 |
 |
Is Your Relocation Company Holding You Hostage?
Do you assume, as a corporate relocation client, that the third-party relocation company is looking out for you? That would be a mistake. Third-party relocation companies often send transferees' business to the agents who pay the highest referral fees instead of the agents who are most qualified for the job. Furthermore, the largest relocation company in the country owns Coldwell Banker, Century 21, and ERA, three of the largest real estate franchises. Who do you think they are going to send you to?
Buyers Need Buyer's Agents:
There is something inherently wrong with a real estate buyer's relationship with their agent being chosen by their company, when it's the BUYER'S money, time, family, and well-being at risk. Relocating and buying a home in a new community is more than just a condition of employment. It's a major life change and investment. Buyer's need an agent serving their interests only, not the seller's interest or the interests of a third-party relocation company. What started out as a genuine offer to assist relocating employees can turn into yet another profit center for the company offering the services, and the buyer's lack of knowledge is the key.
"Waiverable Conditions":
This is a typical scenario: Transferee retains the services of a buyer's agent, but because their company has a relocation contract, the relocation company demands a referral fee from the buyer's agent. The buyer's agent refuses because no "referral" was actually made. The relocation company then tells the employee that they will lose some benefits and some of their closing costs will not be paid. The employee insists on the services of a buyer's agent and contacts the human resources department of their company. The relocation company suddenly discovers a "waiverable condition" and the employee gets their maximum benefits and their closing costs are paid. We can't tell you how many times we've seen this happen. Chances are, if you insist on having the proper representation, your company and third party relocation company will discover a "waiverable condition".
Bottom Line:
If you accept the company's choice of real estate agency for you, chances are the agent will be less knowledgeable, less experienced, and will not have your best interests at heart.
