How RMCs Enhance Corporate Relocation Amid NAR Settlement Changes

Relocation management companies are focused on client and customer experience and demonstrating the value they bring to our corporate clients and their employees.  

We know corporate mobility managers and their relocation management companies (RMCs) servicing corporate clients are looking for ways to manage costs while preserving value and delivering outstanding service to the relocating employee all while navigating the upcoming National Association of Realtors (NAR) settlement changes.

Your RMC partners are focused on client and customer experience and demonstrating the value we bring to our corporate clients and their employees.  

Client Experience

RMCs play a crucial role in supporting the business goals and strategies of the corporate clients.  We offer a range of services aimed at supporting corporate talent acquisition and retention as well as optimizing mobility needs and challenges. RMCs provide value to their clients in myriad ways:

• Hire, train, and manage expert staff who advocate for the transferee and maximize the benefits provided by their employer.
• Deliver comprehensive support and consistent, excellent transferee experience.
• Provide expertise in IRS compliance of home sale transactions as well as best practices in the changing landscape related to homebuying processes.
• Ensure vetted, trained supply chain partners who understand the unique nature of relocation to ensure timelines and quality.
• Manage extensive service partner networks specific to real estate transactions, including appraisers, inspectors, brokerages, mortgage lenders, closing, and title companies, to provide the ability to leverage our relationship to manage escalation should they arise, as well as ensuring data privacy compliance.
• Maximize program oversight to minimize employee stress and increase productivity.
• Proactively offer expert global consulting on trends, thought leadership, and program recommendations.
• Monitor and educate on industry trends effecting talent mobility.
  
  • Budgeting tool
  • FAQ and scenarios on this topic
  • Best practices and recommendations
  • Broker network compliance
  • Homebuyer agent certification
  • Relocation rider to buyer broker agreement
• Provide global financial services to ensure payroll, tax compliance, and governance. 
• Deliver best-in-class technology and reporting.
• Demonstrate best value and pricing transparency for the services provided as good financial stewards.

Transferee Experience

RMCs play a crucial role in supporting transferees through the home sale and homebuying process by offering a range of services aimed at simplifying and facilitating these transitions. RMCs provide value to the clients relocating employees and families: 

• Advocate for the transferring employee and their family.
• Work with the transferee to maximize the benefits provided by their employer.
• Provide vetted and relocation-trained partners to assist them with their real estate needs.
• Leverage our relationship when agent changes need to occur or other situations arise.
• Provide guidance and support throughout the home selling and homebuying process.
• Manage all logistics with a full understanding of the unique timelines required for relocation.
• Use our extensive knowledge and experience handling thousands of real estate transactions to help customers navigate the complexities of the housing market with confidence. 
• Conduct thorough market analyses to assist transferees in determining the optimal pricing strategy for selling their current home and identifying suitable properties for purchase in the destination location. This analysis helps transferees make informed decisions based on current market trends and conditions.
• Support with the marketing and sale of the transferee’s existing home. This may include coordinating with real estate agents, staging the property, and implementing targeted marketing strategies to attract potential buyers and expedite the sale process.
• Assist in finding suitable housing options in the destination location that meet their preferences and requirements. This includes conducting property searches, scheduling viewings, and negotiating favorable terms on behalf of the transferee.
• Offer personalized service tailored to the individual circumstances of each transferee, ensuring a smooth and seamless transition
• Maximize program oversight to minimize employee stress and maximize productivity as well as efficiency.
• Provide real estate education and just-in-time training as a landscape continues to evolve.

Relocation transactions are complex and highly stressful. Companies must balance the need for cost containment and compliance requirements against the employee experience and the need to get their people productive and happy in the new location. The expertise of a dedicated RMC can ensure up to the minute information for policy decisions and ongoing service excellence for transferring families.  

There are many moving parts, as this is uncharted territory. We are building the boat while we are rowing, and the water is murky.  There are lots of unforeseen challenges to navigate. WERC is taking a leadership role in collaborating with all the industry verticals on this issue, so look for ongoing webinars in the future to continue to learn and share.

This article was co-written by the 12 volunteer members of the RMC Subcommittee within WERC’s ad hoc group related to the ongoing U.S. buyer broker compensation litigation.