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“Home Sweet Home”

More often than not, searches for senior executives involve a national recruiting process and potential relocation issues. Not long ago, I wrote about how family issues such as kids in high school or elderly parents can turn the process upside down. Typically, the sale of the home was not an issue because there was no expectation of a delay in selling the house. On the contrary; homes usually traded for a healthy profit. Well, that’s ancient history. In the past 30 days, we have had two final candidates blow the whistle on search processes because of soft housing markets back home and the fear that they will be stuck carrying two mortgages, or, worse, have to write a check to make a sale. There’s also the sticker shock on the buy side if they are moving from a second-tier city to a major metro. Clearly, employers are going to have to rethink their relocation packages because candidates (and employees asked to relocate) are not prepared to foot the bill.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
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