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Putting a Face on Real Estate since 1995™
• ABoR Realty Round Up • WCR Bras 4 a Cause • WCREALTORS Boots & Bling Scholarship Banquet • Veterans Home Loans Class • and much, much more!
Associates in Progress
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Associates in Progress Page 27
Page 25 NOVEMBER 2016 • VOLUME 21 • ISSUE 7
The right gift can yield a big return on investment By Riki Markowitz
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y now, at the start of the busiest, most hectic season of the year, REALTORS should have finalized their holiday marketing strategy (aka holiday gift list). But if you haven’t, it’s not too late! Real estate professionals feel very passionately about giving gifts to clients – no matter which side of the line they fall on. On the one hand, agents who simply send out holiday cards in lieu of a gift do tend to compensate throughout the year with a closing gift, anniversary gift, and in some instances, a birthday gift. On the other hand, many agents believe that giving past and present clients a small token of appreciation during the most joyous season of the year is a great way to stay in one another’s thoughts.
Chloe Chiang, an agent at Twelve Rivers Realty, has put a lot of thought into her annual gifting strategy. She has a spreadsheet that plots out gift ideas for closings, referrals, birthdays, and anniversaries. She also tiers gifts depending on the client’s purchase or sell price. This system isn’t for the purpose of ranking clients, but rather, making sure she doesn’t offend anyone by giving a gift that’s too extravagant or somehow inappropriate. At this time, Chiang does not have a column on her spreadsheet for the holiday season. She does, however, mail out personalized, handwritten holiday cards. Paul Smith, a broker and co-owner at Twelve Rivers Realty, only has to work with a client one time for that individual to make his yearly holiday gift list. And when does Smith purge old clients? He doesn't. “I think it’s a huge mistake to think if we work together one time, you’re off the list the next year.” Smith’s reasoning is that a majority of people forget their agent’s name after about a year. So his strategy is for past clients to get a gentle reminder year after year. There’s no doubt Smith’s philosophy works considering that a significant percentage of his business is repeat and by referral. “If I had a successful transaction with somebody, why wouldn’t I send them a $10 gift card every year to show my appreciation?”
(TREC) does not have gift guidelines for agents to clients, that doesn’t mean REALTORS should spend indiscriminately. For one thing, an expensive gift can make some clients feel uncomfortable. Here are great holiday gift ideas that Austin agents and brokers shared with us. Cynthia Fedor, a REALTOR with Hindsite 20/20, avoids generic gifts. “I prefer to connect on a more personal level, like contributing toward a cause that is deeply meaningful to my clients or even volunteering with a charitable organization.” She also sends out handwritten holiday cards. “I invite some clients to a great meal or entertaining event. The slight delay [between their closing and the holidays] gives them space and time to register everything.” For Fedor, gifts that highlight Austin are also popular. “I’ll gift something that excites them,” she says. “For example, after closing on an investor-client’s first purchase in Texas, I gifted a picture book showing how Austin has changed over the decades.” This type of gift underscores that they’re now a part of the evolving landscape of Austin.” Today, Fedor’s business is 100 percent referralbased. And there’s no reason not to believe that her annual display of appreciation plays a role in clients’ decision to keep her on speed dial. Smith’s downtown agency is known for having a youthful, fun, and relaxed atmosphere. The crew throws street fairs in the spring and summer, 80’s sing-a-longs at the Alamo Drafthouse, and organizes smaller wine and cheese or poker parties in cooler months. So at
Christmastime, for Paul to gift a bottle of wine or spirits to clients is not unusual. As for a more exciting gesture of appreciation, Smith purchases a few thousand dollars in gift certificates from a hot new restaurant. He’ll mail the gift certificate with a handwritten note letting clients know their next dessert is on him. The 225 gift cards Smith purchased in 2015 from Wu Chow actually served more than one purpose. He gave clients an opportunity to sample a trendy restaurant while also building a rapport with the eatery’s owner and chef. When a client mentioned how he was unable to secure a table for an upcoming occasion, Smith called the restaurant and snagged a reservation. That’s the type of giving that clients don’t forget. “It’s all about leveraging all of my business relationships,” says Smith. Chiang, who has been in the real estate business for seven years and specializes in millennials and first-time homebuyers, says that for the holiday season, she sends handwritten greeting cards to clients, and is slowly building her list of clients who she will gift something more substantial. Her go-to ideas tend to be cool gadgets and trinkets, like a brand new knife set, Bluetooth speaker, and Nest temperature control device. For colleagues who provide referrals, which TREC imposes a $50 monetary gift limit on, Chiang gives a restaurant gift card or a personal gift she knows that person would enjoy.
Tuesday, November 15th ABoR: Affiliate/REALTOR Happy Hour ABoR Headquarters, 5 p.m. to 7 p.m.
Thursday, November 17th AMBA: Member Happy Hour Dogwood Rock Rose, 4:30 p.m. to 7 p.m.
Wednesday, December 7th CRS: Bi-Monthly Meeting Westwood Country Club 11:30 a.m. to 1 p.m.
Wednesday, November 16th HBA: TopGolf 2016 Tournament TopGolf, 3 p.m. to 6 p.m.
Thursday, December 1st AMBA: Holiday Roaring Gatsby Soiree Hotel Van Zant, 6:30 p.m. to 10:30 p.m.
Wednesday, November 16th AYREP: November Happy Hour Craftsman, 5:30 p.m. to 7:30 p.m.
Thursday, December 1st Holiday REALTOR Appreciation Lunch Rough Hollow, 11 a.m. to 2 p.m.
Thursday, December 8th WCREALTORS: 2016 Installation & Industry Awards Sheraton Georgetown, 6 p.m. to 10 p.m.
Gift ideas
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Now that you’re creating a list of every buyer or seller you’ve ever worked with, the next step is determining what to give and how much to spend. While the Texas Real Estate Commission
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