Front Page Forum: Gifts for Brokers?
On the Brownstoner Forum today, a reader writes, “I’m buying my first apartment and the closing will take place in a few days. Do I get a gift for my real estate broker?” With nine responses so far, the answer is a unanimous “No!” If we recall correctly, the listing broker who sold our apartment…
On the Brownstoner Forum today, a reader writes, “I’m buying my first apartment and the closing will take place in a few days. Do I get a gift for my real estate broker?” With nine responses so far, the answer is a unanimous “No!” If we recall correctly, the listing broker who sold our apartment in Manhattan for us gave us a gift, and other commenters note having received gifts from brokers like a book about Brooklyn and a stress ball in the shape of a house. But this one comment kinda sums up the consensus about giving presents to brokers: “You got her a gift: 3% of the value of your new apartment.” If any brokers are reading, have you ever gotten gifts and what do you think of the practice?
Do I Get a Gift for my Broker? [Forum]
Thanks 4:50. Sounds like a nice chunk of change. I realize they pay for their own advertising and other costs, but, as I said, a nice, presentable and realistically priced place still seems to go relatively quickly.
Biff, if one agent is involved, they get the whole 50% (or thereabouts). If there are buyer’s and seller’s agents, then each would get 25%.
Thanks for sharing bitter seller. It would seem to me, as reinforced by 3:25pm, that if nothing else, it’s good business for a broker to give the buyer and/or seller a token of their appreciation for the business. Not surprising there seems to be so many FSBO’s springing up.
I’ve bought twice in NYC and both times I dealt directly with the owner so I don’t have any experience, but I’m shocked that it’s not standard operating procedure for the corcoran, BHS, etc to give gifts to buyer and seller. I mean, in my business, I send out gifts annually to all my clients and receive gifts too. Even the smaller guys like the printers who only get about 15k from me each year sends a great Omaha Steaks thing every year.
Isn’t that just doing business and keeping a custumer coming back?
I just gave a broker a huge commission this year on a brownstone…I was expecting flowers, a thank you card, anything…It really was just the icing on top of a ‘not-paying-attention-to-the-details’ cake. I’ve told all my friends to avoid giving their 6% to this broker….
I sold a coop and bought a house. Gave my coop broker a box of Jacques Torres chocolate, the house broker gave me a midprice bottle of Champagne.
Both in my opinion did a great job and worked together a little to coordinate my sell and purchase and keep up with closings. A small token of celebration and appreciation is nice to give, it does not have to be elaborate.
Our broker at Brown Harris Stevens gave us good champagne twice, both when we we sold and when we bought, with her. She repped us on both. And she sent me a gift when I had to have surgery, not long after that. I took her to a modest lunch and paid, because she did such a good job and went the extra mile. I’m the type to gladly reward extra good service. When these days it’s like wherever you go, you can barely get people to do the bare minimum of their jobs! I was talking with a friend recently about how nurses in doctors offices are so disorganized and incompetent, more and more, that when we get a good one we are falling over in gratitude so we bring them gifts and cards. Not to bash nurses, but I do think nursing is a field just like real estate, that lots of people got into only because there were lots of openings and opportunities recently, not because it was their true calling in life. Anybody who in a sea of ho-hum service is doing an awesome job, should be thanked for it! In addition to getting commissions.
Yes, 1:43, I do realize that, but I admittedly am not sure approximately how much of it they typically keep. My guess is around 50% and give the other 50% to “the house”, i.e., Corcoran, BHS, etc. Is that about right? Whatever it is, I still find the thought of tipping on top of such a large number appalling, given the amount of work, or lack thereof, in selling in the market over the past few years. If anything (and I’m shocking even myself by defending this group) the real estate lawyers seem to put in as much, if not more effort, and get a fraction of that amount for their work.
We closed and then went with our Broker to a celebratory lunch at Cipriani – his suggestion. The tab came and my girlfriend insisted on paying it. I about strangled her….