Corporate relocations entail more than a new job position. The list of items that come into play for any relocation is long, but at the top is usually finding a new place to call home.
Most corporate relocation packages include some type of home finding assistance. The benefit can vary considerably, from a lump sum to a full-service, escorted area orientation, depending on the company and sometimes the employee’s position.
Regardless of the scope of the program, the goal of TRC Global Mobility is to make the relocation as stress-free as possible and provide expert, professional advice throughout the process.
The TRC Personal Move Manager will conduct a careful needs assessment and introduce useful tools to help your employees locate a suitable home as quickly as possible, including a home buying guide, a mortgage calculator and eNeighborhoods information on property values, schools, local amenities and community demographics.
In terms of benefits, here’s a primer on what may be covered.
Home finding assistance: A paid trip or two for the employee and his/her spouse or domestic partner to the new location often includes:
- Transportation costs including airfare, car rentals and costs associated with driving around the new location, such as tolls, parking fees and gas.
- Lodging costs.
- A daily meal stipend for each adult. If there is no daily stipend, the company may require restaurant receipts for reimbursement.
- Child care costs if applicable.
Real estate assistance: Finding the right destination real estate agent is critical, since home-finding trips are usually rushed – and often confusing. Having professional guidance is essential.
TRC’s home finding service includes professional real estate assistance. TRC Personal Move Managers work closely with the relocating employee, identifying a destination area real estate agent in our network. These exceptional professionals are knowledgeable experts who help the employee and family to find the neighborhood and home that’s right for them. They can also provide information about the school systems, local hospitals and walk-in centers, parks and recreational facilities, places of worship, and area restaurants and grocery markets.
Covered real estate costs. The costs associated with selling and purchasing your old and new homes are often included in relocation packages. Costs could include:
- closing costs;
- real estate commissions;
- other costs associated with selling or buying real estate, such as home inspections.
Temporary Housing. If the move is quick or there is a gap between when the employee begins work and closes on the new home, the cost of temporary furnished rental housing or hotels could be covered for a specific time. The company usually pays for the rent and any utility costs, in addition to the storage fees for household goods. In some cases, a lump sum is offered and is expected to be used to defray these costs.
Once the employee finds a suitable home, TRC assists with negotiations, accepted offers and contingencies; coordination of closing with other benefits (including avoidance of Storage in Transit); closing statement review; and funding of destination closing benefits.
Stress might be inevitable during a corporate relocation, especially when it comes to finding a new place to live, but TRC’s job is to make the transition as stress-free and seamless as possible.