Closing Gifts for Real Estate Transactions, The Basics

by : tabithajnaylor

The real estate closing gift idea is a fairly new concept for real estate professionals. Many involved with real estate frown upon the idea of giving such items to a client. More than likely, they have not embraced the idea, because, to them, it does not seem like good business practice. Even though it may be new to the real estate industry, the idea of giving a gift at the close of a deal is not new to the business world. In fact, it is a practice that has been going on for many years, and has proven to be a good relationship builder. The same holds true in the real estate arena.

It is not difficult to come up with a closing gift idea. There are some standard gifts that you can consider giving to your client. Alternatively, you can come up with something that's personalized, based on what you know about your client. In the weeks leading up to the close of the real estate transaction, you, more than likely, spent a great deal of time with your client. During this time you probably learned something about their tastes. If this is the case, then you won't have too much trouble coming up with ideas.

Once you have come up with the idea, there are some other considerations that you should take into account before purchasing the item. The price is important. While it is not appropriate to spend a great deal of money, it is also inappropriate to be cheap about it. In fact, it is better not to purchase something at all, than it is to purchase a cheap present. How would you feel if the tables were reversed?

As for guidelines regarding ideas and costs, keep this in mind: whatever you choose, it should be something that the client can use in their new home. Consider the selling price of the home and the affluence of the buyer as you evaluate your gift.

Add your personal touch as well. This will take a little more time and effort, but the effect that it will have on your business relationship will be well worth it. When you add a personal touch, it conveys just how much appreciation you have for your client. When you can effectively express your appreciation for your client, the client will be sure to have positive things to say about your business relationship.

Also, make sure that your gift has staying power. The longer the item lasts, the more the client will be reminded of the service you provided. This, in turn, provides more chances for the client to talk about your services, which is a subtle way of generating referrals for years to come.

Once your initial real estate transaction has closed, you can also follow up with smaller tokens of appreciation. Consider sending a card or making a phone call to your client at key milestones after the closing. For example, the three and six month marks after the close of the transaction are good times to follow up with your client. This will serve as a reinforcement of the good will your initial gift giving generated.

In summary, your closing gift doesn't necessarily require a great deal of thought. As a rule of thumb, however, remember that the more thought you put into the item, the more positive things the client will have to say about you. And, only give something to your client as a genuine token of appreciation, not to smooth things over with a deal that went sour.