Articles & Whitepapers

Navigating Changes in Corporate Relocation and Benefits

NEI recently completed our 2023 U.S. Domestic All Benefits Survey. The survey covered all components of a typical U.S. domestic program, including policy overview, origination/departure services, destination services, the home sale process, and tax assistance. The top participant industries were Manufacturing, Medical/Pharma, Technology, Energy & Utilities, and Oil & Gas. There were 224 participants and forty-five policy components included in the survey, the key takeaways focused on flexibility in mobility programs, economic impact of policy changes, an increase in the number of renters, and the addition of Diversity, Equity & Inclusion (DEI) options for relocating families.

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Program Flexibility & Policy Structure

The survey indicates that more and more companies are responding to the ever-changing needs of employees and internal business units by including more flexibility in their policy structures. The 4-tiered policy structure is the most common way to meet these needs, which is a slight increase from 3 tiers in 2022.The usage of core-flex programs has also increased, as have lump sum-only programs, which have increased from 2% to 3% by offering incentives to lower-tiered employees.

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Influx of Renters

Traditionally, it was common for companies to assume their higher-tier employees would receive home sale benefits as part of their relocation package. However, survey results show that companies have noticed an increase in higher-tier renters and have responded by adjusting their lease cancellation benefits, with executive-level rental finding assistance increasing from 53% to 56%. Lease cancellation reimbursement ordinarily equals up to two months’ rent, but our research shows that nearly 11% of companies offer up to three months’ rent, likely at the higher policy levels.

Because an increase in the offering of rental finding assistance has been noted and is consistent with the increase of lease cancellation benefits, NEI recommends that companies offer all employees rental finding assistance, regardless of housing status in the old location.

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Economic Impact on Policy

Another factor influencing client decisions is the economic impact of policy parameters such as Loss on Sale, Cost of Living Adjustments (COLA), and Mortgage Interest Deferral Assistance (MIDA). Though the housing market is slowing slightly, Case-Shiller reports that prices are still increasing. While it is still possible for employees to experience loss, NEI recommends companies prepare an addendum to policy for unique or “one-off” loss on sale situations.

One question NEI kept in mind while preparing the survey was “Are more companies offering COLA and MIDA with the cost of living increasing and the mortgage interest rates climbing so much?”

According to the survey, the answer is not really. With the cost of living increasing everywhere, the use of COLAs has risen from 7% to 11%, which is a relatively small increase compared to the rise in living expenses, but the expectation is that usage could increase more in the coming years. Additionally, for MIDA, only 2% of companies offer it for their Executives and 1% for their Directors and VPs.

When considering implementation of a MIDA program, NEI encourages companies to consider the interest rate differential increase rather than the interest rate itself. While MIDAs of old used to impose an 8% minimum rate for eligibility, the differential was typically only 2-3%. Though rates are now still below that prior 8% threshold, we’ve seen an increase of nearly 5% for some homeowners who purchased around 2%. A more appropriate method would incorporate the MIDA based on a minimum differential vs. the rate.

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Diversity, Equity & Inclusion

The Benefits Survey shows that companies are incorporating DEI into many aspects of their corporate structure, including their relocation programs. Because the most common reason for an unsuccessful or declined relocation is spouse/family issues, there has been a significant shift from career assistance to family acclimation services.

New to the survey this year, DEI benefits are now outlined by 9% of survey respondents, a trend that NEI expects will continue to grow. The most common type of DEI benefit is employee/family integration assistance (44%), followed by DEI-specific allowance (28%) and flex benefit options to meet any need (22%). Also noted by some was their desire to minimize the gap between homeowner and renter benefits, bringing more equity to their programs in that way. As a result, new home closing costs are being more frequently offered to former renters.

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Looking to Stay Ahead of the Curve

In addition to the topics outlined above, one subject expected to receive even more attention in 2024 is the 2017 Tax Cuts and Jobs Act, which will either be extended or expire in 2025. If the Act expires and the excludability of some tax expenses is reinstated (e.g. household goods and final move benefits), companies may experience a decrease in tax gross-up expenses, lessening the burden of otherwise rising costs.

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If you would like a copy of the 2023 U.S. Domestic All Benefits Survey in its entirety, please contact your NEI representative or click here.

Global Mobility Leader Achieves Top Rankings in Willingness to Recommend and Continuation of Services

NEI Global Relocation proudly announces its outstanding performance in the 22nd Annual Relocation Managers Survey© conducted by Trippel Survey and Research, LLC. Demonstrating unparalleled commitment to excellence, NEI has secured the top position in the highly coveted categories of Willingness to Recommend and Continuation of Service, reaffirming its status as a premier Relocation Management Company.

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#1 Willingness to Recommend

‍“It means a great deal to us that our clients feel comfortable and even excited to recommend us to their peers in the industry.” Randy Wilson, President and CEO of NEI Global Relocation, remarked. “We try very hard to pursue collaboration with quality clients that align with our culture of excellence, so to have those same people willingly advocate for our services speaks volumes.”

Commenting further, Wilson expressed, “This recognition reinforces our belief in the power of genuine relationships and the impact of delivering exceptional relocation experiences. We see it as a validation of our commitment to not only meet but exceed expectations, and it motivates us to continuously elevate our standards. We are grateful for the confidence our clients place in us and are dedicated to maintaining the level of service that inspires such positive recommendations.”

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#1 Continuation of Service

In speaking on receiving the top ranking for Continuation of Service, Wilson commented, “It’s incredibly satisfying to see the deep trust our clients place in our services and the dedication of our team to uphold the highest standards of excellence. It not only validates our commitment to excellence but also reinforces our resolve to innovate and adapt in an ever-evolving industry. This especially isn’t just an honor; it's our motivation to continue forging productive relationships and delivering unparalleled service for those in our care."

The dual triumphs in Willingness to Recommend and Continuation of Service solidify NEI Global Relocation's position as a trusted partner in global mobility. In securing top marks across various key metrics in the 22nd Annual Relocation Managers Survey©, NEI Global Relocation demonstrates steadfast dedication to service excellence and client satisfaction. This consistent high performance, recognized broadly in the industry, reinforces NEI's commitment to provide reliable and first-rate relocation services.

_{About NEI Global Relocation}

_{NEI Global Relocation is a leading Relocation Management Company, providing comprehensive global mobility solutions. With a commitment to excellence and a focus on building lasting client relationships, NEI ensures seamless employee relocations worldwide. For more information contact your NEI representative or click here.}

Competition & Chaos: Navigating Relocation and the Paris 2024 Summer Games

Corporate Global Mobility, Human Resources, and Business Managers should prepare for potential challenges that employees and businesses will face both before and during the 2024 Olympic and Paralympic Games held in and around Paris, France.

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The Roar of the Crowd

• The Olympic Games run 26 July – 11 August 2024.

• The Paralympic Games run 28 August – 8 September 2024.

• The Olympic and Paralympic Games will take place in nearly three dozen sites in and around Paris.

Weeks before the games start, over 15,000+ athletes, 30,000+ volunteers, and 6,000+ members of media will descend on the Paris area. During the games, an estimated 13 million spectators will attend.

Paris is already one of Europe’s busiest tourist destinations. In fact, the city was so overcrowded in the summer of 2023 that the French Tourism Minister requested visitors stay away from popular tourist attractions in the city and check out other areas of the country.

In addition to the surge in pre-games preparation and ongoing games activity, intense security will also be a factor. Business Travelers and Employees on assignment in Paris will face significant challenges leading up to and during the games. These could include finding temporary or permanent accommodations, longer commute times while navigating crowded public transportation, and delays in simply conducting business.

Go for the Gold in Relocation Guidance

Proactive planning, open communication, setting expectations, and flexibility in work arrangements can help mitigate these challenges and ensure a smooth transition during this hectic, exciting time.

NEI’s service partner, Dwellworks, and their local experts in France recently provided sound “What to Expect” guidance about how to secure accommodations and navigate travel/traffic issues around the Paris Summer Games:

What to Expect:

Booking Well in Advance

Several providers have acted early in removing their inventory from Global Distribution Systems (GDS) during the Olympic and Paralympic Games as a way to control their inventory and maximize booking opportunities during this time.

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Inflexibility

Clients should be aware of the risk of block bookings as sales are often final, with providers historically being unwilling to negotiate terms for unused inventory, cancellations, deposits, etc.

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Stay Requirements

It is expected that minimum/maximum stay requirements will likely be enforced during this time period.  It is highly recommended to secure your Games accommodation sooner rather than later.

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Stringent Cancellation Terms

Cancellation terms will likely be far more stringent and are expected to include increased cancellation periods, as well as non-refundable terms, both before and during the Olympics/Paralympics Games period to avoid speculative reservations and to maximize opportunity for providers.

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Higher Deposit Requirements

Down-payment/deposit requirements are expected for all parties; it is highly likely that group/block bookings will be required to pay a deposit at a premium rate.  Booking rates are expected to increase by 120%, lower rates will return before and after the Games.

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Increased Traffic

Residents and visitors can expect every hour to be similar to rush hour during the Paris 2024 Games.  The anticipation of several million tourists travelling to Paris during the Games most likely will cause traffic congestion and overcrowded public transportation as well as limit the availability of ride-sharing apps.  It is recommended to travel via bike or walk when possible.

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Global Relocation & The Olympics

Mark Spitz, an American swimmer and 9-time Olympic medalist, famously said: “If you fail to prepare, you’ve prepared to fail.”

To avoid delays, we encourage clients to prepare and plan accordingly with both their business units and relocating employees.

