What should your company be aware of for relocating renters vs. homeowners?
Relocating renters and homeowners don’t always have the exact same needs. Senior Relocation Counselor Storm Zhe takes a closer look in this Relo Tip Tuesday.
Complete transcript: “Hello, Senior Relocation Counselor Storm Zhe here to talk about four key things you should be aware of when relocating renters versus homeowners.
One, you’ll want to initiate the process for renters and homeowners as soon as possible. But a homeowner’s relocation timeline can be considerably longer. Renters typically need to provide a 60-day notice to vacate. Their relocation timeline is fairly straightforward. Getting a home ready to put on the market can take a fair amount of time, and sometimes requires a lot of work. Add to that the fact that closings can be expected to take up to 30 days, and the timeline for having the departure housing wrapped up can be pushed out quite a ways from the initiation date. Making sure the employee has enough time to complete this can be essential to starting the process off on the right foot.
Two, the cost difference. With or without a home sale program, the relocation of a homeowner can be a considerable jump from that of a renter with similar benefits. Homeowners tend to own more goods, which can lead to an increased household goods shipment, and ultimately a higher relocation cost.
Three, storage. If a relocating employee cannot purchase in destination until they sell in departure, that means the closing needs to take place after a sale is complete. With closings expected to take 30-45 days, that can leave many relocating employees in a situation where their household goods arrive before they have a home to move them into. So while storage can be a useful benefit for all relocating employees, it can be essential for homeowners.
And four, remember that relocation can be stressful for all employees, but homeowners can have an added level of strain with the time and financial stressors of selling their departure home and securing a new one. There are a few more balls to keep in the air for the home-owning relocating employee, and that can make an impact.
Keeping these key differences in mind can help you prepare for, and better understand, the timeline for a renter versus a homeowner, as well as set up all your relocating employees for success in the transition into their new role. Thanks for watching!”