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Benchmarking Policy In 2007 Worldwide ERC® conducted its annual survey on Transfer Volume & Cost Survey related to employee relocation services, the following points were identified:
Worldwide ERC® has noted a reversal trend with respondents indicating that 54 percent of transferees were homeowners and 46 percent were renters.
More than 70 percent of the respondents reported “slowed real estate appreciation/depressed housing market at the old location” as the reason their employees are averse to moving. This is a dramatic shift from last year, when only 16 percent of the respondents mentioned it as a reason for reluctance.
Thirty-five percent of the respondents said that their organizations had made one or more significant changes to their relocation policies in the past year. Many of the changes were put into place as a result of the current real estate market and its negative impact on program costs and/or transferee satisfaction.
Benchmarking Policy (con’t) A number of companies implemented changes to their home sale/home purchase programs, including:
Enhancing home sale incentives
Requiring transferees to use agents selected by the relocation management company for home sale and home purchase
Capping points paid and real estate agent fees
Adding additional time for duplicate housing assistance
Extending temporary living in the new location
The two other areas of change that companies frequently cited addressed overall policy and included adding/modifying a lump-sum program and implementing a tiered policy or adding new tiers to a current program.
Recommended Program Enhancements Real Estate Services Buying and selling homes can be one of the biggest challenges of the relocation process (not to mention the most expensive). Through CityPointe, our employees will have access to a national network of real estate professionals to assist them with their existing home sale and the purchase of a new residence. This can minimize one of the most stressful parts of relocation and allow our employees to focus on their new position. Destination Information CityPointe will turn a potentially stressful situation into a well orchestrated experience that will help our employees settle into their new homes faster and get to work quicker.
Recommended Program Enhancements (con’t) Cash Reimbursements With CityPointe, employees can maximize the purchasing power of every dollar available in your relocation program. Employees using a real estate agent from the CityPointe network of real estate professionals and who use United Van Lines to transport their household goods may be eligible for a cash reimbursement of approximately $5 per $1,000 of home value (on both the origin and destination sides of the move). Our relocation become faster, easier and more cost-effective.
Provides additional resources to our new employees
Enhances our average home owner’s relocation package by nearly $3,000
Is provided at no additional cost to your company or your employees.
Takes no additional time on our part to implement.
CityPointe Value Add Analysis Athens, OHNational $225,000 Average home sale $265,000 $1,125 City Pointe refund $1,325 Average Total City Pointe Refund = $2,450.00