- 27
- Jul 10
Break Into Corporate Relocation
Yes, this is still a viable niche!
An unstable economy has meant fewer corporate relocations, however, says Kaki Lybbert, a sales associate with Century 21 Judge Fite in Denton, Texas, it's still a viable specialty. "It's a guaranteed sale. That's what I like about working with corporate relos, you're not wasting your time on people who may or may not buy," says the 17-year real estate veteran who finds that some 30 percent of her yearly business is with corporate relocatees.
Lybbert started working with corporate relocates in 1997 and has continually ramped up that side of the business. "I'm on the "A-team" of sales associates who have the experience and training to do the corporate relos through Cartus," she says.
But, over the years, she's seen a shift in both the amount and the type of people relocating to Texas. "It varies from year to year. It's certainly down from when companies in Dallas-Fort Worth were moving out. It used to be heavier on the listing side. Now, people are coming in so I'm working with buyers." She's also noticed that companies aren't offering relocations packages to lower income employees like they did in the boom years. "At one point, if you were mid-level management you got a relocation package. Now it's only for high-end employees, which works well for me."
Here are her tips for breaking into corporate relocation:
Make them first. "Many people don't value the relocation business," says Lybbert. "But, if you offer them great service and make them a priority, you'll find a continual stream of business." She says you must make them first. Many times they'll be in town for only a short time and you'll have to rearrange your schedule to suit them. But, says Lybbert, it's worth it. "These people are very clannish within a company, so if you do a superb job, they recommend you." In fact, in the past eight months, Lybbert has worked with seven people from one company. "The first one was assigned to me, the rest came from word of mouth because I went above and beyond."
Know the areas. A huge advantage for Lybbert is her local knowledge. "I'm a fifth generation Texan. I've lived in this area all my life. I know the areas because I spend a lot of time there." She says that because corporate relocatees have a limited amount of time to find a house, they need someone who can point them in the right direction quickly. "They want to know where the cleaners and grocery stores are, so get educated on your areas and brush up on good restaurants."
Find a connection. "I always look for some connection, like we both play tennis or went to the same college," says Lybbert. "I spend time finding out what interests they have and build a comfort level." She also asks immediately whether or not they have pets and what they need for those pets.
Pay attention. "You must really listen to what they want and know their time frame," says Lybbert. "Sometimes you have to push them into giving you more of an idea of what they want. Sometimes they're very specific." Spend time really listening to what they want and need in a home. "They appreciate honesty and knowledge of the area." The better you are at weeding out this information, they better the transaction will go.
Comments [4]
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July 27, 2010 12:50pm MST
Understand there is a cost for this business
One thing you need to strongly consider is that with the bulk of corporate relocations there will be a relocation company. This company will usually demand you pay a hefty referral fee to them. That fee has ranged from as low as 30% a few years ago, to the borderline usary fee of 40% now. Usually there will be added work to accomodate not only the tranferee, but also the relocation specialist assigned to this tranferee.
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July 27, 2010 6:55am MST
Understand there is a cost for this business
One thing you need to strongly consider is that with the bulk of corporate relocations there will be a relocation company. This company will usually demand you pay a hefty referral fee to them. That fee has ranged from as low as 30% a few years ago, to the borderline usary fee of 40% now. Usually there will be added work to accomodate not only the tranferee, but also the relocation specialist assigned to this tranferee.
Understand there is a cost for this business
Principal Broker/Relocation Director