Relocation in the New Economy

I recently attended the fall conference of the Relocation Directors Council in Seattle, Washington. It is one of the premier organizations for real estate relocation practitioners and its members are the best of the best. What struck me, as I shared many a conversation with relocation professional after relocation professional, was the massive shift that is, once again, occuring in our industry. As happened in the recession of the late 80's/early 90's, everyone is looking at and re-thinking their business model. How can we support our business without compromising the high level of personal attention that creates the positive consumer experience necessary for a successful relocation?

When so many transferees are putting off selling and purchasing real estate, the traditional manner of compensation (referral fees earned through the real estate transaction) can no longer sustain the business model. And is this major shift something that is a temporary condition of a "bad" real estate market or is it a new reality? Should we be re-thinking the types of services we offer and the manner in which we are compensated for them? Is it time to break down all that we do into a "menu of services" (i.e. area tours, rental assistance, spouse/partner employment assistance, school and area orientations) and charge for them piecemeal? Will the new and future employee still want to own a home or will the legacy of this deep recession be a "new normal" that creates the need for a variety of housing and lifestyle options and services?

Change brings new challenges and opportunities. This major shift offers us a chance to "re-invent" ourselves. At the recent conference, so aptly named "Robust Vision = Compelling Results," there was much discussion about new directions. I believe it is time to jump-start our businesses, re-think what we do, and deliver a viable "product" that addresses the new needs of both the employers who are hiring and transferring employees and the employees who need to get from point A to point B with a minimum of stress.

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Social Media & Real Estate

These days, the world of social media seems to be analogous with the real, physical world in which we live. It is the avenue through which news and information are shared, people socialize, and companies innovatively conduct business. Currently, H. Pearce Realty Co. is increasing our web presence and we all need to get involved because it is truly necessary.

A The New York Times article, "Broker Tech, Version 2.0," confirms this fact for real estate professionals, in particular:

Frank Dell’Accio, the service’s president and broker-owner of Century 21 AA Realty in Lindenhurst and Seaford: “To have a Web site today is not considered innovative; that is considered expected. Social media marketing is what the consumer expects today.”

Read the rest of the piece here if you are looking for a creative approach to increasing your business.

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New England's Recession Recovery, and more

Take a moment to read some positive news...

LAT (11/11/10): Vice President Joe Biden unveiled a new federal program to make it easier for Americans to make their homes more energy efficient, saying…that it will give families "the tools they need to invest in home energy upgrades. Together, these programs will grow the home retrofit industry and help middle-class families save money and energy."

MortgageLoan.com (11/11/10): Mortgage rates fell again to new record lows this week, following the Federal Reserve’s announcement that it plans to buy $600 billion in Treasury bonds to boost lending and the economy…Those who can get approved for a home purchase or mortgage refinance are finding historic bargains on mortgage rates.

WSJ (11/10/10): The commercial real-estate industry stands to benefit from the shifting political power in Washington, as Republicans attempt to roll back some parts of financial regulation and stanch any efforts to raise taxes.

NHR (11/10/10): The city continues to benefit from a stable tenant base, said H. Pearce Co. President Barbara Pearce. “Unlike other times of economic stress, there are not large new blocks of space coming onto the market and increasing the vacancy rate further. This makes New Haven better able to withstand the downturn, without precipitous declines in rental and sales rates,” she said.

AP (11/9/10): Even as the national unemployment rate remained at 9.6 percent in September, New England states benefited from more hiring. Except for Rhode Island (Stress score: 12.08), New England has been recovering from the recession better than much of the nation…The region has an educated work force in professional and high-tech jobs, it avoided the real estate boom and bust and it's home to a high-end manufacturing sector…"New England is outperforming the rest of the country in many respects," said [Ross] Gittell, [an economist at the University of New Hampshire].

The Commercial Record (11/8/10): To be successful in the current housing market, real estate professionals need to educate themselves about buying and selling distressed properties and working with investor buyers, who are a significant part of the market," said RE/MAX Chief Executive Officer Margaret Kelly.

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Every Once in a While... Take the Train

I spent the past week attending relocation meetings and visiting with relocation professionals. What a great opportunity to learn new things and “pick people’s brains”, all while renewing professional friendships!

Heading back home to New Haven on the train I also realized how lucky I am to live in a place where trains are readily available for travel. Why doesn’t everyone travel this way? It is comfortable, easy, and convenient. It took me to my meeting in DC and my meeting in Virginia. I could plug in my computer, charge my BlackBerry, get my work done in a comfortable setting, watch the snow fly by the window, see the country.

I didn’t have to “check in” an hour before my flight, go through security, take my shoes off (put my shoes back on), have my luggage scanned, or run to the terminal just in time to wait for the boarding call (or, as happened with my last flight, wait for them to “find a crew” to fly the plane). There was no lugging stuff from one terminal to another and no missed connection. And there was no “baggage charge”!

Also, I wasn’t stuck in traffic. I didn’t have to stop for gas, bathroom breaks, or food. I didn’t have to try to find a decent radio station to keep me from dying of boredom. Ohhh …. This was heaven!

I also felt a great sense of accomplishment. I was able to write two blogs, review and finalize a PowerPoint for an upcoming meeting, read a couple of periodicals, study some long-awaited industry resource material I’ve been trying to get to, review my business plan, take care of some personal issues, and eat my lunch. This is more than I can sometimes accomplish in a month of days at the office!

In the hustle and bustle of today’s world, we all need to find something that gives us time to pause and affords us a reason to stop “doing” just long enough. My recommendation? Every once in a while… take a train!

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My First Post

This is my first attempt at blogging. As a veteran of the relocation profession, I am hoping to be able to share some of the day to day experiences that touch our lives here at Pearce Plus. It is true that, over the years, there have been times (too numerous to count) that I’ve thought “I could write a book about the things that happen here”. I guess blogging will finally afford me the opportunity to do that. It will be my chance to document stories that illustrate the work that we do, the challenges that we face, and the experiences that we encounter on a daily basis: funny … challenging … heartbreaking … unique.

I feel blessed to have landed in this industry (and that is pretty much how it happened). On a daily basis I am surrounded by people with passion. I have made “friends of a lifetime” through my professional affiliations. I can count on my peers when I need a word of wisdom. I make a living while making a difference in people’s lives. I, along with my colleagues, get to offer a helping hand, relieve stress, provide resources, and give people a sense of security at a time when they have been thrust full-throttle out of their comfort zones. It feels good.

In recent years, as the economy has continued to challenge us, there is no end to the solutions we can provide. I know that our strength lies in the partnerships we have formed with industry professionals. We have a unique consortium of experts in every discipline. By maintaining those connections and keeping current with the latest relocation and real estate trends, we continue to add programs and services that meet the growing needs of both employers and employees.

I recently attended a committee meeting at the Worldwide Employee Relocation Council (WERC®) headquarters in Virginia. As I looked around the table, I saw a variety of industry experts (the best of the best), all collaborating, all willing to share. I thought “how powerful we are because we are capable of joining forces”. I reflected on the early days of WERC® when a small group of employers decided to get together to exchange ideas and solutions. How far we have come since those early days!

And what an amazing experience I have had working with all of the brilliant minds in this industry. How blessed I am, here at Pearce Plus, to work with a team of people who wake up every day ready to face the challenges of relocation head on!

As I launch this blog and we grow our company, I look forward to what the future will bring. There is no end to the possibilities!

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