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"I really like to give a loyalty gift
for successful performance when I'm using
a title company for the first time," top producing
realtor® Austin Sinclair says, " They're always
extremely appreciative by my gesture and nearly
always go above and beyond the call of
duty for me in the future..."
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Having
a successful real estate business depends on a powerful network of closing
lawyers, lending institutions mortgage companies, home improvement specialists,
appraisers, insurance agents, housekeepers and more around you.
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•Best Practices: Loyalty Gift Overview |
Loyalty
gift giving is an art, not a science. But its principles and challenges
are easy to master. Loyalty gift giving may have surprising
impact, helping you meet the following challenges:
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Enhancing relationships with and improving loyalty of your network
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Improving the service level of support businesses
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Developing greater team member goodwill and productivity
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Increasing top-of-mind awareness among prospective customers
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Improving
relationships with government agencies
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Fostering
good relationships with the press
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When
you are perceived in a more positive light,
and when key people feel like they are recognized
and appreciated, then goodwill, service,
productivity, and loyalty improve.
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Give Emotional Value |
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most effective gifts, with the highest ROI (return on investment) in
terms of enhanced relationships, are those that provide emotional
value beyond the market value of the gift.
In fact, some of the best gifts have a very small dollar value, but
generate powerful positive emotions that make them very impactful.
Food especially carries high emotional value and is almost universally
appreciated.
For example, the gift of baked cookies, rich chocolates or a turkey
at Thanksgiving costs just a few dollars, but arouses wonderful nostalgic
feelings.
Warm memories associated with
milk and cookies, Grandma’s candy bowl, the aroma of roast turkey
in the kitchen, and being surrounded by beloved family and friends carries
high emotional value.
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Appearance is Everything
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the highest ROI comes from emotional value, imprints of advertising slogans
or logos, etc., on the gift may actually decrease its impact. Self promotion
of any kind included with the gift makes you selfish and cheap. Leave
this for pens, hats, cups, golf balls, and other promotional items that
serve entirely different purposes. The
food gifts you give should have perceived high quality
or you will be perceived as being cheap. Private label items and gift
certificates to mass merchandise stores also carry a low value perception
and should be avoided.
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NEVER give gift certificates to customers,
vendors, or others outside my company," shares Angela,
another veteran real estate agent, "Regardless of how convenient
they may be, cash or cash equivalents
should rarely if ever be considered as loyalty gifts..."
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Value Recognition |
The
optimum loyalty gift is one that carries high emotional value at the
point of giving as well as at the point of use and the point of recollection.
The value of the gift, both emotional and market value, is primarily
recognized at the point of giving by both the giver and the receiver.
For example, a realtor who gives his mortgage lending office a gift
basket of chocolates is better appreciated and fondly remembered whether
or not the employees actually partake of the chocolate. The appraiser
appreciates the gold-foil wrapped Monopoly board game whether or not
he actually plays it. The giver realizes much of the benefit regardless
of what happens after the point of giving.
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"My
main concern is making
sure the deal goes through smooth,"
states a New Haven Broker, "I know I am not a one
man team. Giving gifts after each close for over twenty years
has been a lucrative success secret for me.
Not only to the attorney, to the home inspector, the
exterminator, my assistants, the girl who
arranged the closing gift basket."
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But don't stop there. You can maximize ROI by giving gifts
that will also have recognition value at other points in time, such
as the point of use and the points of recollection.
The cash gift carries the lowest ROI. Retailer-issued gift certificates
and gift cards and other cash-equivalents show similar results. Even
though it may have a high market value at the point of giving, cash
carries little emotional value and is quickly forgotten as it becomes
mingled in the pocketbook with other cash. Most of the time the recipient
will not even remember what was purchased, so the cash carries little
recollection value.
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Loyalty Gift Pointers to Consider |
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create the highest potential for enhanced business relationships consider
the following points:
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Timing of Gift Giving - Loyalty gifts should be appropriate
to the occasion and to the relationship. Too frequent gifts reduce
their perceived value. Consider limiting significant gift-giving to
special occasions like holidays, birthdays, anniversaries, etc.
- Do
Your Homework - Some companies restrict their employees in
accepting gifts. Avoid embarrassing yourself and your customer –
Make sure his/her company policies allow accepting gifts, and what
conditions may apply. Often this is resolved with a candid question
posed to an assistant or secretary.
- Liquor
and Wine - Although this type of gift has been a traditional
favorite in some circles, it is becoming less popular. It may be offensive
to some whose religious or personal standards preclude liquor consumption.
Never consider liquor or wine as a loyalty gift unless you are absolutely
certain it will be appreciated by every recipient.
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News Media - Proactively developing good relationships
with the news media is a good idea that may come in handy. But most
media companies have strict policies about accepting gifts. Generally
your gift should not be given to a specific individual, but rather
should be something that can be shared by everyone in his office. Go
the extra mile to avoid any appearance of offering a bribe.
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About
the Author
Hubert
Brimley II, is a recently retired real estate broker from Malibu
California. He is currently authoring a blueprint for real estate success
for agents. He welcomes your comments, questions, and suggestions.
Copyright © 2007 by Hubert Brimley II, all the text in this article
are the copyright works of Hubert Brimley II. All Rights Reserved. For
permission to use, post or redistribute this article please email
the author.
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Top Realtor Gifts. All Rights Reserved.
© Copyright 2006-2007
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