[Infographic] Your Chance of Being Asked to Relocate Has Increased – Are You Ready?

by Jill Heineck, Associate Broker
Heineck & Company @ Keller Williams Realty Peachtree Road

International and domestic corporate relocations are on the rise in our post–Great Recession economy. That’s one of many findings from Atlas Van Lines‘ 48th Annual Corporate Relocation Survey. Companies say growth and a shortage of local talent are the main drivers for asking an increasing number of current employees and new hires to relocate.

Consistent with a brightening economic outlook, there’s a trend toward companies increasing their relocation budgets and sweetening the deal with incentives to convince employees to agree to relocate. In 2014, the top three incentives offered, in addition to a company’s standard policy, were relocation bonuses, cost-of-living adjustments, and extended temporary housing benefits.

That’s the good news. Here’s some not-so-great news: Once you’re asked to relocate, everything happens really fast. Most companies allow only seven to eight weeks from the time they ask if you’re interested to the time you‘re expected to start work at the new location. To say that’s not a lot of time is an understatement, especially for someone with a family and a home to sell.

But don’t let that discourage you from accepting an attractive offer. I’ve specialized in corporate relocations for nearly two decades, and I know first hand that it’s doable with some solid planning and knowledge of relocation practices and trends.

You’re not on your own.

When a firm asks an employee to relocate, the hope is he or she will accept. It’s in the company‘s interest to help remove or mitigate obstacles. For example, a spouse’s or partner’s employment is one of the top reasons an employee decides not to relocate, and many relocation policies now provide some kind of employment assistance for spouses.

The same goes for housing. Even though the survey found that concern about housing and mortgages is trending downward as a reason for turning down a relocation, it still is – and always will be – an important issue for the person or family making the move. And there is monetary and logistical help available.

For example, 80 percent of the nearly 500 companies surveyed provide specialized assistance for homeowners and renters. The specifics vary, but reimbursment (or payment) for home-finding trips, home sale and purchase costs, lease cancellation and finder’s fees, as well as temporary housing allowances are common.

Time is short and experience is king.

You might not get all the intel you need right off the bat to make the best decisions about your move. So, once you’ve accepted the relocation, ask questions – of your company and of the Realtor® you’ll be working with. Is the Realtor a certified relocation specialist? Does he or she understand how relocation programs work and how your company’s policy benefits play into decisions about buying your new home? For instance, is there time to negotiate price or improvements for a home you like, or given the benefits time frame is it in your interest to consider a different home?

As a seasoned relocation Realtor, once I get wind of a client’s transfer, I schedule a consult as soon as possible. That way we can maximize market time, leverage policy benefits, and quickly head off any potential problems. Teaming up with an experienced Realtor who’s well versed in corporate relocations is the single best thing you can do to make the whirlwind transition smoothly.