial, and infrastructure projects proceed. With a greater number of employees able to work anywhere with new corporate policies, local Florida employers may benefit from their proximity to a larger pool of local employees. There may be further shifts in political representation as the 2020 US Census takes note of Florida’s population growth and New York’s population decline.

What Should Employers do as Florida Gains Residents?

As Florida gains residents, employers should review their talent acquisition and retention programs to ensure they remain competitive in their market. Employers should consider the impact of employees relocating to Florida on current staffing as well as tax withholding considerations. Work from anywhere policies should be examined to ensure employees are encouraged to remain with the employer.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to consider the impact of US domestic migration trends. As Florida gains residents, our team can help your company understand how to identify important issues that may impact talent acquisition and retention programs. We can also help your company understand if a relocation to Florida or a corporate headquarters relocation might be a future opportunity for corporate growth.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Contact our experts online to learn how to position your company’s relocation program for success as Florida gains residents, or give us a call at 800.617.1904 or 480.922.0700 today.

GMS is not a CPA firm, and is not giving financial advice. Everyone’s financial situation is different; individuals and employers should consult their financial advisors prior to making any decisions.

Request your complimentary relocation policy review

Categories
Home Purchase

California Solar Panel Mandate: What Does This Mean for Relocation?

Solar panel technician with drill installing solar panels on roof

As of January 1, 2020, the California solar panel mandate is the first statewide residential requirement for solar power in the United States. This mandate has several stipulations that require compliance for new construction homes. New residential homebuilders have direct impact, and must do one of two things:

  1. Install solar panels on new homes
  2. Build a solar power system that serves a group of new homes

The requirement may be waived if the property does not receive enough sunlight for the solar panels to be useful. However, the California solar panel mandate applies to virtually all new construction on buildings that are three floors or less, including:

  • Single family homes
  • Condominiums
  • Apartment buildings

Where Did the California Solar Panel Mandate Come From?

The California solar panel mandate was approved in 2018 by the California Energy Commission (CEC). The ruling is part of the state’s 2019 update of standards for building energy efficiency. The state is also working to reduce greenhouse gas emissions.

What is the Cost to Home Buyers?

On average, the new requirement may add $8,000 to $10,000 to the cost of a new home. The CEC estimates the California solar panel mandate will increase monthly mortgage payments by $40. However, it also estimates homeowners will save an average of $80 each month on energy costs.

What is the Difference between Leased and Owned Solar Panels?

Leased Solar Panels and the California Solar Panel Mandate

For home buyers, it is important to know if the solar panels on the home are purchased or leased. Solar panel leases may last several years. Some mortgage lenders will not allow leased solar panels to be included in a home’s valuation for mortgage purposes. Also, home buyers would need to agree to take over the payments on a leased solar panel system.

As such, home buyers should learn important points from the home seller such as:

  • Contract details
  • Length of lease term
  • Monthly fees
  • Warranty coverage
  • Manufacturer of the solar panels
  • Installation company
  • System size (how much power does the system generate)
  • Whether the local utility offers net metering (lets home owners sell excess electricity back to the power grid)
  • Does their company’s relocation program allow for leased equipment

Home sellers with leased solar panel systems should look into their options, including:

  1. Should they pay for the remainder of the contract?
  2. Can they find a buyer willing to take on lease payments?
  3. What are the requirements to transfer a lease?
  4. Is the warranty transferable? If yes, for how long?
  5. What is the cost to remove or relocate the solar panels if the buyer requests this?
  6. Will their relocation benefits be affected by leased equipment?

Owned Solar Panels and the California Solar Panel Mandate

Home sellers that own, rather than lease, their solar panels are in a comparatively better position. Several studies confirm that solar panels add value to a home. The California solar panel mandate will have the effect of increasing the value of homes that have solar panels installed by the home builder. Some estimates show homes with solar panels usually sell for around $15,000 more than other homes.

