Lexington, KY - If "location, location, location" is the most important thing to know in real estate, how important is relocation? Very important, according to Keith Rector, president of Rector Hayden Realtors. Clients moving to or away from Lexington account for "10 to 20 percent of our business," Rector said.
And that's just for the initial real estate transaction. A client who moves to Lexington may remain here for years, long enough to buy and sell other local homes. "Our focus is on a relationship for life, to develop repeat business," Rector explained.
Toward achieving that goal, Rector Hayden maintains an active relocation department. "Other real estate firms use their agents for this, but [we have] three full-time salaried employees who field inquiries, mail out relocation kits, and work with agents," Rector said.
The firm has had a formal relocation department for about 30 years, but attention to relocation business happened "almost from day one of the company," Rector explained. "From the start, Dad [Ray Rector, who recently retired from the company he founded 40 years ago] would go to corporations to solicit business and let them know we could help their new employees."
Ray Rector had an initial advantage. Because he had (to the dismay of his parents) given up a secure job at IBM to start his real estate business, he knew many people at the company. During those years, IBM often moved dozens of people to and from Lexington and its corporate divisions in Austin, Texas, and other cities.
Knowing corporate culture and developing relationships with human resource or transfer employees at local companies is important in relocation work. Katie Rowan, relocation director at Milestone Realty, said that she works closely with several HR departments, as a free service. "We need to all pitch in to get great talent here," she said.
Relocation department staffers help spouses of recruited employees find jobs here. They can arrange for temporary housing and moving van services, and help people who are moving from Lexington.
Often relocation people at the real estate agencies help local companies recruit prospective employees who haven't yet decided to accept jobs here. People who are unfamiliar with Lexington need to see the city firsthand, and that's where the relocation people turn to specialized agents within their firms.
Only experienced agents with proven track records qualify to handle relocation sales at both Rector Hayden and Milestone Realty. Both firms require that their relocation agents take additional specialized training. Rowan tries to match agents with relocation clients, both by specialized knowledge of the Lexington market and personality.
She'll pair a couple with school-age children with an agent who also has children and knows not only local schools, but about children's teams and activities and other related information. For a client who's moving to Lexington to retire here, she'll choose an older agent who's familiar with activities for senior citizens, communities amenable to them and developments offering maintenance-free housing.
Central to relocation work is the real estate agency's kit for people moving to this area. It's often the first contact a prospective resident has with both the agency and the area. People request these kits through the agencies' Web sites or by calling the agency directly.
"We send our relocation package to help people begin connecting with their new community as soon as possible," Rowan explained.
Weighing several pounds, the kits aren't cheap to mail, but they are vital to helping the agency make a good first impression both for itself and for Lexington. Many of the prospective residents are people who have received job offers here, but aren't yet sold on moving to the Bluegrass.
Contents vary from agency to agency and from client to client. They generally include maps of the area, brochures about the Lexington Philharmonic and other cultural and arts programs, Keeneland and/or horse farm brochures, economic and statistical information from Commerce Lexington, and a special packet for children.
A CD showing both neighborhoods and scenic attractions of the Bluegrass shows prospective residents not only what Lexington looks like, but gives some idea of the culture here. Rector Hayden uses its own CD, which some location corporations have asked to include with their CDs about working at their companies.
For Rowan, the best part of relocation work is "getting to interact with lots of different people from all over the country, even the world, and to make their move easier."
"No two moves are ever alike. There are dynamics that come into play with each one," Rector explained. "The whole process of relocation is stressful, but it's so gratifying when our job is done well and we have happy newcomers we've been able to help."