As I write, my father, through Power Of Attorney, is buying me a house. I'll soon be moving my family, and later myself, far from here and back to Michigan. (Anyone looking for an IT Manager/Project Manager in the middle of the mitten?) My wife and I spoke about appropriate gifts for our realtor and loan officer. We thought a cracker-and-cheese basket or fruit basket for each would probably be good. Is that an appropriate gift?
Proper Thank You Gifts After House Closing
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I thought it was the other way around. I just bought a house and my realtor gave us a bottle of booze, Home Depot gift card and a small paint kit (roller, tray and brushes)
Same thing years ago when I bought my first place.
But if you would like to give them something due to the relationship you built I think the baskets or a bottle of wine would be appropriate.
Same thing years ago when I bought my first place.
But if you would like to give them something due to the relationship you built I think the baskets or a bottle of wine would be appropriate.
What ever you think is appropriate, is appropriate. If they did a great job refer them to your friends, better yet introduce them. (Best gift ever.)
I agree with Paul. However, I would send them a gift if they did something more than what was expected from them during the course of business. When I bought my first home, my wife did more work than the realtor whose only contribution seemed to be the access to the MLS system. Luckily we found the house just in time when we planned to fire him. For the value added to the transaction, I thought he was over compensated. On the other hand, when we sold the house, the realtor we employed went out of her way to sel the house in a tough market. She took personal interest, spent money from her pocket (a few dollars, but still...) to make changes since we had moved by that time and did an excellent job. We expressed our thanks by sending her a huge gift basked with fine wine and cheese. She greatly appreciated the gesture.
We also referred her to a bunch of our friends and neighbors from whom she has earned a lot of business.
Its their job and they are very well compensated for the work they do. Its not like they are a waiter getting paid nothing. I wouldn't buy them anything.
Isn't 3% of the sale price a thank you enough?
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- #9
Good insight everyone. There are some additional circumstances involved and I'll give gifts in proportion to how much they did above-and-beyond. Thanks for confirming gift baskets fit the occasion.
For those saying these are their jobs, you're right. One went way out of the way for us and really earned not only my referrals, but my trust and deep gratitude. Also, though many are well compensated, realtors are actually having very tough go where we just bought. I won't go into too many details, but there are good reasons for me to give a small gift in this case.
Again, thanks all.
For those saying these are their jobs, you're right. One went way out of the way for us and really earned not only my referrals, but my trust and deep gratitude. Also, though many are well compensated, realtors are actually having very tough go where we just bought. I won't go into too many details, but there are good reasons for me to give a small gift in this case.
Again, thanks all.
The best gift that you can give someone in the real estate business is a referrral.
I think it is the other way around. How about you take the money you would spend on the strangers who profited off of you and surprise ole Dad with something real special.
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Commander Quan
Commander Yellow Pantyhose
+1 That's why I've told as many people as possible not to use the the agent that I used when I bought my house.
I think you should buy your Father, who is buying you a house, a gift. In my opinion Real Estate agents are in the same class as used car salespeople...blood sucking ticks that add no value to society. Sorry to be so blunt but, next time I'll tell you how I really feel.
Any way, congratulations on your new house. I wish you well.
-G
Any way, congratulations on your new house. I wish you well.
-G
Yeah, as someone who has worked in real estate, this is my answer.
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- #15
I purchased without the first time and with the second. Since the whole transaction was done from 750 miles away under very special circumstances wherein I've never actually seen the inside of the house, the whole thing necessitated help. Very unique situation.
Sure, the seller and buyers don't need a realtor, but some don't want to take their time to do the extra work and would prefer to hire it out while some just plain need the help at the time. FWIW, the house price was about 1/10 what most places would be, and the commission followed. The hourly rate my realtor received on this one is quite low, but that's business.
As for the referral, you're correct that that's the best thank you. Even so, sometimes an immediate, tangible item can go a long way.
Usually the realtor and your lender will give you a housewarming gift after closing.
Don't you think a 5% commission for the broker is quite enough, especially if he/she didn't really have to 'sell' anything?
As for the loan officer, isn't it their job to approve a loan for you? In any case, in terms of the loan officer, they're probably not allowed to receive gifts, since this conflicts with banks' conflict of interest policies.
Keep the money--you'll need it to fix up your house.
As for the loan officer, isn't it their job to approve a loan for you? In any case, in terms of the loan officer, they're probably not allowed to receive gifts, since this conflicts with banks' conflict of interest policies.
Keep the money--you'll need it to fix up your house.
No gift is necessary. A hand written thank you card note carries more weight. A referral is the best way to reinforce the appreciation of hard work.
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- #19
Card may be in order. The lender postponed her vacation because the other at the bank couldn't make the close and she wanted to be sure the bank was represented because it was all done by power of attorney.
You all do have me rethinking this. It's a small, small town and having people remember me well will be beneficial. Was thinking about a six of craft beer for the realtor as I know he brews, but now I'm thinking about an Omega boar and some proraso. Certainly conveys more thought and personality and will be more memorable than some fruit. The handwritten note is a must I'd overlooked. Thanks!
Btw, commission on this is less doesn't hit 4 digits. Tough to feed a family when you're splitting that sight the office.
You all do have me rethinking this. It's a small, small town and having people remember me well will be beneficial. Was thinking about a six of craft beer for the realtor as I know he brews, but now I'm thinking about an Omega boar and some proraso. Certainly conveys more thought and personality and will be more memorable than some fruit. The handwritten note is a must I'd overlooked. Thanks!
Btw, commission on this is less doesn't hit 4 digits. Tough to feed a family when you're splitting that sight the office.
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- #20
Oh, and it's a local bank who write in-house, whethered the banking storm perfectly, had better rates and only total fees were 1/3 of the next closest competitor. Thank-you worthy? Nope. But the loan officer constantly went out of her way.
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