Before you ever talk about salary, look at the cost of housing in the area. It is very discouraging to come to a new town and find out that your money is not going to buy even half of what you are used to having.
Particularly be aware of this if you are coming from the South or rural Midwest.
Part of the benefit package of any transfer is reimbursement for moving expenses. They include (but are not limited to):
- Payment toward or complete coverage of the move itself
- Payment for 1,2 or even 3 trips for family to come and find a home – all expenses paid or allowances given.
- The actual purchase of your old home to remove you from the stress of having to sell. Usually at the average of 3 appraisals.
- Payment for the loss you take on the sale of your old home
- 90 days paid stay in a residence inn to give you some time to find a house.
- Closing costs paid for the sale and/or purchase of a new home.
How many, if any of these items are included in your hiring package? Depends on how badly they want you and how much power you have in negotiation! In other words are you a small fish or a big catch!!!
Be very aware of corporate relocation companies and the role they play in corporate (not academic or government) moves, as they are not usually to your advantage. Big companies try to recoup some of their expenses of relocating their people by demanding large or huge referral fees from real estate agents. In theory, the idea of having a separate company manage your employees’ moves is a good idea, since it is not an area of expertise of the corporation. In practice however, your moving experience is going to depend almost 100% on the expertise and relationship of the local real estate agent. Unfortunately, the relo companies do not actually interview individual agents to match you up with a skilled practitioner. So you could be assigned to someone who does limited business and does not have the broad base of neighborhood knowledge that it takes to do relocation work. Be sure to check out our page on choosing a real estate agent. Make sure you are choosing a knowledgeable practitioner. This is the single most important financial decision of your life! The more highly skilled and successful the agent is, the less willing they are to give 40% of their income to your company!
Of course, feel free to call us if you want more in depth information on how this or any of those systems work.