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Cornell University Relocation Assistance Program. Cornell University Real Estate Department. Introductions. Sarah Dean Real Estate Associate. Tom LiVigne Director of Real Estate. Introductions. Lynn King, CRP, GMS Senior Vice President, Client Services. Allan Bishop
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Cornell University Real Estate Department Introductions Sarah Dean Real Estate Associate Tom LiVigne Director of Real Estate
Introductions Lynn King, CRP, GMS Senior Vice President, Client Services Allan Bishop Senior Director, Human Resources Jen Richtarcsik Senior Relocation Consultant
Lynn King 31 year veteran of the relocation and real estate industry Holds her Certified Relocation Professional and Global Mobility Specialist designations Frequent speaker on the relocation and real estate industry Heads up Corporate Services division of CBRB Relocation Developed the College and University initiative Higher Education Real Estate Assistance Program - Largest college and university relocation program in the country (foundation for Cornell University relocation program we will be introducing to you today) Introductions
Jen Richtarcsik Assisting relocating employees and families for over 8 years Consistently gets very high marks for her ability to help customers navigate the often complicated and stressful process of relocation Works with a very diverse client base to include technology companies, colleges and universities and many other industries Introductions
Program Introduction Relocation Services Program • The goal is to enhance our ability to recruit, compete for and effectively transition the best talent by providing comprehensive relocation services and personalized coordination of moving for each new hire offered relocation support. • Standard relocation packages allowing for flexibility as desired • Partnership between Cornell Real Estate, Division of Human Resources and Coldwell Banker Residential Brokerage Relocation Services
Program Introduction Relocation Services - supporting strategic direction of the University • Faculty renewal - $100 million investment in faculty recruitment • Diversification of our workforce (faculty and staff) • Streamlines and consolidates service delivery allowing Cornell staff to focus on primary responsibilities
Program Introduction Program Services position us to: • More effectively compete for talent by offering coordinated relocation services similar to what many other organizations offer • Strengthen the relocation experience for incoming Cornell Faculty and Staff • Address needs in both departure and destination cities • Provide a seamless transition for new employees, receiving relocation support, by offering a “single point of contact”
Coldwell Banker Residential Brokerage Relocation Services(CBRB Relocation) Lynn King, CRP, GMS Senior Vice President, Client Services
About CBRB Relocation • Full service relocation management company providing corporate relocation, real estate and moving services to over 200 organizations • Expertise in developing custom relocation programs for a diverse client base including Global Corporations, Pharmas and Tech Companies, Non-profit Organizations, and Colleges/Universities • Assisting employees in transition for 37 years • Headquartered in Massachusetts with a staff of 36 relocation professionals
About CBRB Relocation • A wholly owned subsidiary of Realogy, the largest real estate and relocation organization in the world • Owns the Coldwell Banker, Century 21, ERA, Sotheby’s International and Better Homes and Gardens brands • Real estate offices in 99 countries throughout the globe • Owned and operated by NRT LLC, the largest residential real estate brokerage company in the nation • Companies in more than 35 U.S. metropolitan markets • More than 760 offices, 5,300 employees, and 46,000 sales associates
Our Mission • To assist you in your critical role of attracting, recruiting and relocating top talent to the Ithaca area • To provide incoming Cornell Faculty and Staff Members with comprehensive relocation and real estate services • To manage and coordinate each Faculty and Staff Member’s move as a “Single Point of Responsibility” while offering concierge-style service • To provide continual communication on the status of each move • To provide continual communication on market conditions and new services that may benefit your department
Program Overview • Designated Program Consultant • Advocacy and guidance • Community information and real estate counseling • Individualized agent selection • Home sale and purchase assistance • Rental assistance • Coordination of household goods shipment • Temporary living accommodations
Program Overview • Cash Back on home sale (only applies to sale of home in departure location) • Helps offset relocation costs • Employee receives cash back within 2/3 weeks after closing • Non-taxable event for the employee • Mortgages at reduced rates and/or closing costs through program preferred mortgage providers using Cornell's and Real Estate Assistance preferred lenders