There are a few other significant benefits for home owners who choose to install solar panel systems:

  • There may be tax and other incentives
  • Solar panel prices continue to decline in cost
  • Owners may recover the cost of the system upon sale of the home

Also, some home owners may be able to receive credits on their energy bill under net metering systems when they send excess energy back to the utility company.

What Does The California Solar Panel Mandate Mean?

Home buyers should be aware of the new California solar panel mandate. This and other initiatives will continue to impact the real estate market in many ways. Employers with new hires and transferees who are looking to purchase a home in California or other markets with similar requirements should work with a Relocation Management Company (RMC). RMCs that have knowledge and experience with relocations are ideal sources for information relating to local housing market requirements.

The GMS network of real estate agents consistently leads the industry in the way its top agents market homes. Each agent has access to the latest technology and best practices for marketing real estate, and will understand how to approach issues relating to solar panel systems and the California solar panel mandate.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. Our network of top agents market homes following industry best practices. As a result, they will have knowledge that helps home buyers and sellers understand what the California solar panel mandate means for their home buying and selling.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online to learn more about the impact of the California solar panel mandate on home buyers and sellers, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

Categories
Corporate Relocation Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends United States Economy

Texas Relocation: The Lone Star State Continues to Draw Companies

Welcome to Texas state road sign at the state border

Many companies have a Texas relocation as part of their corporate objectives. Trends show the state of Texas as a top destination for company facilities and corporate headquarters looking to relocate. These trends span quite a length of time. Companies leaving California have chosen to move to Texas more than any other state for each of the past 12 years.

Every state has many benefits for the companies that choose to relocate there. Some US cities and states offer a number of incentives for people to move as well. Southern California in particular is known for great amenities such as excellent weather, expansive and beautiful beaches, and the growth of dynamic industries. What is it about the Lone Star State that makes a Texas relocation so attractive for companies?

Benefits of a Texas Relocation

Companies looking at future trends and the possibility of relocation often consider several factors in their decision. Company location may determine future growth and business viability. For example, technology companies might need to consider a location with access to a highly educated workforce, capital markets, and critical infrastructure such as fiber optic technology for broadband internet service. Other companies may consider tax issues, or ways to increase corporate synergies following an acquisition.

What are the Factors That Make a Texas Relocation a Good Business Decision?

When it comes to a Texas relocation, companies consistently cite a few factors as critical to their decision. While taxes often make the news, other factors also have a significant impact on these decisions. Besides taxes, companies note housing affordability and livability for employees, utility costs, labor costs, and business regulations.

Texas Taxes

Texas has no state income tax. It also has no corporate income tax. These two taxes often are significantly burdensome in other states. For example, the corporate tax rate in California is 8.84%. However, Texas does has a form of gross receipts tax on businesses, the Corporate Franchise Tax. This tax rate is 0.75% of margin for most businesses, and a lower rate of 0.375% for businesses in the retail and wholesale industries.

Lone Star Livability

Livability is a somewhat subjective term. What makes one place more livable than another place? Examining a few key indicators can help shape a good perspective on livability. Wage differences should be considered with the cost of living in a location. State policies on health insurance may skew numbers—especially if the health insurance is not comparable to what is available in other markets.

One of the most important factors in any consideration of livability is the cost of housing. Overall, Texas continues to be one of the most affordable states for housing. Other states face a significant percentage of residents who want to move, often due to housing costs. Some states have already seen thousands of residents depart due to affordability and livability issues.

Lower Utility Costs Energize Texas Relocation

Electricity rates in Texas tend to be significantly lower than the national average. This holds true for residential, commercial, and industrial electricity rates. Natural gas rates are also lower than the national average in Texas. Texas also produces the most crude oil and natural gas in the nation.

Labor Costs in Texas

A large part of labor costs are the taxes employers pay. While salary and wages make up the majority of direct costs, payroll-related taxes can be considerable. Most of these taxes in Texas have comparatively low minimums. As a result, employers pay less overall in payroll-related taxes in Texas than they would in other states. Also, the vast majority of Texas counties have wages that are lower than the national average.

