When it comes to the real estate world, follow-through is everything, and property transactions don’t end at the closing. To steward your relationship with clients and ensure returns and referrals, nothing beats a thoughtful gift to convey congratulations on your clients’ new home—but how much is too much?
A recent Realtor.com article highlighted the lavish extremes that high-margin realtors go to in demonstrating their appreciation to clients — up to and including $30,000 weekends in Las Vegas. These efforts may pay off — the realtor in the article states that approximately 70% of his business comes from repeat clients — but most of us don’t have the assets for such elaborate tokens of appreciation. That’s why we’re providing a few simple ways to show clients you care without breaking the bank.
Consider the Client, Not Your Brand
That company-branded wall clock may look great in your office, but no new homeowner wants it in their kitchen. Paying attention to conversational clues is an excellent way to generate great ideas and impress the client with your attention to detail.
The Value of Face-to-Face
For tax purposes, you are only allowed to deduct $25 per business gift per client during each year. While more expensive gifts are common, using personal capital may get you just as many referrals. Try delivering a small token of your appreciation in person.
Offer a Variety of Choices
People love to be given a choice, and letting the client choose takes the pressure off of you to find the “perfect” item. Candidly state something like: “I like to give my clients a little gift after doing business, and usually do X, Y or Z. Is there one that you prefer?” This will go a long way toward creating goodwill. Alternatively, you may open your office for the holiday season and invite previous contacts to come pick from a variety of treats, like pies, cookies, fruit baskets, etc. This is a great way to mingle and catch up with previous clients.
Working with Champion Title
The team of title experts at Champion Title is here to provide comprehensive title insurance and streamlined closing support to realtors in Maryland, Virginia, and Washington, D.C. Visit our homepage to find out more about what we can do for you and your clients. Have a happy New Year!