Am I supposed to buy gift for real estate agent and mortgage

Amarante

Wed, Dec 22 2021, 10:05 pm

amother [ Dodgerblue ] wrote:

That check is before splitting it a few ways. Don't assume it's all theirs. This may explain it....

Before you go and ask for a discount on your commission from a Realtor for helping you sell your home, please understand what you're truly asking for them to do ... and ask yourself this question: If your boss came to you and asked you to work overtime, but wasn't going to compensate you for doing so, would you still do it?

Another day, another person who says realtors are overpaid and an unnecessary part of a transaction. I’m assuming that those who think this have either been watching too much Million Dollar Listing or think they know how to do it all on their own.

Exhausting, isn’t it?

I don't begrudge realtors their commission. However, it is not protocol for the client to give the realtor a gift at closing.

amother

Saddlebrown

Thu, Dec 23 2021, 11:38 am

causemommysaid wrote:

Seems like an odd thing to do.

Unless they went above and beyond in some way, why would you get them a gift? The commission is the payment.

If anything, they get you a gift for closing with them.

It's not the gift. It's the attitude. Grateful clients refer others. Clients with this approach don't, (even when oftentimes they closed only because we went above and beyond and kept the deal moving along when their attorney, CPA, and all other parties in the transaction took a lackadaisical approach). Same way some people are more likely to tip than others.

Yes, they're getting paid. But they worked hard on your behalf and if their caring came through, at the very least express your appreciation whether with a note, an email, a phone call or by referring others.

amother

Aquamarine

Thu, Dec 23 2021, 1:07 pm

amother [ OP ] wrote:

Do people buy gifts or something for their real estate agent and mortgage broker when they close? Or do you just shake hands and good bye

Only skimmed through the responses. Quiet surprised. We gave chocolate bars for mortgage broker and the secretary that filed all the paperwork, real estate agent & her boss and our attorney.

Doesn’t take much to show appreciation.

And no we did not have perfectly smooth sailing. But still it’s always nice to get a small token of appreciation for the hard work that was put in.

ETA: and in general giving something small to doctor and nurse, ob/midwife, (even flight attendant!) will change the whole way they treat you/your child. Doesn’t take much, but goes a long way!

Rubies

Thu, Dec 23 2021, 1:13 pm

amother [ Saddlebrown ] wrote:

It's not the gift. It's the attitude. Grateful clients refer others. Clients with this approach don't, (even when oftentimes it's only because we went above and beyond and kept the deal moving along when their attorney, CPA, and all other parties in the transaction took a lackadaisical approach). Same way some people are more likely to tip than others.

Yes, they're getting paid. But they worked hard on your behalf and if their caring came through, at the very least express your appreciation whether with a note, an email, a phone call or by referring others.

I tip generously but I disagree.
Of course it's always nice to show appreciation to all people in life, but this is in the same category as any other business. Unless you're of the opinion that all places should be receiving recognition for hard work, I don't see how this is different.
You receive a gift so you hopefully stay as a client, use them again and refer your friends . Same like all the rosh Hashanah or chanukah gifts businesses distribute.

pesach

Thu, Dec 23 2021, 4:31 pm

amother [ Saddlebrown ] wrote:

Excuse me??? What kind of comparison is this?

Your real estate agent and mortgage broker spend days and weeks working on your behalf! Being a mortgage broker is one of the most stressful jobs out there; what with coordinating with your attorney, insurance agent, realtor, appraiser, underwriters, bank closers and oftentimes many others to ensure a smooth transaction. It takes hours and hours of behind the scenes work for me as a loan officer before my assistant, and certainly before my loan processor even get started on the client's paperwork! And you're comparing it to a one time plumbing fix or the purchase of a basic dress???

This response really ticked me off, because it seems that the OP does understand that under normal circumstances in which her mortgage broker wouldn't mess up it would be nice of her to express her appreciation. I find that it's generally the clients with the tougher deals (sometimes also the tougher to deal with...) that have no gratitude whatsoever. A nice thank you email or thank you phone call is always appreciated. There is that 5% that takes the time to send a gift, though to be honest that happened more frequently in my first 5-7 years in this line of work than in the most recent 5-7 years. Generations and expectations are changing...

Apparently I hit a nerve and I am sorry for that!

In truth YOU ARE RIGHT! comparing a mortgage broker or real estate broker to a plumber or sales lady is out of line as the mortgage broker gets paid THOUSANDS when the deal is closes while the plumber gets paid 150$ when your toilet is fixed. And the saleslady that helped you pick out that dress? You know, after you tried on 17 others and left them hanging in the fitting room for her to put away? She gets paid $20 an hour.

So you are right. That is an unfair comparison.

I stand corrected.

amother

Seablue

Thu, Dec 23 2021, 4:42 pm

amother [ Saddlebrown ] wrote:

Grateful clients can say thank you so much, they don’t need to give a gift.

I constantly refer people to professionals or stores I was happy with. I don’t need to send a gift in order to refer people

My husband is in a field where he gets asked to help people for free on a weekly or daily basis. He does not expect a gift! Even though he does not get paid to help! Yet mortgage brokers who get paid thousands expect a gift?

pesach

Thu, Dec 23 2021, 4:42 pm

pesach wrote:

On a final note: A thank you note or email is welcome and appreciated in every profession.

pesach

Thu, Dec 23 2021, 4:54 pm

amother [ Seablue ] wrote:

My point was it’s nice to tip and show gratitude to every man or woman that gives you service especially those doing good by you. And especially those who don’t make that much money.

amother

Saddlebrown

Thu, Dec 23 2021, 6:11 pm

amother [ Seablue ] wrote:

Nowhere did I say that a gift is expected. I did say that gratitude in any form is appreciated.

And yes, I agree with other posters that appreciation is called for in every profession.

amother

Saddlebrown

Thu, Dec 23 2021, 6:19 pm

pesach wrote:

You have probably never purchased a home before. The typical buyer doesn't walk in to see a house one day, has his offer accepted the next, and contacts a mortgage broker for the first time the day after only to close 3-4 weeks later. Most buyers develop a relationship with their realtor and mortgage broker after spending hours and hours talking and discussing their needs as well as different options before they even start looking at the first house! Sometimes it's many months of phone calls, emails, and texts at all hours of the day, and often it's years from when I've spoken to a potential client the first time until closing. So our relationship once closing finally happens is generally very different from the relationship anyone has with a plumber that stopped by for an hour or two or even three for a repair or a saleslady in a clothing store that was really kind and helpful.

So that was an unfair comparison. I agree.

causemommysaid

Thu, Dec 23 2021, 6:22 pm

amother [ Saddlebrown ] wrote:

I dunno. I referred others to my agent even though I didn't buy a gift and I said thank you. My agent worked with me for 6 weeks part time and made about $20,000. It's not like he didn't do well on the deal.

amother

Dandelion

Thu, Dec 23 2021, 7:14 pm

amother [ Saddlebrown ] wrote:

I'm not special in any way, but that's pretty much how I got my current house (closing took more like 6-8 weeks, but the delay had nothing to do with either the realtor or mortgage broker). I think I met the mortgage broker once, briefly. According to people house hunting during the past year, the process has been going even faster as houses are being snapped up.

amother

Canary

Thu, Dec 23 2021, 7:35 pm

amother [ Saddlebrown ] wrote:

We just did exactly that as did many others that I know. That's how today's market works.