Please reach out to NEI in advance of employees relocating to or from any part of France in the spring or summer of 2024. Proactively, NEI and our partners can look at each unique situation and conduct advance research to determine potential challenges and find alternative options.

NEI will continue to provide clients with updated information about how the Paris Summer Games might impact global mobility in and out of France and how to manage employee expectations accordingly.

If you would like to discuss this situation further, please reach out to your NEI representative or NEI’s VP of International Services, Mollie Ivancic.

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The text above is provided for informational purposes only. Please consult your tax, legal, immigration or accounting advisors before making any decisions or transactions.

Protecting Renters: Avoiding Junk Fees and Spotting Scams

‍Apartment shopping can be stressful enough, but in today’s marketplace scammers and crafty custodians can lead to a financial maze with potentially disastrous results. This is why professional rental assistance can be so valuable.

New Rental Reality – Uncovering Hidden Fees

Median national rent prices continue to sit well above pre-pandemic levels, having risen by more than 18.5 percent in three years, and now account for 30 percent of the average American household income.

Hidden 'junk' fees and rental fraud make it difficult to accurately estimate the true cost of an apartment – especially when using different search engines online. These additional fees typically range from $5 to $50, which may seem insignificant, yet can add up with multiple line items to more than tenants budgeted for, as reported by The Wall Street Journal.

What makes the charges hard to contest is their attachment to specific services such as rent processing, trash removal, mail sorting, parking, pets, "January Fees" (an added charge in some states on the first month of the year with no apparent benefit to tenants) and even “convenience” fees to collect tenant’s rent online…which is a convenience for landlords.

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Enhancing Rental Transparency

Beyond the obvious financial implications, the lack of transparency associated with these fees can mislead renters into choosing an apartment they believe is affordable, only to discover unexpected costs. Even before the pandemic, over 20 million renter households expressed concerns about housing costs jeopardizing their financial stability, according to a March report by the National Consumer Law Center.

In response, the White House took steps to enhance transparency and several online platforms have agreed to work towards disclosing all fees. Examples of efforts include:

• Zillow.com plans to display a "cost of renting summary" on its active apartment listings, summarizing all additional fees.
• Apartments.com will introduce a calculator to help renters determine the total cost of renting an apartment.
• AffordableHousing.com will ensure owners disclose all refundable and nonrefundable fees upfront in their listings.

These tools aim to make apartment hunting more transparent, allowing individuals to compare options and reduce uncertainties.

Application Fee Awareness

Prospective renters often contact multiple owners or property managers and visit several places during their housing search. Each rental application entails a fee, ranging from $50 to hundreds of dollars. This is supposedly to cover office work and background/credit checks. In a tight rental market, applicants frequently apply to multiple properties, and inaccuracies in tenant screening reports can lead to repeated rejections – despite multiple application fees paid.

The White House's recent crackdown on "junk fees" also aims to shed light on these additional application costs, aligning efforts to also address extra fees assessed by airlines and live-event platforms.

The hope is that by making all fees public, fewer apartment complexes/landlords can surprise tenants and tenants will be better equipped to make fair comparisons between rental options while searching for a place to live.

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Recognizing & Avoiding Scams

Sadly, rental fraud is also on the rise. According to a recent survey conducted by Dwellsy, around 85 percent of responding renters experienced financial losses as a result from rental fraud above $400 and 19 percent experienced losses of more than $5,000. Over 60 percent of respondents reported encountering suspicious activities on digital rental platforms, such as fake landlords trying to steal a rental payment or deposit.

To secure a fair and transparent rental agreement, awareness is crucial. Scam signs include:

• Photos look too good to be true
• Listing has grammatical/formatting errors
• Pressure to sign the lease or send money prior to touring
• No credit check required

Using a qualified rental finding partner who understands the local market helps tenants steer clear of unwelcome surprises. Scams can further be avoided by:

• Always requesting a tour
• Avoiding sending money by wire
• Asking to speak with the property owner/manager
• Disregarding listings that look/feel suspicious

Through programs like Extended Rental Assistance, NEI works directly with qualified rental finding partners – giving each agency both verbal and written guidelines outlining the anticipated needs of relocating employees, setting expectations, specifying timelines, and reporting protocols for the rental search. Following the agent's initial engagement with the transferring family, additional follow-ups between NEI and the partner occur during and after the rental finding trips. As always, communication is maintained with the employee through the lease finalization process.

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In Summary

Renting an apartment can be complex, but being equipped with the right knowledge is critical to making it a stress-free process.

New tools from platforms like Zillow, Apartments.com, and AffordableHousing.com will undoubtedly aid employees, however, having multiple options, back-up plans, and working with a trusted rental-finding agency can make all the difference in ensuring successful employee transitions.

Ensuring the peace of mind and productivity of our clients’ employees remains our top priority. NEI’s Client Relations Managers work with each of their clients to discuss the most cost-effective approaches available. If you would like to discuss this or other relocation trends or cost-saving solution ideas, please reach out to your NEI representative.

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This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

10 Things That Will Surprise You When Relocating to Dubai

Dubai continues to rise in popularity when it comes to international relocation and global mobility. Whether it is its reputation for safety, its unique business opportunities or its year-round sunshine, there are so many attractive elements about the city that keep drawing in new people every day.

If you want to know more about this in demand destination, click here.

_{NEI is proud to feature how our service partners support your employees and their families as they relocate and transition to all points of the globe. EER Middle East is the region’s leading supplier of relocation, immigration and corporate services in Saudi Arabia, Bahrain, Qatar, Oman, Kuwait and the UAE.}

National Association of Realtors Found Liable

On October 31, 2023, a jury reached a decision that could potentially change how real estate transactions are conducted in the U.S., creating opportunities for significant changes to commissions paid to real estate agents. In the case, Burnett v. NAR et al, the Kansas City, MO, jury found the National Association of Realtors (NAR), and some of the largest national real-estate broker franchisors conspired to artificially inflate home-sale commissions.

The basis of the conspiracy is the condition that a home seller must agree to pay a commission to the buyer’s agent before the home can be listed on NAR’s nationwide Multiple Listings Service database – a database controlled by local NAR associations. And, since most home sales are through the MLS marketplace, the plaintiffs claim home sellers are forced to pay a cost that should be paid by the buyer.

Under the new model, sellers may no longer be responsible for covering the seller’s and buyer’s agents’ commissions, allowing negotiation of different compensation models, and having buyers assume the responsibility of directly compensating their agents.

The NAR believes this could be a substantial challenge for first-time and low-income buyers who might lack the upfront funds to pay an agent, potentially depriving them of valuable expertise.

According to Worldwide ERC, the resolution of this and other related lawsuits could potentially change today’s real estate business by bringing competition, cutting costs, and providing customers with more options.

With uncertainty on how the ruling plays out, and NAR planning to appeal the decision with confidence, NEI will continue to monitor the situation and will offer updates as they become available. If you have any questions, please contact your NEI Client Relations Manager or NEI Client Development Contact at 800.533.7353.

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The Basics of International to U.S. Relocations

Managing an international employee’s relocation to the U.S. for a company-sponsored assignment or permanent move may seem straightforward, but overlooking details can result in delays, frustration, and added costs to an already expensive proposition.  

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What is important to succeed?

Ample planning – ideally 12 months – for relocations into the U.S. is encouraged today. This involves everything from coordinating visa/immigration needs to housing, household goods shipments, family challenges and more. Running cost estimates before employees are presented their relocation offer is wise, as is using professional pre-offer candidate assessments to confirm candidates have “the right stuff” to succeed. These range from self-administered tests to in-depth assessments and prediction models.

Second, it’s a best practice to cost-effectively manage international relocations to the U.S. using an experienced global Relocation Management Company (RMC) to coordinate services with vetted global suppliers and ensure cross-border compliance.  

Finally, consistent, competitive inbound-U.S. employee relocation benefits policies are critical to support business drivers, cultures, and budgets. Employees should receive proactive guidance from the RMC’s dedicated Counselors to maximize benefits. Counselors are employee advocates and expertly manage the entire process.

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Key Areas of Support

Families of relocating employees are often excited at the prospect of moving to the U.S., but that excitement can turn to apprehension in the following areas:

Visa/Immigration

Completing all required visa/immigration applications is key to scheduling U.S. arrivals. The RMC can manage this process with immigration experts. It is critically important to start the application process much earlier than in years’ past and to set realistic timelines. Immigration processes are now more complex and non-compliance penalties for employees reporting for work in the U.S. before work permits are secured may include fines and/or being banned from entering the U.S. for between three and ten years. Twelve months is the recommended time span to begin the process.

Employee/Family Integration

Integration can be daunting. Expats often report each of the 50 U.S. states feel like their own separate country with unique cultures, climates, regulations, dialects, and more. To ensure international employees to the U.S. are productive from the start, pre-departure intercultural and/or language training helps them live and work confidently – especially in areas without large expat populations.

Household Goods

RMC partners can arrange full moving services – from packing, crating, steel container loading, and shipping to unloading and unpacking in the U.S.  Moving companies and freight forwarders in each country coordinate with the RMC to manage customs/port delays in the U.S. or the departure country and track shipments. This involvement saves employees stress and companies money.

Housing and Settling-In

Employees entering the U.S. require professional home finding services. RMCs work directly with local Destination Service Partners (DSP) to view U.S. properties, assess leases for appropriate terms, verify rent fits within the housing allowance, and so forth. DSPs also help with settling-in by arranging utilities/internet connections, establishing U.S. bank accounts, and orienting to local shopping, schools, and hospitals.  

