One of the world largest financial institutions contacted Corporate Housing by Owner a few weeks ago to learn more about our property listings and how their employees can rent them. The company representative said she wanted to recommend the site to all of her company’s relocating employees. In the past, a company HR official would have coordinated the entire relocation process for an executive, but this phone call reinforced that the relocation trend now involves lump sum payments.
Lump sum relocations are where employers give an employee they are relocating to a new city a lump sum of money to cover their costs. In the past, the employer would coordinate the entire transition, paying for moving and travel expenses and putting up the family in a corporate furnished rental.
But today, with tight corporate budgets and a do-it-yourself employee attitude, companies will simply give an employee they’re relocating a sum of money and let them coordinate their own moving process and expenses.
The executive who called us a few weeks ago wanted to recommend CorporateHousingbyOwner.com to her relocated employees so the employees could negotiate their own corporate rental fees and choose where they wanted to live.
What this means for you as a corporate housing landlord:
First, if your rental property is located near a business district or specific business (Microsoft, Comcast, etc.), you need to put this information in your listing. For example, you could say, Chicago corporate rental located in heart of downtown Chicago near Accenture, Boeing, Aon, RR Donnelley, etc. Chances are executives are being relocated to these big name firms and they are choosing their own corporate rental accommodations. Relocated employees given lump sum relocation fees will search for such company names in the keyword section and you want your property to “show up.”
Second, be sure to follow up with all leads you get on your property. Some property owners only want to work with companies, however, an individual contacting you may be working with a company but managing their own relocation as a lump sum recipient.
Third, if you do work with a lump-sum relocated employee and you have a positive experience, ask them to recommend your property and CorporateHousingbyOwner.com to their HR team. Growing recognition for you and the CHBO website will only help you attract quality renters in the future.