Thanking Your Broker

A month after closing, when you've firmly decided you're not going to sue it.

I would think 6%/3% would be enough. I was wondering - what constitutes A "GREAT" broker?

If you thought you had a great broker, I'd give him or her a bottle of wine or liquor as a thank you.

Of course the best thank you is recommending them to friends and family and mentioning them on this website.

what a nice thought! in my experience, thank-you gifts come at or after closing.

I hosted a happy hour (i.e. open bar, free food) for my team (broker, lawyer, and relevant staff) after I closed. I also sent a Shari's Berries gift box to their respective back office staff and to my lender's back office staff because I had a very weird closing and I felt as though they all really hustled to see my deal through. I'm not saying this is obligatory, but I thought it was the classy thing to do.

Nothing says class like a chocolate covered strawberry!!

"I thought it was the classy thing to do."

It was, pay not attention to Apt_Boy, he's probably the type that stiffs waiters!

I'll give you a stiff one

I hope you're referring to a sidecar.

For some reason alan's sue 'it' comment had me laughing out loud. :-D

I once gave a gift - an expensive chocolate basket from a local shop - to a buyer's agent who was great. He actually advised me not to buy the property I bought, spent a lot of time counseling me to make sure I knew what I was getting into, and then twice during negotiations recommended that I walk away. I think he was actually sorry that the deal ended up happening. If I didn't know him to be an honest person, I'd swear it was some kind of bizarre reverse psychology.

Anyway, I no longer live in that area, but I recommend this guy to EVERYONE in the area and have probably netted his firm half a million dollars in commission, which is (let's face it) the best gift you can give to a broker. And a tip for brokers: young buyers (first in their peer group to buy) with big mouths can be cash cows because all of their friends will look to them for advice.

I've never met any other broker like this guy, especially in NY. This last time, our "dual agent" got a thank-you note from us. He was a reasonable, fair, relaxed person who stood out among a sea of snakes. But he did some things for us, as buyers, that were questionable given his obligation to the seller, so I'm not sure we'd ever list our place with him unless we forbade dual agency. Another tip to brokers: every time you walk or cross a line for a buyer, they may assume you'll do it for another buyer when it comes time for them to sell.

maybe it's the rainy weather and i'll come across as a scold, but the guy/gal is getting paid to do a job by you or the other side - you aren't dating the person, recommend him/her to friends when asked if the job is well done.

Thank you for the 3,186 open houses. Thnk you.

How open are these 3,186 open houses? Do they allow apes to visit?

Yes thank them for not being as lame as most brokers. Better yet, just overpay them for doing their job, and be done with it.

I forgot how anti-broker these boards can be; I feel like I get small thank-you gifts of the bottle of Dom/fancy chocolate/restaurant meals variety nearly half the time.

Note that if you're thinking of giving a big thank-you gift (yes, some people tip fair amounts of cash, usually when you've saved them from a train wreck and put them in a good situation instead) it can't go straight to an agent, as that's a licensing violation, so it needs to go through the firm.

But it's a perfectly lovely thought, and I'm sure it will be tremendously appreciated.

lad: are you sure the broker you worked with was a "dual agent"? It sounds like you weren't working with a broker when you met him, in which case he was simply representing the seller in a "direct deal." Whether he screwed over the seller may not be something you can judge -- i.e., if I'm representing a divorcing seller I can disclose that to buyers when I think it's advantageous if I have the prior consent of the seller. Seller agents can have a great deal of latitude if they have certain authorizations from their seller clients -- and you might not be in a position to see that.

ali r.
DG Neary Realty

"I forgot how anti-broker these boards can be; I feel like I get small thank-you gifts of the bottle of Dom/fancy chocolate/restaurant meals variety nearly half the time."

OH.
MY.
GOD.

This is precisely why people hate brokers! WTF kind of elitist thinks that a "bottle of dom" is considered a "small thank-you gift"??

Oh wait -- the same characters who consider million-dollar apartments to be "starter homes" ... apartments with sleeping lofts or sunken living rooms to be "duplexes" ... 875 square feet to be 1500 square feet ... Fourth Avenue to be Park Slope ... and apartments on West End Avenue or Sutton Place to be only "steps away from Central Park!"

Overreact much, Matt?

It's all about context, really. In the context of a million dollar transaction, a $150 bottle of champagne is relatively small. Of course, in other contexts (e.g., going to someone's house for dinner), a bottle of dom wouldn't seem as much like a "small" thank you gift.

From the buyer's perspective, a few years back, I sent a bottle of wine (of similar cost) to a lawyer who providing significant help on a transaction that didn't close - I considered it a "small" thank you.

http://www.franzia.com/aboutthewines_housefavorites.shtml#2

Matt didnt overreact. brokers are scum, simple.

In the context of a million dollar transaction, 60000 is thanks enough. in all cases, it is the broker who by default should be thanking their customer, and I realize this happens, so calm down.

I think just a really nice card with a personal note is great. If the sale closes, the broker is richly rewarded financially, so just a nice note of "Job well done" is quite satisfying.

Keith Burkhardt (broker)
http://theburkhardtgroup.com/agents_details.php?agent_ID=7619

That should have been from "KeithB"...thats my biz account above.