Pre-hire • Pre-hire candidate counseling • Links to community information and resources • Relocation cost estimates • Cost of living analysis • Departure area market research • Destination candidate area tours • Mortgage Pre-approval (through Cornell University preferred mortgage providers)
Post Offer Acceptance • Full needs assessment with Faculty/Staff member and spouse/partner • Counseling to relocation package benefits and best use of Miscellaneous Allowance (lump sum), if applicable • Agent placement for home purchase/rental and community assistance • Marketing assistance on departure home • 2 broker price opinions from top agencies • Strategic marketing plan and guidance
Post Offer Acceptance • Assistance with lease cancellation • Household goods shipment survey and full coordination • Identify temporary housing options, if needed • Advise relocating Faculty/Staff on tax implications of their move and tax assistance benefit, if applicable
Additional Support and Services • International Settling-in Services • Periodic local/national real estate market updates • Out of market area real estate research/housing comparisons • Home Buying and Selling Seminars/Webinars • Real Estate and Relocation Industry Seminars
Agent Selection • Participation from local area real estate companies • Warren, Audrey Edelman, CB George T Decker, Remax • Real Estate Owners determining best fit agents for program based on qualification criteria • Real estate owners/managers selecting appropriate agent to work with Faculty/Staff Member based on feedback from the CBRB Program Consultant • Agents able to register Faculty/Staff Members to ensure full program compliance • High inclusion of Ithaca area real estate agents
Agent Selection • Agent Criteria • Must be a full-time, licensed and experienced agent – 2 or more years in the industry with a minimum of 10 closed transactions per year • Knowledge of entire service area, school systems, hospitals, etc. • Willingness to do Candidate Area Tours, work with renters as well as with the home buyers
Agent Selection • Agent Criteria • Full understanding of Cornell and CBRB relocation process (CBRB is providing training to all participating agents Tuesday and Wednesday of this week) • Great customer service and communication skills • Must send bi-monthly updates to the dedicated Cornell Relocation ProgramConsultant
Program Process/ Procedures Cornell University Recruiter’s Guide • A guide is available for all recruiters on the University Relocation website that includes: • A matrix of available Relocation Packages • Instructions for initiating candidates/new hires into the program • Program initiation form and Relocation Package templates • Details of the services provided by CBRB Relocation
Program Process/ Procedures Pre-hire Stage – Getting Started • Review the University Relocation Package Matrix (found on University Relocation website) • Determine best package option and Miscellaneous Allowance (lump sum) for candidate offer • CBRB Relocation will assist with estimating potential costs for candidate, if desired
Program Process/ Procedures Pre-hire Stage (optional) • Initiate candidate with CBRB Relocation for pre-hire assistance by completing the Relocation Assistance Form (found on University Relocation website) • Identify desired services: Candidate Area Tour and Relocation Cost Estimate • Identify Relocation Package you intend to offer and Miscellaneous Allowance amount (for Cost Estimate preparation)
Program Process/ Procedures Pre-hire Stage (optional) • Upon receipt of Relocation Assistance Form, the CBRB Relocation Program Consultant will: • Contact the candidate and conduct a needs assessment • Schedule a Candidate Area Tour, if requested • Prepare a Relocation Cost Estimate, if requested
Program Process/ Procedures Extending the Offer • Use the University Relocation Package Matrix (found on University Relocation website) to determine the Relocation Package you wish to offer the candidate. • Relocation Package templates for the various benefit packages are also available on the website. • Download the appropriate template, customize, and provide to candidate with offer.
Program Process/ Procedures Post Offer Acceptance • Upon acceptance of an offer, re-submit the candidate’s Relocation Assistance Form to the CBRB Relocation Program Consultant (if you did not initiate the candidate for pre-hire assistance you will need to complete the form for the first time) • Review the existing candidate information and amend if necessary • Ensure that the proper Relocation Package is represented • Ensure that the proper Miscellaneous Allowance Amount is represented • Provide the name and contact info for the individual who will be receiving all invoices if not the form authorizer
Program Process/ Procedures Post Offer Acceptance • Upon receipt of Relocation Assistance Form, the CBRB Relocation Program Consultant will: • Re-connect with the candidate, or contact the new hire and conduct a needs assessment • Initiate the new hire into the program by reviewing the details of their Relocation Package and scheduling vendor services
Cash Rebates on Home Sale Sale Price*Cash Rebate $100,000 $300 $150,000 $450 $200,000 $600 $250,000 $750 $300,000 $900 $350,000 $1,050 $400,000 $1,200 $450,000 $1,350 $500,000 $1,500 *The ability to pay a cash rebate may be modified by State law or prohibited in some States.