Business Regulations Drive Texas Relocation

Texas consistently ranks in the number one position for its business-friendly climate. The Small Business and Entrepreneurship Council reports that Texas leads all states when it comes to both its policy and tax environments.

Top 10 States on the Policy Index 2019Top 10 States on the Tax Index 2019
1. Texas1. Texas
2. Nevada2. South Dakota
3. Florida3. Nevada
4. South Dakota4. Wyoming
5. Wyoming5. Florida
6. Indiana6. Washington
7. Utah7. Ohio
8. Alabama8. Colorado
9. Arizona9. Alaska
10. Washington10. Alabama

Source: Small Business and Entrepreneurship Council.

What Does a Texas Relocation Mean for Employers?

Companies may consider relocating their headquarters or other facilities for a number of reasons. Most companies consider factors such as regulations, taxes, and livability as they examine a possible Texas relocation. As a result, Texas consistently rises to the top of the list due to several factors. These include lower tax rates, low energy costs, lower costs of labor, favorable cost of living, and business-friendly policy and tax environments.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients develop plans and processes to ensure a successful and efficient corporate relocation. As a result, our team can help your company with its planning and research for a possible Texas relocation.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to learn whether a Texas relocation would be a good move for your company, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Global Mobility Global Relocation Global Relocation Challenges Global Relocation Tips Global Relocation Trends United States Economy

Vehicle Program for Foreign Nationals Relocating to the United States

Happy man receiving keys for his new car in a showroom.

Global Mobility Solutions’ clients often have transferees relocating to the United States who can use a vehicle program to obtain a car. Arriving from outside the country, foreign nationals quickly realize they need a vehicle after their arrival. Many international locations have extensive public transportation options. Most US cities lack extensive inter-city rail options, and often do not have robust local bus or light rail service throughout the metropolitan area, so transferees need a car.

A significant hurdle these transferees face is that they often do not have established credit in the US. As a result, they will not have a credit profile that lenders can use to determine their creditworthiness.

GMS spoke with Afia Arneja, Senior Vice President, International AutoSource (IAS). Afia agreed to share her expert guidance on this topic.

Challenges of Getting a Car in the US for International Assignees

According to Afia, many transferees moving to the US are not prepared for the challenges they will face when it comes to getting a car. Having a solution for their transportation is low on their list of priorities. However, upon arrival, these transferees suddenly understand the urgency of having a vehicle in this country with its large cities and wide suburban areas.

Biggest Obstacles That a Vehicle Program Helps Transferees Overcome

1: Lack of Credit History

Afia notes that many transferees are unaware that their overseas credit history doesn’t transfer with them to the US. If they are new to the US they will have to establish a credit history to obtain a loan for a new car. Some banks or financial institutions may offer a solution, but that comes at a cost in high-interest rates. These high rates are how these institutions offset their credit risk with the transferee.   IAS recognized this issue very early on. Serving the transferee community for over 20 years, IAS built unique programs by leveraging their manufacturer relationships. IAS also provides finance and lease options for transferees. These options are much more reasonable than those offered by banks and financial institutions.

2: No Access to International Driver History and Records

Similar to credit history, driving records do not transfer to the US. Unfortunately for transferees, Afia says this means that most insurance companies will consider transferees as new drivers. As a result, these insurance companies will charge them a premium for auto insurance. IAS is a full-service vehicle program provider that has partnerships with leading auto insurance companies to solve this problem for their customers. As a result, IAS can provide reasonable auto insurance rates with no penalties for not having a US driving history.

3: Confusing Car Buying Options Compared to Easy to Use and Easy to Understand IAS Vehicle Program

Upon arrival in the US, transferees are exposed to many car-buying solutions. Navigating through the overwhelming number of dealers and buying services that promise the “best deal” can be daunting.   Afia notes that IAS created a vehicle program to protect transferees from overpaying for their automobile. IAS has pre-negotiated prices with manufacturers that provide factory-direct access and cut out the middleman. Without having to work through a dealer, transferees receive competitive prices and avoid all the hassles of negotiation.