School and Spouse/Partner Support

School safety and academics are a top family concern when considering a U.S. relocation, so company-sponsored access to professionals who can identify destination solutions is encouraged. Accompanying spouses/partners who left careers and family behind, or perhaps find everyday tasks in the U.S. overwhelming, can impact the success of a U.S. relocation. Offering upfront, professional support can effectively overcome these obstacles.

Coming to America

Overlooking details or cutting corners when relocating international employees to the U.S. can risk non-compliance penalties and failed assignments, but also negatively impact valued talent who view the moves as significant career or growth opportunities.

Proactive, start-to-finish assistance and attention to detail directly supports international employees’ successes and companies’ business goals.

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Supporting Stressed Out Relocating Employees Today with Ease

‍Employees on the front lines of customer service across the United States feel that bad behavior from the public is more common today than before COVID and that insults, rants, and rudeness are on the rise. Why is this happening more and how can it be best dealt with?

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Post-pandemic Incivility

Any customer service professional knows they are likely to encounter a rude, impatient, or irrational customer among the countless pleasant and professional ones served. In the latest National Customer Rage Survey, 17 percent of Americans admitted to being uncivil in interactions with businesses.

Nevertheless, the frequency of irritable people seems clearly on the rise compared to the past. This could be attributed to more people reporting lower levels of sleep, exercise, and self-care and higher levels of stress, daily costs and being time-starved. In fact, Americans who want more time in their lives are happier than those who want more money, according to the journal Social Psychological and Personality Science. 

The phrase “Everyone has a Microphone” captures the inclusiveness of online communications in today’s hyper-digital age, but it also enables people to use more harsh language behind a keyboard than if the same interaction was face-to-face, for instance.  Psychologists feel technology, despite its many benefits, can sometimes lead to human disconnection when a human touch is needed most.

After all, according to a Harvard Business Review article “Frontline Work When Everyone is Angry,” the average person takes in considerable amounts of negativity online each day – both consciously and unconsciously – and the content one consumes not only affect ourselves, but others too.

A strong relocation management partner will appreciate that moving can be a stressful life event for employee/family customers. Patience and empathy, as well as turning any negative encounters into opportunities for growth and positive outcomes, are the difference. Consider the following service tactics.

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A Deeper Empathetic, Service Mindset

Simon Sinek once said, "Communication is not about speaking what we think. Communication is about ensuring others hear what we mean."

Understanding and acknowledging emotions behind a customer’s anger or impatience is key to addressing their concerns in a positive manner. It may be difficult and feel contrarian to do so in the moment, but seeing a situation through a customer’s eyes, acknowledging their frustrations, and making them feel heard can change the tone of a conversation and create calm.

This begins by hiring the right people and preparing front line professionals for success. Prepping front line team members to handle challenging customer interactions requires intentional efforts and, through workshops and role-playing exercises is necessary to learn to respond calmly and confidently-- even in the rare occurrence of hurtful verbal abuse.

Active listening, positive language, and clear expectations are the pillars of impactful communication

and communicating effectively can turn tense situations into opportunities for resolution.

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"My Account Executive makes you feel very welcome and that she always has time for you. Even when my husband was getting feisty with her over something that was NOT in her control, she maintained her professionalism and even harder, her cheery attitude. Not many people can do that...”

~ NEI Client Relocating Employee Customer

Tailoring Solutions to Relocating Employees

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American technology executive and writer Sheryl Sanberg said, “Leadership is about making others better as a result of your presence and making sure that impact lasts in your absence.”

Understanding different customer archetypes is akin to decoding a puzzle and each requires a unique approach. Whether it's addressing the impatient, building trust with the angry, or exceeding expectations of perfectionists, tailoring approaches leads to greater customer satisfaction.

Maintaining a professional, empathetic equilibrium fosters resilience to oversee difficult customer situations successfully and enabling companies to deliver service with a tailored approach for each individual. For instance, if a customer is curt or abrasive, it’s important to recognize they want the customer service representative to get straight to the point. Likewise, other relocating employee customers need to build trust with their representative and may need extra time to open up or discuss certain topics.

In every relocation management professional's service skills kit, identifying potential protection concerns and assessing when a client or management should intervene is paramount for protecting the customer service representative and team.

Finally, implementing instant and regular satisfaction and feedback mechanisms allow customer service companies, like NEI, to gauge the effectiveness of strategies and make data-driven decisions to enhance customer service efforts.  

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“My Account Executive was the brightest spot…available, understanding, kind, always quick to reply and help find solutions…She was always there to provide support, peace of mind and a ray of sunshine.”

~ NEI Client Relocating Employee Customer

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‍Rudeness: Like the Common Cold

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Research reported in the Harvard Business Review shows rudeness may be like the common cold: “It’s contagious, it spreads quickly, anyone can be a carrier — at work, at home, online, or in our communities — and getting infected doesn’t take much.”

Yet, with a positive mindset – and by embracing patience, empathy, and effective communications – global relocation management professionals can transform challenging customer interactions into positive, lasting impressions and success stories.

Proactively counseling relocating employees is more than just connecting at key touch points. It’s also about appreciating and managing the emotional ups and downs of relocating. It’s about doing so with calm, grace, and professionalism.

For more information on our customer service approach and awards or any other needs or to discuss in more detail, please reach out to your NEI representative.

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Top Global Mobility Risk Mitigation Challenges for Corporate Relocation

International assignments are integral components of many companies’ global growth strategies, but with such global growth comes risks that can keep corporate mobility managers up at night.

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A Dynamic Global Mobility Landscape

The landscape of global mobility risk is complex and filled with potential potholes on the road to an employee’s successful international assignment. Political instability, security concerns, and/or health and safety issues are some of the top challenges employees and their sponsoring employers may face.

Addressing issues surrounding corporate global relocation risks requires a proactive, honest, and detail-oriented approach. It is critical corporate managers overseeing employee international assignments are knowledgeable and empowered from within and form close, collaborative partnerships with experts. This will help them navigate hazards with confidence and ensure the well-being of their employees and the duty of care obligations of their employers sending them.

Consider the top risks and ways to mitigate them:

‍Security

Terrorism, crime, geopolitical tensions –each pose unforeseeable dangers. Progressive companies will implement comprehensive security assessments and threat analysis to identify vulnerabilities and develop targeted risk mitigation strategies. Employee training on situational awareness, personal safety protocols, and emergency response procedures should be conducted. For clients, leveraging cutting-edge technologies such as online dashboard “heat maps” to show company employee / business travel assignment locations and cybersecurity protocols enhances online security to monitor and respond to potential threats in real-time.

Political Instability

To address political instability, global mobility managers must see the importance of staying ahead of political risks. They build networks of local partnerships and leverage geopolitical experts to gain valuable insights into the countries and regions where employees are assigned. By developing crisis contingency plans and protocols, they can respond quickly to political shifts, ensuring the safety of employees and the continuity of operations.

Health and Safety

Pandemics, natural disasters, employee medical conditions, on-assignment emergencies and more demand meticulous preparation. Proactive risk management involves developing crisis response plans, integrating remote monitoring systems, and ensuring access to telemedicine. By conducting pre-assignment medical assessments, organizations can identify any pre-existing health conditions and provide continued, appropriate on-going assignment support and resources. There are also options available for medical insurance coverage to consider such as:‍

• ‍Employer-sponsored health insurance: comprehensive plans for employees provided with employment; covering medical expenses. Includes check-ups, emergencies, hospitalization, and dental/vision. ‍
• International private health insurance: individual plans for global medical expenses; covering inpatient and outpatient services, emergencies, and medical repatriation. ‍
• Travel insurance: May provide limited coverage for emergencies, accidents, and medical repatriation, but there is usually a limit for travel insurance policies and how long one can be living in a foreign location; companies should understand all policy limitations.

Crisis response and emergency evacuation plans are often overlooked in the overall planning of a move, but doing so is essential. Doing so during a crisis is not the time.

Regularly monitoring and checking in on employees’ well-being on assignment – regardless of their location – is also best practice and NEI regularly checks in with employees during their assignments for clients.

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Collaborative Relocation Services Partnerships

By forging strong, mutually supportive partnerships with NEI Global Relocation, risk consultants, expert global security firms, global emergency evacuation companies, as well as local authorities, companies will gain access to invaluable expertise and worldwide resources.

Sharing best practices through industry collaborations and information-sharing networks further strengthens risk management efforts. Engaging in 24/7 open lines of communication with employees creates a culture of safety and empowers employees to be active contributors in risk mitigation.

Collaborative partnerships also foster a sense of mutual support and shared objectives among global mobility stakeholders. By combining resources, knowledge, and expertise, companies can effectively address complexities surrounding global mobility risks and strengthen both their operations resilience and the well-being of their employees during a global assignment on the company’s behalf.

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Global Relocation Duty of Care Responsibility

As organizations expand around the world and send employees to locations for permanent work or temporary projects, each employer has an obligation to safeguard their mobile workforce.  The Duty of Care concept includes a legal, ethical and moral obligation to reduce risk and provide the elements for a safe environment for employees during their global relocations or assignments.

By prioritizing Duty of Care, companies can demonstrate their commitment to not only individual employee / family welfare, but a commitment to conducting thorough risk assessments, implementing proactive security measures and developing robust health and safety protocols.  Integrating Duty of Care principles and strategies into risk mitigation strategies, companies can foster a culture of employee safety and well-being.

