In real estate, a relocation package is a financial incentive offered to employees who must sell their current home and buy a new one in the city they are moving to. This package typically includes money for typical moving expenses and services, such as rental assistance, home sale bonus incentives, and quick-sale bonds. A relocation management company (RMC) is often used by employers to buy the house on behalf of the company and sell it to the buyer. Corporate relocation services also offer employee relocation assistance, such as selling the employee's current residence and buying a new home in the desired location.
Asking your company for 1 to 3 months of rental assistance is perfectly reasonable and can help ease the stress of setting up your family in a new place. Home sale bonus incentives involve providing an additional bonus to employees when they sell their homes within a set period of time. Quick-sale bonds, also known as bonds, motivate employees to sell their homes more quickly and make it more profitable to invest in repairs, improvements, and services such as home staging. Relocation properties tend to be in good condition because most relocation companies recommend necessary repairs or do them themselves.
Buyers should have a ready source of guarantee money that they can quickly send to the relocation company. Relocation management companies generally maintain a network of preferred brokers and mortgage lenders who have extensive experience in helping employees move successfully. Referral fees paid to corporate relocation companies by participating real estate agents generally amount to 35 to 40 percent of the agent's commission on the transaction. It is important to note that both the relocation company and the home offered for sale are often referred to as “relos”. Being a well-trained agent who understands the role of an agency and being familiar with the local market is a big part of what a relocation company wants.
Read all the details of your relocation package agreement and find out if unforeseen expenses can be charged to the company.