4: Driving Options

Transferees need to identify the right solution for their transportation needs. Afia believes this starts with determining the length of stay in the US. Many transferees need expert guidance to help them find the right option for their situation. The IAS vehicle program provides products that fit any situation.

For assignments less than 12 months, ReadyDrive Rental is a long-term rental program that offers competitive rates. Often these rates are lower than most corporate rates available with insurance coverage included.

For 2-3 year assignments, there are lease products available. These products take the hassle of selling the car at the end of the job out of the equation. Financing options are also available for those planning to stay longer than 3 years.

Important Points to Note on Working with IAS to Obtain a Vehicle for a Foreign National

  1. IAS does not require a local credit history to help transferees obtain a vehicle. However, an important point to note is that buying or leasing a vehicle is extremely helpful for a foreign national to start building credit in the US.
  2. IAS is able to connect with partners to obtain competitive insurance rates for the transferee. Of particular importance is that IAS can do this even if the transferee does not have a local driving record.

What Does This Vehicle Program Solution Mean?

Foreign national transferees who want to obtain a car in the US have multiple solutions with the IAS vehicle program. Even if the transferee does not have credit in the US or a local driving record, IAS can provide a solution for their needs. Solutions might include buying, leasing, or renting a vehicle.

What Should Employers do About a Vehicle Program?

Employers with foreign national transferees who want a vehicle in the US should review the various options offered through the IAS vehicle program. Relocation Management Companies with knowledge and experience can provide guidance on industry-leading solutions such as those offered by IAS. Employers should also review their relocation policies to determine if enhancements are necessary. Adjustments to policies can be made to further assist foreign national transferees who want to use the IAS vehicle program.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients understand how to communicate to foreign national transferees any issues related to obtaining a vehicle in the US. Our team can help your company understand how to proceed by providing guidance on how to help transferees obtain a car through the IAS vehicle program.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online to discuss your company’s need to help foreign national transferees learn about the IAS vehicle program in the US, or give us a call at 800.617.1904 or 480.922.0700 today.

Categories
Buy a Home Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends Home Purchase United States Economy

Winter Home Sellers More Likely to Find Serious Buyers

When it comes to the best season for home sales, winter home sellers are more likely to find serious buyers. Most people commonly believe spring is the most ideal season for home sales. As a result, sellers often wait until spring arrives to consider listing their home for sale.

Home sales during summer and fall lead to a reduction in market inventory. Sellers who wait for spring to place their home on the market further reduce the number of homes for sale in the winter months. As a result, winter home sellers gain a clear advantage. Less homes on the market allows their home to have greater visibility among serious buyers.

5 Specific Advantages for Winter Home Sellers

Beyond less competition from other homes, there are 5 specific advantages for winter home sellers:

1. Buyers in winter are serious buyers

Many people enjoy winter for its snow-filled beauty and wide range of outdoor sports such as ice skating, skiing, and sledding. However the season is also known for several major holidays, unpredictable and sometimes caution-producing weather, travel, and year-end work commitments. Only serious buyers would be looking for a home during this season. Buyers who make an appointment to see your home are not window shopping for homes as spring buyers often do. Rather, they are specifically interested in your home and its amenities. Winter home sellers can be assured that buyers truly want to purchase in the near term. Many times these serious buyers are relocating to take a new job or transferring to a new location with their current company.

2. Days on the market are less of a concern to serious buyers

Some home buyers use the number of days a home is on the market as an indicator. This indicator could mean any of several things, such as:

  • Condition of the home and property is not comparable
  • Location of the home is not desirable
  • Pricing compared to other homes on the market is not consistent
  • Seller does not have motivation to sell or is hard to work with

However, days on market is less concerning to serious buyers in winter. For example, winter home sellers whose home has been on the market since fall may benefit from buyer’s interest in working with sellers who are fully intending to sell.

3. Realistic decisions on pricing are easier to make during winter

Winter home sellers have an advantage when listing their home. Comparable homes on the market since the summer and fall seasons provide an excellent guide for realistic pricing. These home sellers often have adjusted their pricing to be consistent with or slightly below recent sales. This in turn will help them attract the right buyers looking for homes like theirs. Realistic pricing decisions for winter home sellers are easy to make by reviewing comparable homes.