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Transform Risk into Opportunity

NEI believes risk management is essential for protecting both employee and company interests and for navigating the complexities of global mobility.

Organizations can transform risks into opportunities for growth, innovation, and sustainable success. By embracing risk management and mitigation practices, HR professionals can steer through the various, fluid challenges of international moves and assignments with confidence and help ensure the success of their organizations’ goals and projects.

If you would like to discuss policy change, risk mitigations or duty of care or any other topic impacting your global relocation programs, please reach out to your NEI representative.

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NEI Honors Corporate Relocation Partners

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Each year NEI Global Relocation is thrilled to recognize those service partners who go above and beyond and embody the principles that define our business. Given the challenges of the past year and the significant increase in relocation volume, it is even more appropriate to recognize those who are delivering on our mission to provide Service Exceeding Expectations to our clients and their relocating employees.

Listed below are all of our winners with links to the award category press releases.

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Partner of the Year

Press Release

• ‍GlobeSpec

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Service Exceeding Expectations

Press Release

• Corporate Living
• Nelson Westerberg
• Interconex Inc.
• City Apartments
• Star 7
• IPR
• Locators
• Rocket Mortgage
• CORT
• Ward North American
• @Properties
• Home Buyer’s Preferred
• Korman Communities
• Porchlight Rental & Destination Services

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Own It! Awards

Press Release‍

• ‍Icon Relocation
• ‍Professional Organizing Relocation Consult GmbH
• ‍Formula Group
• ‍Corporate Living
• ‍AltoVita
• ‍GlobeSpec
• ‍Cromwell Environmental
• ‍Synergy Housing
• ‍LARM Group
• ‍Palmer Moving Services
• ‍REA

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Corporate Responsibility

Press Release‍

• NYC Navigator‍
• Voerman International‍
• ‍Wells Fargo ‍
• Stewart Title‍

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Innovation Awards

Press Release‍

• ‍CWS Corporate Housing
• ‍MSS, Inc.

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Client and Employee Support

With the recent outbreak of the Israel-Hamas war, we want to make sure your employees are safe and that you have the support from NEI that you need during this turbulent time.

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Immediate State

• NEI is working with our clients to confirm the well-being of employees located in Israel. NEI’s International team began welfare checks on Saturday (10/7) as the news of the attacks were making their way around the globe.
• For expats who were scheduled to repatriate to Israel in the coming days, NEI is coordinating with clients to extend benefits as needed due to travel closures into Israel.

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Additional Client Support

• The International Team at NEI is assisting clients with their employees that live in Israel but were not in Israel at the time of the attacks (on business travel, vacation, etc.), and are currently unable to return to Israel due to travel closures. NEI has been, and will continue to, assist with sourcing temporary accommodations until travel back to Israel is permitted.
• NEI has proactively prepared “active employee” lists for clients with global volume into / out of Israel. Employees from Israel, but not living there, may be personally affected due to the violence that has occurred with family and friends remaining in Israel. These employees are being identified to clients for awareness.
• Clients can utilize NEI to liaise as appropriate with client’s global security teams to share needed information on employees in Israel.
• Account Executives will continue to relay all information learned from employees in Israel back to the client.

Remaining Proactive 

NEI continues to monitor the situation and will offer updates to our clients as they become available.  Should you have any questions, or like to discuss your needs beyond your relocation population, please reach out to Mollie Ivancic, VP, International services or your NEI representative.

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International Assignment Mentor Program Benefits

Designing an effective mentor program in the home country for employees returning from an international assignment can greatly benefit employee retention.

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Aiding The Competition

Sometimes, the “larger cost” of an employee’s international assignment may only be felt when they resign from the company after repatriation due to feelings of being unappreciated or underutilized.

Consider “Gustavo”, who completed an exciting two-year assignment in Latin America. Upon repatriation to his home country, he was relegated back to the same position he held before leaving. His managers didn’t know how to use his new skills and envious colleagues teased that his assignment looked more like a paid vacation.

He felt like his new professional growth and knowledge from the assignment counted for nothing, so he accepted a position with a competitor that valued it. Now, his old company competes against Gustavo daily - having paid for him to gain the valuable international experience.

“The employee sees the assignment as a passport to promotion,” writes Benjamin Bader, co-author on a repatriation study, “but the employer wants someone to get the job done and is not making any promises.”

Sadly, Gutavo’s situation above is not an exception: according to a report by Deloitte, 71 percent of employees who leave a company within two years of an international assignment think their leadership skills were not being fully appreciated.

Mentorships Make an Impact

What can be done to reduce such unfortunate and costly post-assignment situations?  Best practice assignment repatriation strategies to retain talent can include:

• Planning and discussing expectations of post-assignment career possibilities.
• Helping counter reverse culture shock, boredom, and re-adjustment difficulties.
• Maintaining strong, regular communication to remain connected to the corporate office/team while on assignment.
• Requiring home leave visits to the home country office to stay connected and consider post-assignment roles, rather than unrestricted home leave benefits to any location.
• Conducting assignee career planning at least eight-to-ten months before their repatriation.

A missing, often overlooked option towards maximizing one’s Return on Investment is a low cost / high value international assignment mentor program that can improve the likelihood of repatriating employees hitting the ground running after repatriation and staying with a company long term.

Consider these remarkable corporate mentor program statistics:

• Ninety percent of workers who have a mentor report being happy in their job and 71 percent of people with a mentor say their company provides them with good opportunities to advance in their career, per a CNBC/Survey Monkey report.
• Employees who are involved in mentoring programs have a 50 percent higher retention rate than those not involved, per MentorcliQ.
• Millennials intending to stay with their organization for more than 5 years are twice as likely to have a mentor than not (68% vs 32%), according to a Deloitte survey.
• Since the pandemic, there has been a 30 percent increase in mentoring initiatives at organizations, according to talent solutions provider LHH.
• 89 percent of those who have been mentored will also go on to mentor others, according to the firm McCarthy Mentoring.

After all, having someone who has been through an assignment and repatriation – and knows the inner workings of the organization can prove invaluable.

A Structure for Success

It is critical to get employees on assignment thinking about “post-assignment life” well in advance of repatriation.  

It has repeatedly been shown how important it is for employers to recognize and validate returning assignees' new “international identity” by giving them opportunities to use their skills learned on assignment for their employer.

Home country mentors can add a personal touch -- based on their own, previous repatriation experience and going through a similar transition. Consider the following steps to develop a program by starting small and building up the programs over time:  

1:  Define objectives.

Make program goals realistic so they are obtainable. If there’s too much formality, the mentor programs risks being seen as the company pushing a “feel-good directive” and it might turn people off from participating if it’s seen as more work with no direct benefit.

2:  Keep it simple.

A successful home country mentor program could start with a small pilot program that includes a handful of employees going on assignment and mentors who have been through the process. Programs that take a proper amount time to gather the appropriate volunteers and budget, while piloting a small-scale effort, will succeed more often before engaging in company-wide home country mentor program.

3:  Identify and pair mentor cadres.

Finding willing mentors may prove a challenge. Opinions diverge on the best approach to forming each mentor-employee connection. Some firms use an application and interview process while others let employees on assignment choose from a pool of approved mentor names. A good mentor is like a good coach who asks the mentee probing questions based on their repatriation experience to help them transition back and discuss potential expectations, challenges, and opportunities.

4:  Choose desired training approaches.

Formal, informal or hybrid training? No matter the approach selected, a mentee should be asked up front what they want to get out of such a mentorship program.

5:  Setting clear and realistic expectations.

Setting clear expectations upfront in writing and counseling each assigned mentor-employee pair about your company’s vision for the program is key, as is the program’s expected timeline, personal boundaries, and the need for confidentiality between parties.  HR should make clear to all involved that the mentor’s role is not to help secure the repatriating employee a new position or advocate for them before they return. Ultimately, that is commonly the employee’s responsibility at most companies today.

6: C-suite buy in for the program.

Finally, having buy in for an assignee mentor program initiative from one’s C-suite on down the chain of command is imperative. As noted in Success Magazine: “If you start a mentorship program that does not involve the C-suite, it will fail. Senior management should be heavily involved in setting guidelines, actions and goals for the program.”

Executives can also host quarterly, small group virtual sessions with company employees on assignment “so protégés can benefit from their wisdom and insight – without the tinge of favoritism that could otherwise arise” if they were to act as direct mentors themselves.

Challenges and Opportunities

One may think people would embrace the opportunity to become a mentor to others, but there are challenges to consider for attracting mentor candidates. These can include time, interest, and motivation:

• ‍Time:  In an already time-starved business environment, who has the time to oversee this program is one consideration, but even the most motivated mentors may defer from participating if they’re already too busy and it’s not part of their core objectives.  ‍
• Interest:  The best mentors are those who have volunteered (not “voluntold”), who get satisfaction from helping colleagues, and who have themselves also had international assignment experience. According to Jan Rose of Capital H Group, in Chief Learning Officer magazine: “People lose interest…People lose track of what the program is supposed to do…Mentoring program failure might occur because the program’s goals are either fuzzy or they’re all over the place.”‍
• Motivation:  If a corporate culture is ultra-competitive internally or there may be concerns about future downsizings, mentors may not want to coach their fresh-off-an-assignment colleagues.

For employees who have concerns over the above attributes, but the right past experience to help an assignee, there are additional perks mentors experience beyond helping a colleague.

It is found that employees who mentor typically raise their visibility within the organization and expand their personal network of contacts and mentors are 6 times more likely to be promoted, according to stats compiled by the Human Resources department of Sun Microsystems, writes Anne Fisher of Fortune Magazine.

