Homebuyer and renter services
Merit Financial provides homebuyer education, credit restoration, debt consolidation, relocation services and refinancing options at a discount to employees of corporate clients. Merit Financial expedites and simplifies the home buying process by providing all real estate services through one point of contact. “We control the entire thing under one roof,” Greenlaw [Merit’s CEO] says.
Merit Financial estimates a $2,000 savings per transaction and a closing in 15 days or less. The program is free to the corporate client and administered entirely by Merit Financial, so it does not create extra administrative duties for the HR or benefits department.
“This has been very well-received so far. It addresses retention issues. It’s philanthropic in nature,” observes Weishaar.
ClickHome, a Santa Clara, California-based company, also offers a benefit program in which employees of corporate clients can receive education and discounts on real estate and mortgage services. Its client base is in northern California, but it plans to provide services nationwide next year.
Of course, homeownership is not for every employee. Rent-Direct.com recently updated its Web site for renters and landlords in New York City and surrounding areas. Apartment seekers can access a database for a $195 fee and talk directly to landlords, rather than using a broker.
Some employers, such as New York University’s School of Medicine and Bank of America, cover the fee as a benefit to employees. “We can really save relocation departments and HR departments a tremendous amount of money,” notes Richard Oceguera, director of business development for Rent-Direct.com.
“We cut out the broker,” he adds. “People are happy to pay [the fee] because it saves them a lot of time talking directly with landlords.”
The Web site contains the latest information on available properties, open house events and transportation. “We keep the information as up-to-date as humanly possible,” Oceguera points out. “On top of that, we send out e-mail alerts … This puts the renter in control of their search.”
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