What’s on my mind? Relocation

 
We just wrapped our May issue featuring relocation trends and the Baker’s Dozen for Relocation. 2009 was a tough year across the board and relocation was no stranger to the Great Recession. This was my second go-around for the Baker’s Dozen relocation, and I surprised at the response that was received. After a year when relocation was down 46 percent (according to Brookfield Global Relocation Services’ annual 2010 Global Relocation Trends Survey Report), I thought clients would go dark. Boy was I wrong.
 
Debbie Bolla, Online/Managing Editor
 
 
More than 180 clients answered the call on behalf of their providers, which is impressive to say the least. This made me curious to see what was on the minds of the buyer community.
 
 
Recession has taught many that change is good. Decrease in volume drove an overwhelming amount of change in policy. As a homeowner myself in the glorious state of New Jersey where home values have dropped considerably, taking a loss on sale would not be pleasant. So some companies offered a bonus on sale for reluctant employees. Others saw the recession as an opportunity to mitigate risk and move from buyer value option plans to lump sum or direct reimbursement programs.
 
 
“The vast majority of our survey respondents changed their policies over the past year to control costs and motivate employees indicates that despite the current economic picture, companies still realize the importance of maintaining a mobile workforce,” said Ellie Sullivan, WRRI’s director of consulting about the results of WRRI’s Mobility and the Current Real Estate Market survey.
 
 
The majority of buyers that I spoke with commended their providers, noting the option to scale down their outsourcing plan in 2009 or make adjustments to suit the current environment. There’s hope that the market—both real estate and relocation—will rebound. But will the changes change back or is there a new standard for relocation?