4. Sellers who need to buy face less competition as they search for their new home

While buyers are searching for homes, winter home sellers gain from having less inventory for their home to compete with. At the same time, if those sellers need to buy a home, they also benefit from having less buyers to compete with. Sellers who must also buy have an advantage since winter holds down excess competition from other buyers. If they are the only ones looking at a specific home, chances are good that their offer will be taken seriously.

5. Spring season is just around the corner, just in case more buyers are needed

Some winter home sellers may not sell their home before spring arrives. The arrival of spring usually brings many more buyers into the market, including more families with children who want to plan moves during the summer. More buyers coming into the market means there will be more views of the home listing and perhaps more visits to the home. Winter home sellers may be seen as especially motivated to sell. As a result, homes should be freshened for the new season, and pricing should be reviewed to determine if it is still comparable or if adjustments must be made.

What Should Winter Home Sellers do?

Winter home sellers should consider placing their home on the market. Those who are able to do so benefit from serious buyers, less competition, and the ability to have their home ready to sell early in spring if they have not yet sold. Something to keep in mind is that a few markets exhibit stronger buying patterns during the winter season. Scottsdale, Arizona winter home sellers often experience the best home sale outcome by listing their home for sale in January.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients and their transferees with real estate needs when it comes to relocation. We can help your company understand how to obtain the best advantage for home sales and purchases, whether selling a home during winter as part of a relocation by leveraging the GMS Buyer Value Option (BVO) program, or buying from winter home sellers in a new location.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

Learn best practices for winter home sellers from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Talent Mobility

What are the Top 5 Questions a Realtor® Asks Relocating Employees?

Realtor shows a couple a home. The realtor shows them the home's large living and kitchen area. The couple is expecting their first child.

Many of Global Mobility Solutions’ clients want to help transferees know what to expect when a Realtor® asks relocating employees questions about their real estate needs. Many transferees are relocating to a new location and will then search for a new home to purchase. Transferees often move to a location they know very little about. Most relocating employees and their families have a number of questions about the new location as well as all aspects of the home purchasing process.

Many companies may not understand why it is in their best interest to encourage transferees to buy instead of rent. They also may not know how to leverage programs such as Buyer Value Option to save money and help their relocating employees focus on their new position. Relocation Management Companies (RMCs) can provide a number of helpful resources for transferees and their families. These resources may include career support for spouses and partners. 65% of Corporate Relocation Survey respondents indicate that spouse and partner employment frequently or nearly always directly affects an employee’s relocation. By providing helpful resources for spouses and partners, RMCs help promote successful relocations.

GMS spoke with Erik R. Brown of Douglas Elliman Real Estate, Realtor®, TV host, speaker, and author of “One in a Million: Everything You Need to Know to Find the Best Realtor®.” Erik agreed to share the top 5 questions a Realtor® asks relocating employees when they meet to discuss their real estate needs.

Top 5 Questions a Realtor® Asks Relocating Employees

Question #1: What is Most Important in Your Home Decision?

Erik notes that real estate buyers often have various goals with respect to their home decision. Many buyers want to invest well, as real estate is often the largest investment someone will make in their lifetime. Other buyers may be thinking of their family needs, both now and into the future. It is important for growing families to have a home large enough to fit their needs. Some buyers want to purchase a home that is near to things they like, such as neighborhood parks, commuter rail lines, or water features such as rivers, lakes, and oceanfront.

This question helps a Realtor® understand the primary objectives of the buyer. Answers to Question #1 provide a Realtor® with valuable information as to what the buyer’s primary objectives are for their new home. As a result, a Realtor® can more easily identify specific homes that meet the buyer’s goals, needs, and objectives. When a Realtor® asks relocating employees what is most important in their home decision, the answers provide a framework to help guide the home buying process.

Question #2: What are the Logistics of Your Home Purchase?

