In a tight real estate market like we have experienced for over the past two years, high demand for rentals puts extra pressure on an assignee. Even astute, resourceful folks who find several good options prior to the tour day are likely to find them already rented. By scheduling an accompanied tour, the assignee can rely on the local real estate expert to pay close attention to the availability of rentals so that their search is more efficient.
What constitutes an accompanied home search? An expert on the local real estate market consults with the assignee to match preferred features in a rental – and budget cost – with available units in the right neighborhood. They then check availability, set up appointments and show the assignee the area and units. Local real estate practices contribute to the overall success of finding the right home.
Mega-cities like New York, Chicago and Los Angeles present special challenges for the assignee and service providers. More specifically, market complexity and geographic size should mandate some sort of orientation service since assignees are likely to be overwhelmed when they have to decide on a home in just a one or two-day tour. New York City, for example, has 3 million rental units in five boroughs, which does not include the many suburban options. If services authorized are limited, the risk of making a decision that leads to dissatisfaction or a failed move increases.
Tools to facilitate a move can greatly complement an accompanied move. For example, the ability to obtain commuting information to the new work location, walk scores that score a neighborhood against assignee lifestyle preferences and to generally preview the destination market. The internet is an essential resource that nearly everyone consults; access to tools designed to get the best information can make the accompanied search work best.
It is often necessary for a provider to advance funds in a competitive situation on behalf of an assignee who isn’t prepared to pay security deposit, rent and other fees. CORT will arrange to wire funds same day – often within minutes – so the rental is secured.
The objective is a successful move and a happy and productive assignee, who is able to deliver the value the employer expected in sending the assignee to the new location. Employers also want to manage costs, and a successful tour will avoid the cost of another trip, perhaps temporary housing – to say nothing of lost productivity and inconvenience. We are convinced an accompanied move, using several excellent tools in support, also gives the best chance of avoiding a failed move. In fact, in this “reduce cost” relocation environment, there is a need for value discussion. For example, sometimes adding a service will limit unplanned expense; more cost to the employer but perhaps a good investment. It’s important to make the distinction between price and the actual costs of move on individuals and families.