Mentorships today also don’t need to be down the hall, in the same building or even the same country. Mentoring can be done via phone, Zoom, FaceTime, Teams, or email.

Finally, “Tapping into a mentor’s knowledge doesn’t have to be a person who is older. We live in an era that, in a few years, over 50 percent of Americans will have a boss who is younger than them,” says author Chip Conley.

Better Than Finding Qualified Replacements

Ideally, the importance of “life after repatriation” would be discussed with the employee at the same time they accepted the assignment and, six months prior to returning. The company would distribute the employee’s information to divisions and company hiring managers with open positions that would complement the employee’s experience.

Combined with this approach, mentor programs are highly effective to make employees feel supported before, during and after assignments. Though they seem easy on paper, internal planning and oversight for ongoing success and sustainability is key. It is a low-cost effort that can differ greatly by organization, but mentorship programs can make a lasting, positive impact on employee satisfaction, retention, and company ROI.

For more information, please contact your NEI representative.

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Expert Home Pricing for Corporate Relocation

In the fast-paced arena of global mobility, swift and efficient property sales are critical for seamless relocations. Partnering with a relocation management company, like NEI Global Relocation, which vets top-tier real estate agents for their relocation related experience can help expedite moves.

John D'Ambrogio of @Properties is one such relocation agent and explains why proper pricing for relocating families is so important.

The Parade Only Passes by Once

In real estate, timing is everything. The parade of potential buyers passes by just once. When a property is freshly listed at the right price, it captures the attention of a vast pool of potential buyers. However, delays or mispricing can lead to minimal exposure, longer time on the market, and missed opportunities for relocation managers.

The Power of Proper Pricing

Today's buyers value precision. Overpricing a property can deter them. The National Association of Realtors states that pricing a property correctly appeals to 60 percent of buyers, but just a 10 percent overpricing reduces this figure to 30 percent. This reinforces the need to offer competitive and fair corporate relocation services.

Timing Matters in Real Estate and Relocation

Timing is pivotal in both real estate and relocation. Seasonal variations significantly impact outcomes. Just as summer is the peak season for home sales, winter tends to be slower. Choosing a reputable relocation management company with a service partner network of quality agents can help you adapt pricing and strategies accordingly to ensure efficient transitions.

Conclusion

Successful pricing for relocation hinges on selecting the right partners and understanding the critical role of timing. If you're seeking a partner with a track record of professionalism and delivering exceptional results in corporate relocation services, don't hesitate to reach out to NEI Global Relocation.

Car Rental Costs Impacting Relocation Budgets

‍Current car rental costs remain far above pre-pandemic prices with no relief in sight for the foreseeable future due to consumer demand and vehicle availability. This is directly impacting relocation services and global mobility travel budgets.

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Stubbornly High Costs

Airfare and lodging prices are still near all-time highs with flights five percent more expensive than in May 2019. Hotels are up 15 percent over the same period, according to a May 2023 report from the Bureau of Labor Statistics (BLS). Yet, when estimating talent mobility travel budgets for home finding and temporary living benefits, renting car costs may be the most surprisingly high factor.

The typical cost of renting a car in the U.S. increased 48 percent since May 2019, according to data from the BLS, so a rental that was $100 per day four years ago would now cost almost $150 per day.

It’s been two years since the initial price rise in the spring of 2021 and what some have called “the rental car apocalypse”, so why does this situation persist today?  

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Supply, Demand and Profits

Some say the reason prices have soared is simple:

• Supply
• Demand
• Record profits

Higher car prices severely impacted supply:  rental car companies couldn't stock their fleets as fast as in the past due to supply chain issues and microchip shortages. Though fleet inventories finally grew again in 2022, they still have a long recovery to fulfill pent-up demand after companies sold off massive portions of their vehicle inventories to offset bleak demand during the pandemic. Consider that the Avis Budget Group alone sold 250,000 vehicles in 2021.

After the pandemic, demand skyrocketed as more people travelled in general, tourism activity and in-person business trips have approached pre-pandemic.

Finally, there was the issue of profits: some rental car companies had their best profit and revenue years and seek to make up for the lost years of the pandemic. Consumers continue to show a willingness to pay more to get around, so they are not inclined to reduce costs soon with continued high consumer demand.  

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Relocation Impact and Options

While the auto rental market may seem a small piece of a complex permanent move or international assignment, consider the times relocating employees / families may need to rent a car:

• For orientation /home finding trips to the destination to explore the new community
• When vehicles are needed at the departure location while relocating families’ cars are also being shipped to the destination
• When individuals inbound from another country may not be able to purchase an auto upon arrival in the destination

To contain costs, NEI Global Relocation Account Executives proactively guide relocating families in coordinating all schedules to minimize additional costs associated with such waiting periods.

Further, to make the best of the personal or professional travel situation, one might consider the following suggestions by NerdWallet to find available vehicles at the lowest prices:

Consider ways to avoid driving altogether. Public transportation, especially in large cities, can significantly reduce the cost of a trip.

• Check out alternatives to traditional rental car companies. Turo, Getaround and Audi on demand all offer different pricing and rental models, which could save money.
• Make smart shopping choices. Not all rental car companies have the same prices, nor do all locations. For example, renting a car at the airport is 26 percent more expensive than a downtown location, according to a NerdWallet analysis of 360 rental car reservations to better understand the cheapest ways to rent.  

Among the rental car companies in the analysis, Enterprise was often the cheapest, while National was often the most expensive. It also found that last minute rentals are typically cheaper than those booked months in advance, and one may almost always save by booking at an off-site rental car location versus at the airport.

NerdWallet also recommends using a search engine that compares several rental car companies to obtain the best rate. However, make sure  the final price  includes all taxes, fees, and insurance costs needed.

Last, but not least, don’t over-pay for coverage that might already be provided through your credit card benefits.

Freedom to Get Around

It is believed rental car prices might come down later this year or early next. However, we’ve heard this before and statistics regularly show people are traveling for pleasure and business today more than ever and making up for lost travel opportunities due to the pandemic.

Renting a car can be a rewarding experience – allowing for independence and freedom – but stress and relocation costs can be minimized with proactive awareness. NEI consistently works with our clients to discuss the most cost-effective options available.

If you would like to discuss this or other relocation / travel policy trends or cost-saving solutions, please reach out to your NEI representative.

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NEI Service Partner Spotlight - Bennett International

‍This month’s NEI Service Partner Spotlight features Bennett International’s President, Timothy Dwyer, discussing the challenges associated with coordinating school and home selections for all relocating assignees and their families.

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What to Focus On?

It’s the mobility world’s equivalent of the “chicken or the egg” conundrum: when preparing to move to a new location, should the family focus first on schooling or on housing? In an ideal world, the child would be placed in a school with an appropriate curriculum that is a good match for their learning style and needs, while the family’s housing would be in a vibrant, safe neighborhood not too far from both the school and the parents’ work locations. That ideal world can be tough to achieve.

Making the right choices for both housing and schooling are crucial to the success of an international assignment, but getting there often requires expertise in both areas and simultaneous, closely coordinated searches. And when the intention is for the children to attend public (free) schools (as opposed to fee-based Private or International Schools), the challenge becomes even more complex.

No Guarantees

Perhaps the most common misperception is that residing in a particular neighborhood— within the “catchment area” of a desired school—will result in the child attending that particular school. A "catchment" is a defined area of a community within which a school will normally accept students. Depending on the country and specific location, living inside the designated catchment area may improve the child’s chances of attending a particular school, but it is rarely a guarantee. There are several factors that might come into play:

• Limited Space. The school might not have enough room. Neighborhoods with “good” schools tend to attract residents, resulting in schools being filled to capacity. Last year, in the greater London area, almost 20 percent of secondary school students did not receive a place at their preferred school because of limited space.
• ​Special Needs. The child might have a special education need which is not adequately supported by the nearest school, and they may therefore be directed to a school better equipped to address their specific need. This could also happen if the child is not sufficiently conversant in the host-country language; many cities have public schools dedicated to supporting students with significant language needs.
• ​Barrier to Entry. The nearest school might be a charter, magnet, specialized, or other type of selective school which has a barrier to entry. This might consist of academic prerequisites, a required examination, academic achievement and/or nomination from the child’s current school, some schools even employ a lottery system for entry.

Often the first steps of the admission process and related exams for these schools begin long before the start of the school year. Newly arrived families are at a distinct disadvantage when competing with those who have already been navigating the process for months or sometimes even years.

At the same time, finding suitable housing in the right location that is within the employee’s budget can also be difficult in many major cities. Often, desirable properties are on the market only briefly before they are snatched up. Yet a relocating family can be hesitant to commit to a property until schooling is settled. The challenge in that situation is that many public schools can require proof of long-term residence (such as a signed lease) before they will allow a child to enroll.

Close Collaboration is Key

When housing and schooling both pose challenges for relocating families—a situation we see in many high-volume destinations—the most effective answer is for the home-finding and education advisement experts to work closely together throughout the relocation process. They must be able to form a team, balancing the priorities and requirements in each area while keeping the family’s best interests front and center. Few things can be more frustrating for a family going through the stress of relocating than receiving contradictory guidance from different members of the team assembled to support them.

When Bennett is part of a relocation support team, we embrace good coordination with our settling-in and real estate partners. We have seen how thoughtful, friendly, and creative collaboration between all players on a relocation team is the key to a seamless and positive experience for the relocating family. Indeed, it’s the well-woven safety net of expert service providers that can transform the assignee and family experience from one of uncertainty and stress to one of clarity and excitement. Our goal is for the assignee to not only realize that an assignment can “work”, but to welcome it as a rich and thrilling next chapter—for them and for their children.

