With there being no end in sight to this housing issue, what can mobility managers do or advise assignees to address these issues?
Flexibility
With a strong body of evidence that shows how quickly the housing market can change, consider being as flexible as possible with your housing policy. This should allow employees to move quickly in a rapidly moving market.
Where additional approvals are required – for example, if the employee chooses somewhere that is over their budget – you might wish to consider in advance a margin of “acceptable” overage, agreed with the decision-maker in advance. In a market where decisions need to be made quickly, the last thing an assignee needs is to be held back by waiting for a green light.
Alternatively, ensure you clearly communicate to the employee prior to the relocation that excess amounts will not be considered after any circumstances. That way, employees can make the final call.
Prepare
Fail to plan, plan to fail – but how can you prepare to home-search without knowing what you’re getting into?
Make sure the employee is fully aware of the nature of the market before departure. Where the housing situation is volatile and fast-moving, ensure the individual knows and is mentally prepared to make quick decisions in advance of searching for their home search.
It’s also key for your employees with larger families to plan accordingly – larger apartments and houses tend to be rarely available, so assignees should prepare for longer waiting and searching times.
Act fast
A home search provider does not have a magic wand that can conjure up the perfect home. They’re operating within the external market, not a mythical “insider” market with alternate options (unfortunately!).
While agents do have networks that can make them aware of properties before they hit the market, this is all for nothing if the employee cannot make a decision fast enough. Ensure they take advantage of that advantage!