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I didnt really know how to word the title of this thread, so here goes my question.
When someone is relocating for a job, typically they utilize a relocation agent from their company, (this one being a bank). If you are not associated with that bank, what are the chances a person can use their own realtor vs the one that the employer recommends, and or provides? Am I making any sense?
I've been contacted by someone out of state that has asked me to help them in purchasing a home here. They think they have found something that they like, and are waiting for the job to come through. Today I recieved an email asking if I have ever handled a corporate relocation before. I was a little shocked, only because I asked if this was a new job or a transfer and was told it was a new job.
Obvioulsy since this is a purchase, there is no fee involved to these buyers nor the new employer.
Does anyone have any input in regard to this? I do not want to obviously lose this sale and the clients seem very nice and easy to work with.
Please chime in with the good, the bad and the ugly if you have any tips, advice or experience in regard to this.
Typically, corporate sponsored relo involves a relo management company ( Cartus, Prudential, Sirva....) who require a referral fee, regardless if the buyer or seller found an agent on their own, or not.
The big box franchise brokers are all plugged into the major relocation companies and the fee comes off the top, before the split with the agent.
Increasingly, sponsoring companies are no longer providing the relo benefits they once did. Instead a flat $ amount is provided to assist the incoming relo, relocate. In that case, there is no relo company involved and no referral fee to pay.
Incoming relo buyers often have the same issues and non relo buyers, they have a house to sell/close before they can buy. They also need a lot of support for the obvious reason, they are new to the area and afraid of making a mistake and are dependent upon their agent to act in their best interest.
I have been on all sides of relocation, the principal of the company moving the business to another location, the principal /outbound seller, the principal/ inbound buyer and now as agent for inbound and outbound transferees.
I've had this happen a few times. Recently I had a person approach me and say that the Realtor they had been assigned through relo wasn't listening to them and showing them what they wanted, but that they were getting a credit at closing for using a preferred Realtor. I asked them what the fee was and it was $800.
The way I look at it, as a relo, the company takes 35% off the top, and then you've got your split, so when all is said and done, you MAY be walking with 50% of the commission.
I asked what size home he's looking for and it was over a million. I said I'd give him $2000 at closing.
No relo company involved. Just $2000 of a million dollar commission.
Find out what they're being offered and match it.
Disclaimer...if your company does a lot of work with relo companies, you may not want to do this, as it could create a rift between your broker and the relo company.
So much depends on the relo company, their network and the package the transferees are getting.
On the better and increasingly rare packages, the relo company is offering a bridge loan, picking up the inspection and settlement costs and occasionally a rate buy down to equalize buying powers between areas as well as moving and unpacking costs.
At the other end, are lump sum payments to no assistance.
I am involved in the purchasing side, as owners moving for job, and relo has the listing side. Like the other poster, I have been involved on both sides, and too much information to begin to try and share, but I have a great friend, that is with one of the largest, and she will be happy to talk. So dm, if you need her name and no.
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