As a member of the Wisconsin Employee Relocation Council (WiERC), I had the pleasure of sponsoring and attending the Joint Meeting between the WiERC and the Corporate Relocation Council of Chicago (CRC) yesterday at the incredibly beautiful and prestigious Grand Geneva Resort and Spa in Lake Geneva, WI.
Titled “The Grand networking event of the year,” the occasion brought in over one hundred and twenty professionals from both councils, which included those in HR, global mobility, relocation management companies (like myself), van line representatives, and real estate brokers.
The agenda included two educational sessions in the morning followed by the option of a boat tour around the lake, a nine-hole scramble on the difficult Brute golf course, massages at the spa, or a cooking class—so a tough day had by all.
Trends in Relocation
The first educational session talked national trends and the potential negative effects on the relocation industry. The five-person panel included professionals from two separate real estate agencies, a van line, a corporate housing agency, and a destination service provider.
Local Markets
The two real estate agencies provided some staggering, but not surprising, figures pertaining to the national real estate market, as well as markets in both Wisconsin and Chicago-land. The numbers concluded that we are amid a heavy seller’s market with extremely low inventories; homes are flying off the market quickly, and prices continue to gradually rise. Both Wisconsin and Chicago followed these national trends closely. One fact that remains true, even as property values continue to rise, is the Midwest is the most affordable area in the country, making it incredibly attractive to corporations as well as new people entering the workforce.
Real Estate Technology
The “monster under the bed” identified by these real estate professionals was how technology is threatening the real estate industry as buyers, sellers, and renters are looking for a quick fix through websites like Zillow. Amazon.com was mentioned several times as another company trying to get into the real estate industry and possibly take away from what agents do best—provide a person-to-person, hands-on, and caring experience the industry has been built on for so many years.
All in the all, the real estate industry continues to scramble, like the rest of the world, to keep pace with technology and the needs of the new workforce.
Household Goods
The van line representative outlined some current difficulties within the moving industry, which was headlined by the shortage of drivers throughout the United States. The current shortage is roughly 40,000 drivers and is estimated to quadruple over the next decade. Van lines are struggling to find solutions to reach the younger generation as well as attract more diversity, as many current drivers are older Caucasians retiring from the workforce.
The moving industry is also struggling to keep up with smaller shipments, more demanding move times, and, of course, technology-based difficulties.
Other Services
The final two speakers both continued the trend of technology disrupting their industry; although, the corporate housing and destination services sectors seemed to be doing a better job of finding and implementing solutions.
Data Security and Relocation
The second educational session was incredibly interesting.
The speaker discussed data security from a personal and business standpoint and how we are all responsible for managing the risk related to data security. Whether it be protecting yourself by not using a debit card online, or protecting your clients by being vigilant with the emails you open, we all need to pay attention to the details of our online activity—not just with relocation data.
Main Takeaway
Technology, technology, technology! Technology struggles was the opening topic and conclusion to the event.
Companies like Amazon.com are infiltrating every industry by finding the gaps in the services we provide and developing better solutions at a much faster rate. If we all don’t adapt and evolve, we as employees will be left by the wayside and our companies will struggle to stay afloat.
I hope this offers you some food for thought and ideas for improving the relocation industry as we know it today.
Thanks to all who helped put on this amazing event!