Corporate Relocation is big, and I mean B-I-G business. On average, it costs companies more than $60,000 to relocate an employee. A significant part of that expense involves contributions made to the costs of sale of an employee's existing home, and the cost of purchase of a new home at the destination.
Many of the relocating employees are mid to senior level management - which equates to homes in the higher price brackets, and working with Buyers who are savvy and in most cases, decisive.
How can you capture a piece of this lucrative market?
One key to unlocking the door to relocation business is the CRP designation from ERC. That would be the Certified Relocation Professional designation from the Employee Relocation Council.
In order to be eligible for the designation you need to be a member of the ERC for at least eighteen months prior to taking a comprehensive exam held only once a year (usually in May). Even if your brokerage is not currently a member of the ERC at a brokerage level, individuals may enroll as a PERC level member.
In my opinion Corporate Relocation is a market segment that is fairly stable in terms of structure and compensation. Corporations want to ensure that the overall process is managed competently, and they are prepared to pay for that service - much as corporations now pay fees to major agencies in the travel industry to manage their corporate travel programs now that the airlines no longer pay commissions to the travel agencies.
If this market niche appeals to you, I encourage you to take a look at the ERC and how to get "plugged in" to the corporate relocation market.
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Tony, I appreciate this information and it was exactly what I was looking for! KW offices don't have a "relocation department". I understand the fees, etc, but in Brentwood TN many people are "Corpoarate relocation" gypsies, missing out on that business because I don't work for one of the companies that handles relo such as Coldwell Banker or Crye-Leike is painful! With an average home price of $585,000, some fees taken still makes for some good business!
Secondly, since I was a corporate gypsy with my husband's job at GE, I can attest that your number is right: companies spend $60,000 (or more) to move an employee. Someone has to manage that for them - its a big production to move kids, cars, families, and even pets to the next location. Unfornuately, I think the real estate agent is only a piece of the business for them.
In your experience, have you been able to attract and keep relocation business even though you are not a part of the traditional relocation companies?
Laura,
Thanks for the comment. The fast answer to your question is "YES". I would recommend an ERC Broker Membership - here is a link to mine on their site:
http://erc.org/cgi-bin/us_brokdir2a.pl?sid=3176675