If you have questions about the support available to relocating families on international assignments, please contact Mollie Ivancic, VP International Services at NEI Global Relocation.

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Changes Coming to Banking Regulations in the UK

An important change was announced regarding the list of countries where supporting assignees in opening bank accounts is allowed while still in the home country and prior to arrival in the UK.

Previously, global bank HSBC had been able to open accounts for residents of 27 EU countries while they were still in their home country. Due to changes in cross-border regulations and recent developments regarding Brexit, the number of eligible EU countries has been reduced to 12 with immediate effect.

Please see the revised list of 12 EU countries below, provided by NEI’s London-based service partner Icon Relocation, where HSBC can support assignees with a UK account before arrival in the UK. There is no change with supported international countries outside the EU.

Note: this chart relates to the country of residence, not the nationality.

According to Icon Relocation, assignees living in the approved countries can provide proof of their overseas address. HSBC and Barclays Bank will continue to support other assignees once they have arrived in the UK without the need for proof of a permanent UK address.

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Reminder of Documents Required

• Proof of identity document, e.g., passport.
• Address verification document for one’s residential address in the UK or overseas. HSBC can accept a letter from one’s employer that must be from a member of the HR team, issued on UK company letterhead, and include employment dates. The letter must also include a UK address if known or an overseas address if the UK address is unknown or not yet confirmed.
• Salary verification may be required.
• Verbal disclosure of Tax Identification Number.

NEI and our global service partners will continue to provide clients with updated information on this topic and others as they arise and to manage relocating employee expectations accordingly.

If you would like to discuss this visa and immigration situation further, please reach out to your NEI representative or Mollie Ivancic, NEI’s VP, International Services.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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The first half of 2023 is behind us...

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...But there’s much economic and real estate market uncertainty going into the second half for renters and homeowners. How will this affect global mobility and relocation services?  

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Real Estate Market Tug of War

Lawrence Yun, Chief Economist, National Association of Realtors (NAR) recently captured the changing real estate market conditions succinctly: “The market is clearly turning.”

Yet demand is not diminishing with the scarcity of single-family homes and there’s only a three-month supply of existing inventory. Add on to that, one-in-seven homeowners refuse to sell due to current mortgage rates. This puts continued pressure on rising home prices.

“Home price trends are caught in a tug of war between stretched buyer budgets and limited inventory forcing competition despite reduced affordability,” said Danielle Hale, Chief Economist for Realtor.com.  

What can be done to help relocating employees with this issue in 2023 and 2024?

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Good News / Bad News: First Time Homebuyers

While lower home values could hurt sellers, any listing price drops may entice buyers to submit offers – especially Millennials who rent. This is especially true for the record number of American renters who are spending at least one-third of their income on rents, according to Harvard’s Joint Center for Housing Studies.

However, paying a lower home purchase price and then having to finance it with a high interest rate can seem like “good news/bad news” to first time home buyers. In Q2 2023, the share of all prospective buyers who are in the market for the first time dropped to 61 percent, down from 71 percent in the first quarter per the National Association of Home Builders.

New construction has become an alternative solution for some frustrated buyers. Sales in the $200,000-$300,000 range for new builds surged in May 2023 to 12,000 new home builds sold, compared to May 2022 when only 5,000 sold. With that in mind, 51 percent of all housing market construction in Q1 2022 was for high-cost / luxury rental units and this shift towards higher-cost rental units has been observed through Q1 of 2023, per Moody’s.

Companies can help renting relocating employees who wish to become homeowners. NEI sees more companies now offering reimbursement of destination home closing costs and direct-billed mortgage partner assistance to relocating renters.

Another method companies can use to help recruit critical talent to needed locations is to offer homebuyers funds towards new home down payments or other incentives in the form of forgivable loans that don’t have to be paid back unless the employee leaves the company within a certain period, perhaps two or three years.

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High-Rate Environment Drives Corporate Relocation Assistance

There are limited incentives for homeowners to give up their low mortgage interest rate when securing a new 30-year fixed mortgage since the average rate now sits in the seven percent range - over double the average rate during the pandemic.

Fed Chairman Jerome Powell was watching the unfolding situation carefully: “Housing is very interest-sensitive…it’s one of the first places that’s either helped by low rates or held back by higher rates.”

With possibly one or two more Federal Reserve rate hikes expected this year, consider the following options to help employees/candidates consider a company-sponsored move in such a high-rate environment:

• 3-2-1 Interest-Based Mortgage Subsidy

An appealing option for companies to consider is a subsidy program that supports mortgage payments over a set period to help the employee ease into the higher mortgage payment.

Many companies use a three-year period with the subsidized rate decreasing each year until the company would no longer subsidize interest. For budgeting, some prefer to define a maximum subsidy dollar amount spent per year for the benefit.

• Mortgage Interest Differential Allowance (MIDA)

MIDA was developed as a solution to assist employees purchasing a home at a significantly higher interest rate. Eligibility is based on if a specific interest rate threshold is passed (e.g., 7.5 or 8 percent with at least 2 percent differential on the employee’s existing mortgage). The company would temporarily pay the difference in interest between the employee’s former mortgage rate and their new one, for a set amount of time. The MIDA is sent to the lender and reflected on the employee’s payment.

Some mobility policies require employees to invest their full equity from the sale of the old home into the new home’s purchase to be eligible and maximums are sometimes placed on the total differential.

• Prepaid Interest

Companies can pay for loan discount points to assist relocating employees facing higher rates on a home purchase. Discount points are paid up front in exchange for a lower interest rate over the life of the loan.

Some mobility policies have a sliding scale for points coverage tied to the current market rate. If using a sliding scale, it may make sense to lower thresholds. Companies may offer to pay for one point when rates reach seven percent, two points at eight percent, and so forth. Thresholds help keep pace with changing rates and make moving more agreeable. Because this benefit impacts the life of the loan, this may not be the best option for an employee who could be relocated again within a few years.

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Few Economists Expect Housing Crash

Predictions about a housing market crash create headlines, but few economists expect a nationwide decline like 2007-2009. Consider some big differences today:

• There are simply not enough homes to meet current demand and the country ultimately needs 4.3 million more homes, according to a Zillow analysis.
• Most homeowners with a mortgage today have great credit, significant home equity and a low rate. Housing prices in October 2022 were 38.1 percent higher than they were at the start of the pandemic in March 2020, per Fortune.
• About 90 percent of U.S. mortgaged homeowners have an interest rate below 6 percent, a Redfin report showed. 62 percent have a rate below 4 percent and nearly one-quarter have mortgage rates below 3 percent.
• Home value increases or decreases are more impacted by location today as compared to nationwide 15 years ago. Western U.S. home values have been hit particularly hard.
• Finally, we have strong consumer demand today and unsold inventory sits at a 3.1-month supply. “There are simply not enough homes for sale,” said Lawrence Yun of NAR. Realtor.com reported home sellers were less active in June 2023 with 25.7 percent fewer homes newly listed for sale compared to 2022.

For comparison, there was an 11-month supply of inventory in June 2008, interest rates were 6.32 percent, and 33.8 percent of homeowners were in a negative equity position. Since then prime mortgage requirements have become significantly tighter.

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Unpredictable Markets, Proactive Relocation Services

The U.S. may likely end 2023 with higher short-term interest rates, but Moody’s Analytics Chief Economist Mark Zandi anticipates housing affordability will improve over the next few years, as reported in Fortune magazine.

Zandi feels rates will drift towards 5.5 percent in 2025 and national home prices may fall around eight percent, but "In our thinking this [price] weakness plays out over the next three years, there's no cliff event here, it's more of a slow grind lower," Zandi told Fortune.

NEI proactively counsels relocating employees about the emotional ups and downs when buying/selling a home and during the necessary negotiations, and we help clients brainstorm solutions. NEI monitors market and economic conditions to proactively discuss various options with clients, so client recruitment and retention goals are achieved.

For more information on the above or other needs or to discuss in more detail, please reach out to your NEI representative.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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Surging Global Rent Prices

Rent prices worldwide have been surging at an alarming rate, increasing by 23.5 percent since 2019; with a projected compound annual growth rate (CAGR) of seven and two tenths percent for rental properties until 2027.  This global phenomenon is driven by multiple factors, such as:

• Growing preference for renting among millennials
• Limited housing supply
• Rising homeownership costs
• Return of transferees or natives to their home countries

These soaring rent prices are compelling companies to reassess their relocation strategies. Let's delve into the rent increases across different regions and explore the implications for company relocations.

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United States and Canada

Renting instead of buying has been more popular for individuals and transferees. According to Dwellworks, the United States has been building rental supply at a significant pace, with nearly 400,000 multi-family units being built since April. However, Single-family units are still behind on the amount of supply needed to cover the demand for transferees who might prefer a home.

Rental markets are still seeing a spike in demand for rental units however, with most of these being cities based in the Midwest due to their lower cost of living, the highest rise in rent YOY include:

• Indianapolis, seven and four tenths’ percent YOY
• Kansas City, seven percent YOY
• Chicago, Columbus, Cincinnati, and St. Louis, six percent YOY

According to Realtor.com, the average monthly rent for a one-bedroom apartment in the U.S. from May 2023 is $1,628 USD and $1,903 USD for a two-bedroom apartment. Like the U.S., Canada is grappling with a shortage of housing supply and escalating demand. The average rent for a one-bedroom apartment in Canada stands at $1,811 CAD ($1,356 USD), while a two-bedroom apartment commands $2,239 CAD ($1,677 USD). It is unlikely that the rent will lower in Canada anytime soon, best-case scenario is that rents will remain the same.

