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Relocation Fundamentals for the new Frontier

Relocation Fundamentals for the new Frontier. Presented by: Anne Marie Lee, CRP – SIRVA Relocation Wayne Cozzolino, CRP – Weichert Relocation Resources Inc. Marj Ford, CRP – Edina Realty Relocation Moderated by: Faye Bosak – General Mills. A Team of Players. The Corporate Transferee

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Relocation Fundamentals for the new Frontier

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  1. Relocation Fundamentals for the new Frontier Presented by: Anne Marie Lee, CRP – SIRVA Relocation Wayne Cozzolino, CRP – Weichert Relocation Resources Inc. Marj Ford, CRP – Edina Realty Relocation Moderated by: Faye Bosak – General Mills

  2. A Team of Players • The Corporate Transferee • College graduates, New hires, Current Employees • Gender, age, family status, etc. • The Corporation • Motivations for transferring employees • Key talent in remote locations • Consolidation/growth • Employee sought new location • Succession planning

  3. A Team of Players, cont’d • Third Party Relocation Companies • Outsourced relocation administration • The birth of relocation companies • Rev. Rul. 72-339 • Real Estate Brokers • Relocation Department • Relocation departments as a resource center • Agent education • Agent selection • Resource “library” • Broker networks

  4. A Team of Players, Cont’d • House Hold Goods providers • Coordinates estimates, claims process, etc. • Counsels transferee on move process and expectations • Coordinates logistics of the move with agent, driver and dispatcher • Temporary Housing providers • Assists transferee with demographics • Arranges direct bill so the transferee is not out of pocket • Other providers • Rental assistance • Spouse/partner career counseling

  5. Types of Administration • In-House Administration • Not prevalent in the industry • HR Manager/Travel Dept. • Third Party Relocation Companies • Experts in relocation • Assist with development of policy, benchmarking, etc. • Administration of policy on company’s behalf • Coordination of all vendors • “One Stop Shop” • Relocation Counselors

  6. Relocation Administration, cont’d • HROs • Streamline HR functions • Allows corporations to focus on core business

  7. Relationships & Referral Fees • Corporation and Third Party relationships • Market services to companies with national/international presence • Service contracts & pricing • Third Party Company and Broker relationships • Preferred networks • Relocation Department structure

  8. Relocation Benefits • The Relocation Policy • What is it? Why does it exist? • Many varieties • Cost containment • Common components • House hunting, sale/purchase of real estate, final move, household goods, temp housing, etc. • Roles/responsibilities of parties involved • Repayment agreements • Taxability and Gross-Up • Compliance • Methodology

  9. Home Sale Programs • IRS Rev. Rul. 72-339 • The birth of home sale programs and third party relocation companies • Based on RISK and OBLIGATION • Amended Value Option (AVO) • Process • Pre-Established marketing time • Establishing value/Guaranteed Purchase Offer • Inventory • Relocation department involvement • Benefits and challenges

  10. Home Sale Programs, Cont’d • Buyer Value Option (BVO) • Process • Indefinite marketing time • Risk • Benefits and challenges • Deed Transfer • Single vs. Double Deed • IRS Rev. Rul. 2005-74

  11. Conclusion Questions & Answers

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