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.

I'm reading: Relocation in the New Economy