It is true, we do a job to get paid. But when a gesture of thanks is given, it always makes you feel good. http://www.jduceyrealestate.com

"In the context of a million dollar transaction, 60000 is thanks enough."

When I perform my media consulting services and get a check for my "transaction", I never expect a bottle of Dom as a "thank you". Or frankly, anything else. I thought that's how it worked for professionals ... you get paid, that's it. What's with this "thank you" silliness?

Next you'll be suggesting we TIP the broker too.

The best "thank you" is to refer to your broker any friends or associates you know that need a good broker.

Agreed that the best "thank you" is a referral. I'm not exactly pro-broker, but I do recognize that there are some great ones out there. There is nothing wrong with a small token of appreciation for a job well-done in real estate or anything. If somebody goes above and beyond the call of duty, especially if you have a difficult transaction, a small gift (along with a nice handwritten note) is very classy. If you don't know what to get the person, what I usually do is ask one of the people's co-workers. So that they have an idea of what you want to spend, I often say something like "I was thinking of getting __________ a ____________. Do you think he/she would like that or is there something else you think he/she would like better". You don't want to buy a bottle of wine for somebody who doesn't drink wine, or worse, doesn't drink at all. Another nice idea is a note to the person's boss/owner of the company about what a great job the person did.

matt, do you not give business-related gifts? Broadway tickets, relevant books, fancy restaurant meals, fruit baskets? ... I'm thinking now of stuff I've given other people, and it seems natural to me ... is this just because I'm a Southerner?

ali r.
DG Neary Realty

I agree that the best 'gift' a client can give is a referral to a friend or family member about the broker's service quality, etc.. All the gifts I ever got were referrals and verbal thank yous and maybe a drink night out to keep in touch after closing. Not that a gift isnt nice or anything, but a 'thank you' note on how I helped the client is really more than enough. This is an inter-personal relationship business, always will be. So I think its the broker's job to be giving gifts rather than the other way around to compliment service provided to the client. Just my two cents..

Noah is right as usual. My superb broker sent me gifts months after closing (Zagats guide, chocolate etc). We on the other hand thanked him many times (he lives in our neighborhood) and he made a sale on one of our referrals a few months later.

in the real world, vendors and service providers send gifts---clients receive them. not the other way around.

Exactly.

If anything, the BROKERS should be the ones giving the thank-you gifts!

Exactly. Just. Like $.10 bj matt gets kickbacks from vendors of his coop in washington hgts.

I give generously (:

Keith Burkhardt (broker)

People who "hate brokers" are the same kind of person who generalizes about everyone and everything. So much anger! Some brokers are unethical, but most aren't, just like EVERYONE in life. Get a life. Or therapy.

Lossbroker, is that really you?

Clients rarely send thank you gifts to service providers, while service firms/professionals typically host closing dinners for deals, give holiday gifts etc.

However, personal matters are a bit different. Yes, a broker earns a commission, and they should *always* send the buyer/seller a thank you note/gift after closing. However, I've always it found it nice to also send a token of appreciation for good service whenever warranted. It ends a transaction on a positive note, and you'd be surprised how much goodwill a little bit of thoughtfulness will buy - future insight/information, the expedition of your next project/job, continued good service. Taking the approach the a broker or other service professional is not "entitled" to gift may be technically accurate, but it's pretty short-sighted, imo.

"Taking the approach the a broker or other service professional is not "entitled" to gift may be technically accurate, but it's pretty short-sighted, imo"

For a professional whose services I would conceivably utilize on a regular basis, perhaps.

For a professional whose services I would conceivably utilize perhaps once every decade? No.

Loftbroker said:
"People who "hate brokers" are the same kind of person who generalizes about everyone and everything. So much anger! Some brokers are unethical, but most aren't, just like EVERYONE in life. Get a life. Or therapy. "

As a broker arguing a point about broker ethics, do you think it's a good idea to say that people who think your industry lacks ethics have no life or mental issues?

People for opinions about brokers from direct experience. Your point of view is really B.S.

NYCMatt, I don't plan on buying/selling anytime soon. That being said, I appreciate the broker who represented my purchase - I was able to put in an offer on it before it even hit the market, and yes I certainly paid a premium for that right, but I had the info before anyone else. She occasionally gives me calls about other interesting apts that may be coming available, insight (or gossip) into who is buying/selling and why etc, what she thinks my apt is worth, and even special tours of some great places. She knows there's less than a 1% chance that I will ever trade apts again, but she'll have the business on both sides if it ever happens. A holiday card and bottle of wine or occasional afternoon lunch is a great way to maintain that relationship.

You're right, buster.

I hope you're enjoying those bottles of wine and those brunches from your broker.

LOL - I appreciate your perspective almost as much as your delivery...

I say throw a ball.

How come the OP never returned. Shill, perhaps?

And what's a ball without a 5-liter tetra-brick of Franzia Sunset Blush fine wine product?

>How come the OP never returned. Shill, perhaps?

Totally, anyone who starts a thread and doesn't return is a shill. Check out this idiot: http://streeteasy.com/nyc/talk/discussion/25684-w-67s-prediction-come-to-pass-thru-the-backdoor