Little to no new construction, particularly in cities like Toronto and Vancouver, coupled with high immigration rates have further exacerbated the rental price surge and international transferees are usually placed near the bottom of the priority list.

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EMEA

Europe overall has seen a spike in rent increases due to inflation and shifting relocation patterns, keeping transferees in major urban cores.

In the United Kingdom, the Renter's Reform Bill is awaiting a second reading in Parliament. While the bill aims to grant transferees more rights, such as protection against arbitrary evictions and accommodations for children and pets, it has inadvertently triggered a wave of evictions by private property owners and a significant spike in rental prices. As of April 2023, rent in the Greater London Area reached £2,516 GBP ($3,170 USD) per month for a one-bedroom flat, and a two-bedroom flat going for £3,448 GBP ($4,344 USD). This represents an increase of nearly £200 compared to the previous year.

In Dubai, rental prices have soared due to intense competition to acquire a "golden visa," a slowdown in construction activities, and stricter financing policies. Between January and April 2023, rents surged by almost 26 percent, with the average monthly rent for an apartment reaching 8,556 AED ($2,330 USD).

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APAC

Singapore has experienced a staggering surge in rent, with an average monthly cost of $5,075 USD, surpassing Hong Kong as the most expensive rental market. Although experts anticipate a potential cooling down later in the year, Singapore's measures to stabilize the market and a decline in demand resulting from tech sector layoffs have influenced rental prices. Moreover, native Singaporeans are increasingly choosing to rent as singles, adding to the growing demand.

Australia has witnessed an 11.2 percent increase in median house rent during the first quarter of 2023. Factors contributing to this surge include the reopening of borders, high immigration rates, proprietors capitalizing on the heightened demand, rising construction costs, and favorable tax policies for property owners.

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Conclusion

As the world navigates a new way of life, these rent fluctuations may persist, posing challenges for relocating employees and temporary assignees. NEI recognizes the complexities involved in global mobility and strives to secure suitable housing for transferees and assignees well in advance. While being proactive and starting an early search is important, understand that housing costs will still be high. Allocating an appropriate budget remains the most crucial step.

NEI works globally with local destination service providers who are on location and in country to provide the most timely and relevant picture of local market conditions. They can provide the best options available at any given time. If you have concerns related to the global escalation of rental rates, please reach out to your NEI representative for more information.

This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for tax, legal or accounting advice. Please consult your own tax, legal and accounting advisors before engaging in any transaction.

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Travel Authorization Shifts

Enforcement of three new travel authorization systems have been postponed again in the U.S. and Europe:

1. ETIAS (European Travel Information and Authorization System) – until 2024
2. The UK’s ETA (Electronic Travel Authorization”) visa waiver – dates vary by county
3. REAL ID – delayed until May 2025

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ETIAS Postponement

Europe receives over 37 million visitors each year, so the introduction of ETIAS – similar to the U.S. ESTA program (Electronic System for Travel Authorization registration system) – is expected to have a significant impact on travelers from around the world, including the globally mobile workforce.

The roll-out for ETIAS has been planned for years, but the start date has been repeatedly pushed back from 2020, 2022 and 2023, to launch in 2024. There is speculation the new 2024 date could be pushed back further, perhaps after the Summer Olympics in Paris concludes on 10 August 2024.

Once implemented, all visitors who previously travelled visa-free to Europe’s Schengen Zone will be required to register in advance online. To register, individuals will need a passport valid for three months beyond the intended stay, an e-mail account, and a credit or debit card. Passengers will be required to complete an online application form that covers a range of biometric, travel and security related questions. Data will be checked against a variety of European and International databases including no fly lists, to identify potential terrorist and criminal threats who will then be refused entry via the ETIAS program.

When up and running, it is expected most ETIAS applications will take 20 minutes to complete, but time will vary based on additional fields one may need to fill out. Applications may be processed and delivered by e-mail within one hour if no further checks are required, but it could take upwards of 96 hours if additional information’s needed. An application fee will be €7, though travelers under the age of 18 or over the age of 70 will not need to pay a fee.

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United Kingdom ETA Visa Waiver

Coinciding with the EU’s introduction of ETIAS next year, the United Kingdom (UK) announced that its “Electronic Travel Authorization” (ETA) visa waiver will be implemented this fall, with a fee of £10 per applicant and mandatory for all foreign visitors, including those from the U.S., requiring them to apply online before their trip.

The UK will gradually implement the ETA, starting with Qatar citizens in November and extending to travelers from Bahrain, Jordan, Kuwait, Oman, Saudi Arabia, and the UAE in February 2024. Other nations – including the U.S. – will need to apply for the ETA by the end of 2024.

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REAL ID Postponement

To help improve airline security, Congress passed the REAL ID Act in 2005 and the U.S. Transportation Security Administration and other federal agencies announced they would require REAL ID compliant licenses for people 18 years old and older to fly anywhere within the U.S. starting in May 2023.

However, the Department of Homeland Security announced the deadline would be extended until 7 May 2025 since state motor vehicle departments need more time to process the backlog of applications created by COVID-19 and only about 50 percent of the U.S. population has REAL ID compliant documentation.

Secure REAL ID will “set standards for the issuance of sources of identification, such as driver’s licenses” and will have a star at the top of the license. When enforced in 2025, it will be required for every air traveler 18 or older at airport security checkpoints for domestic travel. Those under 18 must be travelling with an individual who has acceptable documentation.

To get a REAL ID license, a person typically will need to show proof of their full legal name, date of birth, Social Security number, two proofs of residence and lawful status. Lawful status means that the person will need to provide valid documentary evidence that they are lawfully in the United States per Section 202.(c)(2)(B).  

Still, despite REAL ID requirements, other documents may be substituted or used instead when enforcement starts in 2025. These may include U.S. passports, Department of Homeland Security-trusted traveler cards, U.S permanent residence cards, federally recognized tribal-issued photo IDs, and USCIS Employment Authorization Cards.

Costs will be tied to local fees associated with obtaining driver licenses or identification cards. Employers should encourage their employees to determine if their current identification includes the star. If not, it would be good to advise them to obtain the REAL ID designation to avoid unnecessary delays obtaining the necessary documentation for traveling by air by the 7 May 2025 start date.

This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for tax, legal or accounting advice. Please consult your own tax, legal and accounting advisors before engaging in any transaction.

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NEI Service Partner Spotlight - Furnished Quarters

This month’s NEI Service Partner Spotlight is on Furnished Quarters and how they serve the dynamic needs of today’s temporary housing needs across multiple countries.

Read the whitepaper here.

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Attention to Detail

Moving can be stressful for families in the best of situations, but one of the major considerations for accepting a relocation involves the impact to one’s children. For companies relocating families with a “special needs” child, the situation can be particularly challenging.

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More Preparation

There are 7.2 million students aged 3-to-21 studying under the Individuals with Disabilities Education Act (IDEA) in the U.S. today, making up about 15 percent of all U.S. public-school students.

Though awareness of child learning, health disabilities and other special education needs have increased dramatically, relocating loved ones with such needs usually requires more preparation and attention to detail to ensure the right support is provided before, during and after a transition.

Additionally, because health information about an employee / family is private, companies may never even know if relocation candidates turn down offers because they were either unsure if their child’s unique requirements could truly be met in the destination or if they would have access to necessary special needs support services similar to their current network of providers.

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Active Listening Makes a Difference

NEI has considerable experience assisting families with special needs children, be it learning disabilities or health concerns, and we navigate each situation to develop the best solutions. In fact, our experience led us to develop the You Allowance as a way for companies to provide additional support for unique situations just like this.

Our Account Executives are trained to conduct a detailed Family Needs Assessment to learn each relocating family’s priorities, needs and interests. They also learn how to recognize unspoken needs or concerns that could lead to employee/family reluctance to relocate.

NEI and client-approved service partners can provide guidance to families and work with resources in the destination to create a pre-move strategy and timetables to maximize the family’s time and address their home finding trip concerns. The following information provides two case studies involving the need for special assistance.

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Short Term Rental with a Pool for Therapy

NEI worked with a family with two children moving from Missouri to New Jersey, one of whom had special needs. The family’s original intent was to purchase a home, but due to other circumstances they had to secure temporary living for six months with one requirement: a pool for the child’s therapy, as well as a separate living space for him.

Identifying a real estate agent who specializes in short-term rentals was NEI’s first step. The agent quickly located a private residence that included both a pool and the exact accommodations requested so the child’s routine wouldn’t miss a beat.

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The Perfect Destination School

With the client’s approval, NEI partnered with a fee-based service partner to help a transferee find the perfect school for his child with autism when he was needed for an Atlanta to Los Angeles relocation. The service partner set up family appointments to visit each school based on the family’s unique needs, helped with the interview process, consolidated all documentation from the child’s previous program in Atlanta and even helped with school admissions paperwork.

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Planning, Research, Preparation

For families deciding to relocate with a special needs child, it is important to start researching and planning early. Gathering all documents necessary to obtain the services and support needed in the new location is critical. Letters from teachers, therapists and other professionals who currently work with the child should be requested as quickly as possible to save time and stress.  

