If you are a regular reader of my blog, you know how passionate I am about the implementation of best practices. I believe that the relocation industry works within a standard set of norms that have been well-tested and have given us the road map for how certain things should be done. This blog post focuses on what third party relocation companies and their corporate clients look for in choosing real estate partners to assist with home finding, pre-marketing, home sales and inventory property management.
I am putting the finishing touches on an article that I am writing for Mobility magazine, published by the Worldwide ERC, in which I discuss the importance of well trained agents to be a part of a relocation department’s “Relocation Team.” (Look for the article in the September 2009 issue). During the course of my research, I spoke with other like-minded Relocation Directors, as well as corporate clients and third party relocation management companies. This allowed me the opportunity to speak with them rather candidly regarding what is important to them in selecting their real estate partners.
There were many elements discussed as important factors in choosing real estate partners. This list below reflects the most commonly shared elements as crucial to the decision.
- Formalized in-house relocation training and certification program to augment the training offered and provided by the third party relocation companies
- Requirement of minimum standards for the agents in order to be eligible for relocation business
- Company and individualized (PERC) membership in Worldwide ERC
- Relocation Director who holds a CRP (Certified Relocation Professional) designation
- Relocation Director with membership in RDC (Relocation Director’s Council)
- High conversion rate of referrals placed
- Consistently close differential with regards to the actual sales price of a property and the most likely sales price as stated on the ERC BMA Form, as well as selling the property within the normal marketing time of 120 days
- Single point of contact within the Relocation Department
- Strong reputation of real estate firm in the local market
- Measurable performance evaluation indicators in order to provide agent scorecard on regular basis
- Being a resource for information pertaining to the local real estate market
- Inventory property management by the Relocation Department versus by the listing agent
It is extremely important to listen closely to what your clients are saying that they needs in a real estate partner, and deliver that to them. Otherwise, they are certain to take their business elsewhere.
