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Picking Up Roots

Relocating for a new commercial real estate job is an increasing reality in this environment, and it's not always pretty.

By Tony LoPinto | Updated on March 12, 2013
Picking Up Roots

Happly, the real estate industry is in the midst of a recovery, however signs of health are spotty and, more importantly, the industry has contracted so there are smaller companies accomplishing more with less. I do not see this trend changing much over the next three years, so professionals in a job hunt will find themselves more often than not in hot competition for the opportunities that are available. The other by-product of the current market is that often the job will be in another city, and the family will be faced with a relocation. The show stopper is often children, especially high-school age kids whose parents are loath to uproot them before they graduate, which then leads to a commuting existence for a year or two. Not the worst thing in the world for a good job, but definitely a hard compromise. On the employers’ side of the equation there is the nagging worry that the newly minted employee will change his or her mind before the family move actually happens. The final conundrum is the cost of relocation. In today’s economic environment, depending on when a home was purchased, there may be a loss of equity on the sale which is another factor either the employer will have to take into account, or worse, the employee who has to pick up the tab. However you stack it up, relocation for a new job is worse than having a set of wisdom teeth removed.

Tony LoPinto is the Global Sector Leader of Korn/Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.

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