Once the Realtor® asks relocating employees the primary objectives for their home decision, it is time to hone in on the basics. Erik states that a Realtor® needs to understand the home buyer’s basic wants and needs with respect to the dwelling. Answers to this question helps a Realtor® determine the homes that qualify according to the buyer’s specifications. As a result, the Realtor® will have a good understanding of what the home buyer would like to see.

Major Logistics of Home Purchase Include:

  • Price Range
  • Location (Los Angeles)
  • Number of Bedrooms
  • Number of Bathrooms
  • Square Footage
  • Style of Home (Ranch, Split-Level, Colonial, Mid-Century Modern)
  • Desired Amenities (Garden, Pool, Fireplace, Garage, Storage Room, Patio)

Additional Logistics of Home Purchase That Are Helpful to Know if Important to Buyer:

  • City Preference (Pasadena, Malibu, West Hollywood, Los Angeles proper)
  • Neighborhood Preference (Quiet Suburb, Bustling Downtown, Seaside Enclave)
  • Distance to Work (Walking Distance, Train Ride, 20 Minute Drive)

Question #3: What do You Like to do Inside the Home and Outside the Home?

When a Realtor® asks relocating employees what they like to do inside the home and outside the home, answers provide clarity for types of neighborhoods and areas. Erik strongly believes that understanding a home buyer’s lifestyle is critically important to help a Realtor® locate areas and neighborhoods that will provide the best fit for the buyer. A few examples:

  1. Home buyer likes to hike; Realtor® helps find a home near trails, parks, and mountains.
  2. Nightlife is important to the home buyer, since they play guitar in a band; Realtor® helps find a home near music venues and entertainment spots.
  3. Spouse is an artist and maintains an in-home studio; Realtor® helps find a home that offers a lot of natural light and room for the spouse to set up their art studio.

Question #4: What is Your Timing?

Buying a home is a major decision for most home buyers. Erik knows that relocating employees often have a specific timeline to meet their employer’s start date expectation.  As a result, working within and understanding these timelines helps a Realtor® provide relocating employees with the best service.

Question #5: What is Most Important in Your Home Buying Experience?

A Realtor® asks relocating employees what is most important in their home buying experience so they can tailor it to meet the home buyer’s expectations. Erik is keenly aware that relocating employees may be experiencing times of exhilaration as well as times of stress. With so many moving parts in the relocation process, effective planning and superior organization are key Realtor® strengths. Answers to this question often show that home buyers want a great home as well as the following:

Erik notes that home buyers are looking for a true professional to take care of them. Thankfully, this is where a Realtor® comes in. They have the knowledge, experience, and credentials that prove their expertise in the home buying process and the real estate market.

What should employers do about the Questions a Realtor® asks relocating employees?

Employers with transferees who are moving to a new location should share the questions a Realtor® asks relocating employees. This will help transferees and their family members prepare to respond with information. As a result, this information will help the Realtor® assist them with their new home purchase.

Employers should also provide as much information about the new location as possible. They should work with a qualified and experienced Relocation Management Company (RMC) that can provide a wealth of valuable resources to assist relocating employees and their family members. Destination spotlights that highlight many aspects of a location are helpful resources to share with transferees during their pre-decision process. Video destination spotlights are a great resource to visually show employees and their family members their new location.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to communicate the questions a Realtor® asks relocating employees. Our team can help your company share helpful information that will give transferees peace of mind as they go through their relocation process.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to discuss your company’s approach to sharing the questions a Realtor® asks relocating employees, or give us a call at 800.617.1904 or 480.922.0700 today.

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About

Contact Us

About Us

GMS Client Login

Privacy Policy

Other Services

Our Technology

Global Relocation

Group Moves

U.S. & Canadian Relocation

Address

Global Mobility Solutions
15333 N. Pima Road
Scottsdale AZ, 85260

1.800.617.1904
Available 24/7/365

About

Contact Us

About Us

GMS Client Login

Privacy Policy

Address

Global Mobility Solutions
15333 N. Pima Road
Scottsdale AZ, 85260

1.800.617.1904
Available 24/7/365

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