Simultaneously, NEI provides links to school information in the destination city on our personalized NEI Cities website and, if client-approved, will recommend a contact for professional school search support. This is considered a best practice with NEI coordinating and managing expert service partners to advise employees on available schools, curriculums, and answer all questions. Here is a great example of how this type of support can help:

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Supporting a Child Not Happy about the Relocation

NEI’s service partner worked with a family who was going on a house hunting trip to South Carolina. The family’s 10-year-old autistic son was resisting them – at every step – and was very unhappy. However, he had a new passion: martial arts. Our service partner located several martial arts studios and recommended the family trip include exposure to the different facilities and instructors. Their son tried three studios and, from that point on, he was “sold” on their relocation, even volunteering to help with decisions regarding the move.

If professional assistance is not offered by an employer, transferees are encouraged to contact destination area schools well in advance to discuss their child's needs and share copies of any individualized education plans. It is vital to speak to school counselors in the new location to understand the options a school offers.

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Breaking the News

Acquainting a special needs child with the idea of relocating is important. Experts encourage families to:

• Announce the move with plenty of advance warning: weeks for a younger child; a month or more for teenagers
• Make a visual schedule of the move process
• Involve the child in planning and packing
• Show where the family is headed by viewing online photos and videos of their destination’s neighborhood, school, playgrounds, parks, library, and points of personal interest to the family.

The smallest details about transportation of household goods and temporary living for the families of special needs children cannot be overlooked. NEI worked with one family having very specific needs:

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Exceptions for Household Goods and Temporary Living

During the NEI assessment call, an employee indicated he had a child with special needs and one of his biggest worries about relocating concerned the transfer of his medical equipment and temporary living accommodations. Our Account Executive:

• Secured a client exception to move items that were a necessity for the child, including a hoist chair, hospital bed and automated wheelchair
• Worked with the client and temporary housing partner to accommodate the family in an Airbnb home environment, rather than a corporate apartment
• Arranged for installing a temporary wheelchair ramp at the home
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Patient, Proactive and Compassionate

Relocation success is so much more than just selling a home and moving household goods – it affects the entire family and requires everyone’s buy-in for the move to be a success.

Understanding how important it is to be patient, proactive and compassionate for all relocations, but especially for those which can be more complicated, has been engrained in our culture at NEI since our founding.

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If you would like to discuss proactive policy changes, such as our You Allowance, or options to help families with special needs children, please reach out to your NEI representative.

Inflation Decreasing, but Insurance Increasing

On the heels of high inflation costs, homeowners across the U.S. are feeling new financial pain when receiving their annual home insurance renewal bills.  

This in part due to rising costs of materials to repair or replace homes – the values of which have risen 37 percent nationwide over the last three years – and in part due to extreme weather – hurricanes, tornados, ice or hailstorms, and wildfires.

Analysts expect further insurance rate hikes this year and homeowners are feeling the impact. As reported in the New York Times, American homeowners have seen their bills for property coverage grow by 21 percent on average since 2015 with some individual state averages, like Florida, reaching as high as 57 percent with another 40 percent increase anticipated next year!

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Home Insurance Rate Factors

Rates can vary significantly based on where a home is, how much coverage one needs, and personal factors of an individual, like one’s credit and claims history.

According to Bankrate.com rates for $250,000 in homeowner coverage, by state, averages from $3,659 per year in Oklahoma to $382 per year in Hawaii. Although the national average is near $1,500 per year, it is a bit deceiving due to the wide swings in premium costs.

• The top five states with the highest average rates include Oklahoma, Kansas, Nebraska, Colorado, and Arkansas.
• The bottom five states with the lowest average rates include Hawaii, Vermont, Delaware, Utah, and Oregon.

High risk has made insurance companies pull back in event-prone areas. Insurance companies State Farm and Allstate recently stopped accepting new homeowner insurance applications in California citing risks from catastrophes. In Florida, ten insurers became insolvent in the last two years due to losses and more than a dozen others either left the state or placed moratoriums on writing new business.

For those employees considering a relocation, homeowner insurance in some states could be a shock and should be considered when developing a relocation package.

What to Do?

Homeowner insurance is not required by state or federal law, but mortgage lenders will almost always require insurance to protect their financial interest and despite two out of every three homes in America reported to be under insured already, a sharp rise in costs may tempt more homeowners to cut coverage back further despite the risks.

Consumer Reports says now is the time to shop around and a good time for an insurance checkup, ask about any discounts for switching, be financially prepared for storms and have the right types/levels of coverage.

Mark Friedlander of The Insurance Information Institute suggests in a report by WUSF News that homeowners might consider bundling home and auto insurance, increasing deductibles for a lower rate and asking about available discounts. He noted that a higher deductible can lead to lower premiums, but one will be responsible to pay more out of pocket for a loss, so weigh the pros and cons.

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Market Monitoring for Clients

NEI continues to be diligent about client costs for every single move, monitoring market and economic conditions to ensure the selected insurance provider offers competitive rates for clients who have inventory properties.

For more information, please contact your NEI representative.

The above article is provided for informational purposes only. Please consult your tax, legal, or accounting advisors before making any decisions or transactions.

Nations Revamp Immigration for a Skilled Workforce

Global competition to attract top talent and skilled labor is heating up as countries look for every edge to attract the best foreign workers and students. To that end, countries are shifting immigration policies to favor the best candidates and help solve internal economic and demographic challenges.

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Intense Country Competition

The 2023 Hiring & Workplace Trends Report produced jointly by companies Glassdoor and Indeed finds there will likely be a persistent tight supply of workers for years to come in key economic sectors and without sustained immigration, an increase in labor productivity or a focus on attracting workers, many industrialized countries will continue to struggle with a tight labor market.

Countries are implementing new programs to not only understand where new talent may come from, but also which countries’ talent pools they can best attract and then changing immigration requirements to support this.

Successful governments are implementing four key strategies to attract international talent, according to the Mauve Group, a provider of Global Business Solutions and Consultancy Services:

1. Introducing new work visas

2. Shifting immigration policies

3. Targeting incentives for specific occupation shortages

4. Offering financial incentives and better benefits

Consider this small sample of recent country-specific schemes to attract talent:

• The UK feels its High Potential Individual (HPI) visa route will attract the "brightest and best" early in their careers allowing identified talent permission to stay in the UK for at least two years.
• Hong Kong says its “Top Talent Pass Scheme” will raise its international competitiveness by offering them a two-year visa that allows them to work, establish a business or change employers in Hong Kong.
• Finland’s “Talent Boost” program aims to attract high-skilled workers from Vietnam, as well as Brazil, Turkey, and India.
• Canada’s New Brunswick province hosted recruitment sessions for candidates of specific countries, such as Nigeria, the United Arab Emirates, and Argentina.
• Bahrain’s Golden Residency Visa helps international workers stay in Bahrain permanently.
• The German government announced plans to make it easier for IT workers from India to obtain German work visas.
• The United Arab Emirates extended its Golden visa program to attract skilled foreign talent -- professionals, scientists, and researchers - to live, study, or work in UAE for 10 years.

Clearly, a post-pandemic global battle for talent and immigration shift is underway, one that will be critical to the future success of many countries as demographics and economies evolve.

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Country Case Study: Japan

Every country’s immigration scheme has their own specific and highly unique details for candidates to qualify for entry and attention to details cannot be emphasized enough.

Consider the example of Japan, which ranked 41^st of 63 economies in 2022 for attracting and retaining talent. To improve its position in the high-stakes global talent game, it recently introduced two new visas, the J-Skip and the J-Find:

• The “J-Skip” Visa, aimed at attracting special, highly skilled professionals to Japan.
• Requirements: Individuals who hold at least a master’s degree or 10 years’ relevant work experience with an annual income of 20 million JPY ($143,530 USD) or more can apply for either a Highly Skilled Professional (i)(a) - advanced academic research activity or a Highly Skilled Professional (i)(b) - advanced specialized/technical activity. Individuals with 5+ years of practical experience in business management with annual income of 40 million JPY ($287,060 USD) or more can apply for a Highly Skilled Professional (i)(c) Advanced business management activity.
• The “J-Find” Visa, designed for recent graduates of highly ranked universities to pursue job or entrepreneurship opportunities in Japan. They will be allowed to stay in Japan for up to two years for job hunting and preparation for starting a business. They can also accompany their dependents, such as spouses and children.
• Requirements: Status of residence will be granted by Japan to graduates of a university ranked in the top 100 of at least two of the following three World University rankings* within the last five years and have an amount of deposit and savings of at least 200,000 JPY ($1,435 USD) for living expenses when applying.  * QS Top Universities, the Times Higher Education World University Rankings, and Shanghai Jiao Tong University’s Academic Ranking of World Universities.

Further supporting this effort and a talent pipeline, Japan’s Council for the Future of Education Creation also recently announced an initial proposal to further “internationalize” higher education with the goal of attracting over 400,000 foreign students from overseas institutions and encouraging them to work in Japan after they graduate.

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Global Talent and Immigration Shift

It is clear countries will continue modifying visa and immigration laws to help boost their future economies and compete as popular destinations for global talent.

If you would like to discuss this or other immigration or global mobility trends or company needs, please contact your NEI representative.

The above article is provided for informational purposes only. Please consult your tax, legal, immigration or accounting advisors before making any decisions or transactions.

NEI Service Partner Spotlight - Homebuyers Preferred

This month’s NEI Service Partner Spotlight is on HomeBuyer's Preferred and the ins and outs of radon in your home or rented space. Why is radon important to mitigate? What happens if you don't? Click HERE for the infographic.