In the years following Covid-19, the market for serving relocation buyers and sellers surged to unprecedented levels, due to work-from-home protocols and now return-to-office mandates.
Since our mission at Handshake is to help agents close more referrals, here’s our proven, 3-step playbook on how to close more referrals from relocating buyers and sellers in your market.
First, understand the competitive landscape of relocation to increase your chances of success.
How did Relocation Get Started?
For decades, relocation was largely driven by work transfer requirements from Fortune 500 companies sending employees from one work center to another. Large, regional real estate brokerages seized this corner of the marketplace in the 1970s and 1980s by forming relocation departments then partnering with locally headquartered, multi-national organizations to service the housing needs of transferred employees.
Agents gladly closed business of high-intent relocating buyers and sellers, but paid a handsome referral fee to the brokerage for securing the relocation partnership with the employer. Since 2020, the marketplace for relocation shoppers has ballooned, paving a way for more business from savvy agents.
Why did Relocation Needs Grow?
Since the early days of the pandemic, many employers are still permitting work-from-home protocols in order to attract top talent to their firm. Other companies are pushing for more return-to-office mandates, requiring some employees to consider second homes or permanent relocation to an employment center. Regardless of the company, more employees are on the move than ever before, which can present a lucrative lead source for savvy agents.
1. Craft Your Value Proposition
Becoming the preferred agent for an employer is all about demonstrating confidence in the need employers care about the most for their employees; housing stability so said employee is productive in their job ASAP. Just like a listing presentation, build a 5-slide deck that demonstrates your expertise in:
2. Target the Right Companies
Large, regional brokerages already secured the relocation opportunity of the larger employers. Your chances of generating more relocation clients increases when hunting for those employers that don’t already have solidified relocation partnerships. Consider targeting up-and-coming, high-growth mid-size companies. Companies that are growing quickly and/or are hiring highly-coveted, specialized skills like engineering, product design, etc. will have a higher chance of needing relocation support.
3. Target the Right Employees
So you’ve got your presentation, you’ve got your list of companies, but who do you target in the company for your outreach? Human Resources (HR) is the department that has the best chance to help you present your case to serve the housing needs of their employees. HR’s primary responsibility is to ensure employees are well equipped to perform the needs of their position, whether they’re relocating for personal or company-requested reasons.
