How to Become a Relocation Real Estate Agent

Whether city-bound or crossing country lines, the complexities of relocation can be daunting…which is why it creates an amazing opportunity for relocation real estate agent to jump in and add massive value.

Plus it’s a lucrative practice for agents. Relocation specialists can build amazingly successful niches within the larger real estate market in an area and we’ll get into these strategies and much more below.

• What Is a Relocation Specialist?
• How to Become a Real Estate Relocation Specialist
• Strategies for Relocation Real Estate Agents to get Business
  • Partner with Relocation Management Companies
  • Corporate Relocation Opportunities
  • Becoming a Military Relocation Specialist
  • Tapping into Real Estate Broker Relocation Networks

What is a Relocation Specialist?

Real Estate Agents that specialize in relocation are often known as “relocation specialists”. It means that, in addition to being a licensed real estate agent, they are experts (and very often certified) in assisting clients that are relocating to a new area.

Most often this means the purchase of a home in a new area. Because picking up and moving across the country (and at times across the world) is a massive life project, relocation specialists serve as invaluable allies during the maze of moving.

Here’s an interview that Tom Ferry did with Austin, TX relocation specialist Khani Zulu. She specializes in relocation buyers…but in her buyer consults, she focuses in on the investment aspect that a home purchase represents.

How to Become a Real Estate Relocation Specialist

Relocation can be a lucrative niche for real estate agents but the journey to become a relocation specialist requires planning.

Most relocation real estate agents add a professional certification for relocation to their existing real estate license. This can unlock the door to many more relocation opportunities from corporate relocation management companies and government/military programs designed to assist with relocation.

Relocation certifications for real estate agents

Here are the most popular certifications that agents looking to become relocation specialists should consider:

• MRP (Military Relocation Professional): Certification for real estate agents specializing in assisting military families with relocation, including understanding VA financing and PCS orders.
• CRP (Certified Relocation Professional): Certification through the Worldwide Employee Relocation Council, focusing on mastering the skills required to manage corporate relocation processes.
• ABR® (Accredited Buyer’s Representative): Designation that enhances a real estate agent’s skills in representing buyers in transactions, including relocation scenarios.
• SRS (Seller Representative Specialist): Designation that provides advanced training and expertise in representing sellers, beneficial in relocation situations.
• RCC (Relocation Certified Coordinator): Certification for professionals who coordinate the various aspects of employee relocations, ensuring smooth transitions for corporate clients.

These agents vouch for your training and basic knowledge in these relocation sub-niches and we’ll cover the Military Relocation Professional (MRP) certification further below in the Military Relocation section.

However, the most prominent certification is the Certified Relocation Professional (CRP®) offered by Worldwide ERC.

Becoming a Certified Relocation Professional (CRP®)

The Worldwide ERC’s CRP® certification holds a prestigious position in this field. It involves a rather extensive process to qualify for the CRP® exam. The first route to qualification requires an aspiring relocation real estate agent to hold an active ERC membership for at least a year prior to applying for the exam. The second avenue, on the other hand, involves getting an endorsement from a current CRP® or SCRP® designee who is in good standing with the ERC and who can verify that the applicant has at least a year’s worth of relocation-related experience. After fulfilling these prerequisites, one can sit for the multiple-choice CRP® exam.

Strategies for Relocation Specialists to Get Business

There are numerous networks that agents can plug into to gain access to relocation clients, but one strategic note. Unlike the broader residential real estate market, relocation specialists are rarely starting with direct-to-consumer tactics. There is certainly value in creating consumer focused content, but the majority of the sales and marketing effort for real estate agents that focus on relocation goes towards one or more of the following referral channels.

Partner with Relocation Management Companies

A common referral partner for a relocation specialist are relocation management companies.

Here’s how a relocation management company (RMC) works: Businesses use RMCs to manage their employee relocation needs. Employee relocation is pretty common for large organizations and it can be a key function within the company’s HR department (it plays a major role in recruiting and employee retention). Because many companies don’t want to manage the complexity of each employee’s relo they hire RMCs.

