During the holidays many us have a million and one gift we have to get and often times it’s difficult to think of the right gift. In fact, it can be more difficult shopping for a family member, someone you know the best, than a client you’ve known for a mere month. Aside from closing gifts, some real estate agents send a holiday gift or card to their clients of the past year. So what are the lengths that these agents are going to please their clients?
Closing gifts in real estate have become somewhat of a norm in the industry. When your buyer or seller closes on a property it is often custom to buy them a congratulatory gift. Most agents will leave a bottle of wine or perhaps champagne in their client’s new fridge, or present them with a basket full of goodies. In a Wall Street Journal article, Alina Dizik unveils a new level of closing and holiday gifts in real estate.
Real estate agent Christophe Choo, presented his clients, who had just purchased a $15 million home in Los Angeles, with an all-expense paid trip to Las Vegas once the sale was closed. In a comment made to the WSJ, Choo said he gives such lavish gifts to the clients who spend over $10 million. SInce his “business is 70% repeat clients”, Choo finds it important to creating lasting memories for all his clients. Choo isn’t the only agent going to great lengths to to congratulate clients, and thank them for the commission they’ve just earned. After a buyer purchased a $1.2 million condo in Miami, agent Florian Jouin flew to Monaco to deliver keys to his client personally. Those keys happened to be dangling on a new Tiffany & Co. key chain that came with a matching bracelet.
Often time luxury real estate agents rely on repeat business because the competition for high-end listings is so brutal. A lavish closing gift for those high-end clients would likely entice them to use that agent for future sales and might even encourage them to recommend friends. So in those situations such closing or holiday gifts are probably beneficial. While it’s more than generous to give such lavish gifts, especially if you have the money, sometimes a personal gift goes just as far.
As a real estate agent you become very close with your buyers during those weeks of searching for a new home. Having a general awareness of your clients reactions to things will go a long way when deciding what to purchase them. Perhaps the wife had loved the lamps a homeowner used during a walk through, what a great idea it would be to follow up with that and buy her those lamps. When gifting your clients you never want it to feel like you’re trying to schmooze them, try to make it genuine and thoughtful, it will go a long way.