New business opportunities don’t always require new products and original services, but sometimes just a new approach. Some brokerage relocation departments are successfully re-directing expertise to reflect their local markets’ ever-changing needs by expanding, linking or repackaging existing services.
In April, Power Broker Report readers responded to a survey about specialized services that relocation departments successfully provide to their clients. Your responses included varied activities for both corporate mobility and non-corporate customers. Many reported tailoring traditional services to reflect local market needs and demographics.
One example, Corporate Rental Assistance programs are expanding in part because renters often now outnumber homeowners in many corporate activity areas. Renewed focus on fee-paid, variable duration area tours is due to higher rental volume but also to renters that may expect upgraded assistance. Some brokerage firms report offering corporate renters additional services such as lease negotiation, customized settling-in services, welcome package information and corporate temporary housing, for example. Last month’s column, “Big Opportunity: The Relocation Renter,” highlighted this still under-served market.
Other corporate relocation trends are reflected in your survey responses, too. Pre-decision Services, a practical, cost-efficient concept is now often seen in corporate assistance policies. Worldwide Employee Relocation Council (WERC) surveyed their corporate client members and found that 54 percent offer some type of pre-decision services (Mobility magazine, August 2013). Services are designed to assist employees in evaluating their particular situation before accepting a relocation assignment. Home market analyses, policy benefits and destination area counseling are some of the services that support informed decisions and help avoid failed relocation costs. Could you link existing services to offer clients a pre-decision product?