Here are the top RMCs for real estate agents to consider as referral partners:

Keep in mind that relocation companies may have existing relationships with large brokerages so may not be receptive to partnering with individual agents but it’s still worth understanding a little about the RMC landscape if planning to become a relocation specialist.

How does partnering with a relocation management company work?

For relocation management companies (RMCs) to earn and keep the business of their corporate clients, they will partner with agents that have demonstrated excellence as relocation specialists.

They’ll often maintain “networks” of agents and brokers that can be relied upon in various markets. Sometimes agents can apply to join these networks and other times the relationship needs to begin with the agents broker.

Then they’ll refer their clients’ employees to one or many real estate agents in these networks based on the market that the employee is relocating to.

In exchange they typically require a referral fee for each closed transaction they refer.

Drawbacks to partnering with relocation companies

Many agents have had mixed experiences dealing with relocation management companies – and a few themes have emerged regarding the challenges:

• Relocation companies are known to charge high referral fees (up to 42% of the agent’s commission)
• These companies can impose strict regulations, such as dictating listing prices and approving offers, despite lacking local market knowledge
• There can also be additional workload, including extensive paperwork and strict guidelines.
• In some can even impose penalties on the client if they go around the referral process and work directly with another agent.

Drawbacks aside, many agents still see value in working with relocation companies due to the potential for future referrals (and repeat business) from satisfied clients.

Going “Direct” for Corporate Relocation Referrals

If you’re trying to avoid the RMCs for your relo referrals, there’s good news. Many companies don’t use a relocation management company and instead have internal relocation specialists who will partner with real estate agents to assist their employees.

Agents looking to tap into this market should monitor job boards for companies with high hiring rates in their area, especially those relocating employees from different locations.

Companies with offices in multiple locations (including your market) are good candidates. If you can connect with employees and get introduced to their HR you can possibly get a conversation going. And establishing a strong local presence and reputation can also help these efforts.

Depending on the company, becoming an approved realtor for corporate relocations may require joining a relocation networks (and similar to RMCs the agent may need to accept referral fees).

Also refer the NAR’s video (and course) on Corporate Relocation for more info on this process.

Military Relocation

Becoming a Military Relocation Professional (MRP) offers numerous benefits.

It focuses on expertise in handling military relocations, including understanding VA financing and military specific procedures like PCS orders.

Note: agents can get their MRP certification here but it’s also an approved elective in the Accredited Buyer Representative (ABR®) designation and Seller Representative Specialist (SRS) certification.

This specialization can lead to a rewarding career serving military families, who often have stable, recession-proof jobs and require frequent relocations. Here real estate agent, Linda Barr, talks through her experience as a relocation specialist with a strong military relo focus.

Linda drops a lot of knowledge here and really gets into the ups and downs of being a relocation specialist (even talking about experience with corporate relocations) but these are some noteworthy tips here for agents seeking military relocation referrals:

• Agents should live near military bases
• If they aren’t military (or not a military spouse), they need to work to establish a presence at/near the base and online where they can get the attention of service men and women.
• Agents should also boost their presence further by advertising in base newsletters
• Consider participating in programs like Homes for Heroes (or any of the alternatives)

While these aren’t exactly easy requirements to meet, this niche can be a major growth driver in your business…and more importantly can be incredibly rewarding to help those in our armed services.

Broker Relocation Networks

Most major real estate brokerages have divisions and programs dedicated to relocation services. Here are some of the most top brokerages from a relocation standpoint.

Sometimes brokerages have relationships with relocation management companies to broaden their exposure to relocation opportunities for their agents.

The relocation niche is one that’s easily overlooked in the real estate industry but their specialization is positions them as an invaluable asset to their clients…especially during a potentially stressful and complex process.

Hopefully the info above shows how an agent with the right knowledge and relationships can create a strong practice just focusing on clients with relocation needs.