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Old 01-31-2008, 03:02 PM
 
884 posts, read 2,731,018 times
Reputation: 434
Question Who gets to service a "relocation package?"

Sometimes, I'll see "owners transferred" in the descriptive text of a listing, and the house looks empty in the photos; so I was wondering:

When a company (like a big bank) relocates its offices to a new state and makes arrangements for their employees to relocate, how does that work?

(1) Are there multiple real estate offices involved? A real estate office at the old location to help sell the employees' houses and an office at the new location for when the relocatees want to buy?

(2) How are the relocatees divvied up? Do all of the agents get to work with the relocatees or just the top producers? If the company that is moving has 100 employees, one or two agents can't handle finding homes for all of them can they?

(3) Do real estate offices have to bid for these relocation/transfer projects?

(4) Is it considered quite the coup to get all of these potentially good buyer leads? Or are company relocationis just one big nightmare because of the amount of coordination involved?

Thank you.
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Old 01-31-2008, 03:39 PM
 
Location: South Metro Denver and looking at houses
8,386 posts, read 17,854,104 times
Reputation: 4141
Quote:
Originally Posted by virgo View Post
Sometimes, I'll see "owners transferred" in the descriptive text of a listing, and the house looks empty in the photos; so I was wondering:

When a company (like a big bank) relocates its offices to a new state and makes arrangements for their employees to relocate, how does that work?
More like big companies, not banks.
(1) Are there multiple real estate offices involved? A real estate office at the old location to help sell the employees' houses and an office at the new location for when the relocatees want to buy? Any brokerage wishing to pay 35-50% to the relo company is eligible. Certain relo companies work with specific brokerages.

(2) How are the relocatees divvied up? Do all of the agents get to work with the relocatees or just the top producers? If the company that is moving has 100 employees, one or two agents can't handle finding homes for all of them can they?
Recently Sirva moved some Lockheed/Martin/Boeing to south Denver. More than 70 local brokers paid Sirva, and so did the company.
(3) Do real estate offices have to bid for these relocation/transfer projects?
Not really. Realtors get on the "preferred" list, and their performance keeps them on the list.
(4) Is it considered quite the coup to get all of these potentially good buyer leads? Or are company relocations just one big nightmare because of the amount of coordination involved? Yes. Yes. Sometimes they are worth it, and sometimes it's not.

Thank you.
Anytime
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Old 01-31-2008, 04:03 PM
 
Location: Virginia Beach, VA
2,124 posts, read 5,426,178 times
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Virgo, companies have arrangements with relocation companies. when you are selling, the relo company contacts the seller and gives referrals for at least 2 agents in the area that have agreed to their terms and conditions (including paying the referral fee) and the agents have been trained in relocation.

The seller also usually has to have an inspection performed by an approved inspection company. and must be willing to make the repairs. the two agents will do CMA's and the seller will pick one. As long as both CMA's came in within 5% of each other, both are eligible.

What generally happens is that an agreement is reached between the relo company and the seller that the relo company will buy the house for a certain price within a certain amount of time, if it sells prior to, the seller may be eligible for some bonus....from their own company.

Buyer negotiates with seller, but final paperwork is with the relo company. Relo company buys house from seller and sells house to buyer all at the same time, Usually.

Some may be a little different, but generally this is the way it works.

So... as a buyer, if you are negotiating with the seller, he/she may not be as motivated as you think. They have a guaranteed price they are going to get. However, they may be certain incentives for them if they get and accept an early offer. Hard saying not knowing.

Shelly
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Old 01-31-2008, 06:33 PM
 
Location: Nashville, TN
1,178 posts, read 2,487,595 times
Reputation: 890
Quote:
Originally Posted by virgo View Post
Sometimes, I'll see "owners transferred" in the descriptive text of a listing, and the house looks empty in the photos; so I was wondering:

When a company (like a big bank) relocates its offices to a new state and makes arrangements for their employees to relocate, how does that work?

(1) Are there multiple real estate offices involved? A real estate office at the old location to help sell the employees' houses and an office at the new location for when the relocatees want to buy?
Virgo, I'm affiliated with a Prudential Real Estate office in Brentwood, TN. Prudential Corporate has it's own Relocation Division that contracts with corporations and government agencies to handle the move of their employees. Prudential Corporate has relocation contracts with over 50% of the Fortune 500 companies. Since Prudential has offices nationwide we handle both the sell side and the buy side. We also have our own local Relocation Department out of our office staffed with four relocation specialists. Two years ago Nissan moved their corporate headquarters from L.A. to Nashville. Prudential had the primary contract which involved moving 70% of over 700 Nissan employees. Three other local offices split the other 30%. We had Prudential offices in L.A. that handled the sell end.[/color][/b]

(2) How are the relocatees divvied up? Do all of the agents get to work with the relocatees or just the top producers? If the company that is moving has 100 employees, one or two agents can't handle finding homes for all of them can they?
In our office, in order to work with a Relo client we must be certified with Prudential as a relocation specialist. Certification involves coursework, passing a relocation competency exam, and having a certain baseline of successful experience. Relo clients are then assigned to a certified relo specialist. We have over fifty certified relo specialists in our Nashville area offices. I had thirteen Nissan clients that I worked with over a twelve month period.



(3) Do real estate offices have to bid for these relocation/transfer projects?
This is probably true in most cases. Corporate Prudential competes for relo contracts.

(4) Is it considered quite the coup to get all of these potentially good buyer leads? Or are company relocationis just one big nightmare because of the amount of coordination involved?
This is all relative. If you've got a relo department that is experienced and sufficient Realtors who are certified for relo to back it up then it's not a significant problem. We did feel it was quite a coup to get the primary Nissan contract. It's definitely a lot of hard work because you not only have to please the relocating employee but also the corporation. However, I don't know of a single Realtor in our office that turned any of the business down.

Thank you.
Hope this helps.
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Old 02-01-2008, 09:35 AM
 
884 posts, read 2,731,018 times
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Transfer/relocation deals can be quite involved! Thank you one and all for the thorough responses!
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Old 05-18-2010, 11:24 AM
 
Location: Port Orchard, Wa.
6 posts, read 5,427 times
Reputation: 10
this all wrong. The seller can relocate without a broker involved, which most times saves a ton of money. No commissions, and it is called an acquisition. Anyone can offer the seller what the seller is asking to net, take over the title to the property and keep up the note until the property sells. The sellers are being sold a song and dance here. Any willing person can purchase like this with a simple power-of-attorney to pay the note acknowledged by the bank. Realtors are like car salesmen, I just don't trust them, plz.
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Old 05-18-2010, 03:53 PM
 
Location: WNY
1,049 posts, read 2,384,567 times
Reputation: 237
Quote:
Originally Posted by ccoonz View Post
this all wrong. The seller can relocate without a broker involved, which most times saves a ton of money. No commissions, and it is called an acquisition. Anyone can offer the seller what the seller is asking to net, take over the title to the property and keep up the note until the property sells. The sellers are being sold a song and dance here. Any willing person can purchase like this with a simple power-of-attorney to pay the note acknowledged by the bank. Realtors are like car salesmen, I just don't trust them, plz.
You do not know enough about relocation companies and what services and benefits $$ the pay the seller to relocate in real estate transactions.

Maybe? you can sell a house, but there's more to relocation companies and to be honest, usually a seller can make out much better using a realtor than not, for a variety of reasons.
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