NuCompass provides a variety of services to assist relocating employees with Departure, Transition, and Destination activities.
NuCompass assists employees who are homeowners to efficiently sell their homes. The expenses associated with a home sale can amount to 8% to 9% of the sale price. The reimbursement of these expenses directly to the employee is considered income and is taxable. Employers that choose “Direct Reimbursement” will typically “gross up” the payment to cover the employee’s tax liability. NuCompass offers two services that are “tax protected,” so that the employer can avoid the gross up expense.
- Home Marketing Assistance
Our goal with this service is to help your employee sell their home quickly, at a fair market price. Our Consultant, assisted by a Realty Specialist, guides your employee through the process. We analyze market data, develop a marketing plan, and recommend a listing price. We work with highly qualified real estate agents from the NuCompass Connect network and pro-actively monitor the process until the home is sold and closed.
- Guaranteed Home Buyout (GBO)
This service provides a guaranteed sale of the relocating employee’s home in the departure location. In addition to Home Marketing Assistance, the employee receives an appraised market value purchase offer from NuCompass. If the home is sold by the employee, NuCompass conducts the sale and closing transaction in a manner that it is “tax protected” for the employer. If the employee accepts the NuCompass offer, the home becomes an “inventory” property that is then resold by NuCompass.
- Buyer Value Option (BVO)
This a variation of the Guaranteed Home Buyout service in that it does not include an appraised market value offer. Rather, the market price is set by finding a bona fide buyer using Home Marketing Assistance. NuCompass conducts the sale and closing transaction in a manner that it is “tax protected” for the employer. If the sale falls through, the home becomes an “inventory” property that is then resold by NuCompass.
- Policy Administration
Our Consultant is the relocating employee’s single point of accountability for all relocation services. This includes counseling on policy assistance, coordinating all service scheduling, supervising service delivery, and processing exceptions.
- Relocation Expense Management
NuCompass offers an automated relocation expense management system to help you and your employees effectively manage and record all the expenses associated with a move. Our system is integrated with our operations system to ensure timely reimbursements to your employees, accurate invoicing and payments to vendors, and real-time reporting for the relocating employee and your company. We work directly with your payroll and accounts payable departments and electronically integrate with your systems, as needed. At year-end, we provide the information to accurately prepare relocating employees’ W-2 forms.
- Household Goods Assistance
We manage the household goods shipping process on behalf of your employee. We work with highly professional household goods suppliers from our network, or we can work with a moving company selected by our client. We schedule and manage the move and in accordance with the specific requirements of your policy. After the move, we audit the final invoices to ensure that instructions were followed and, if necessary, follow up on any damage claims.
- Temporary Accommodations
We identify and arrange fully-furnished temporary accommodations that meet the employee’s needs and timeframe, while complying with your policy and cost parameters. We approve and make payments on behalf of the employee.
- Rental Assistance
We assess the employee’s housing needs to narrow the type of rental property needed in the new location. We then select a local service provider from our network that assists the employee in finding a specific property to rent.
The goal of this service is to help the relocating employee find a home. We assess the employee’s housing needs, home affordability, and other concerns related to the new location. We introduce the employee to a highly qualified real estate agent from the NuCompass Connect network to search for specific properties. We pro-actively monitor the process until the employee purchases and closes on a home.
- Mortgage Loans
NuCompass selected Chase, EverBank, and Quicken Loans as our mortgage partners to provide mortgage services for relocating employees. Employees receive counseling on financial options and loan products and can be “pre-approved” or “fully approved” so they can act quickly to purchase a home. The application, approval, and closing processes are very efficient. Transaction costs may be “direct billed” to the client. Click here for more information about our mortgage services.