Realtors are constantly marketing themselves and giving gifts can be a big part of the promotion process. Whether it be for a closing gift, or some type of appreciation, the sheer volume of gifts and the dollar volume of expenditures make it worthwhile to take a closer look at what you are buying.
We often default to gift baskets, wine, or swag with our names on it. The problem is that much of this is bought in bulk and is often cheap and lower quality. There is no question that the gifts are likely appreciated by the recipient, but these gifts often lack a “wow” factor. So, how can we give better gifts and not break the bank?
The key to this is to set a reasonable budget, and then buy the best of something within that category. Here is what I mean…
If your gift budget is $15 to recognize a referral when it is first given, you may not want to buy a bottle of wine, or a set of BBQ tools from a discount swag company. Buy a $15 chocolate bar, cupcake, sleeve of ‘tour-level’ golf balls (closer to $17.50), or something of superior quality for the price range. The ‘wow’ factor from a high-end item will be much higher than from the $15 bluetooth speaker with crappy sound that will end up in the garbage.
The same principle applies to gift cards (especially restaurant gift cards). You typically get more equity from a well bought item over a gift card, but if the card is your only option, then I suggest you select one that has real purchasing power at that business. A $50 gift card to Crate & Barrel will not go very far, but a $50 Gift Card to Starbucks will buy a ton of coffee (even the fancy ones).
Here a few more ideas for reasonable priced items that are the are the best in the category: one or two single high-end beers ($7 – $8 each), an Apple Air Tag ($40), Vista Print silver foil address labels ($30), gourmet donut/cupcake/baking item ($7 – $10), gourmet chocolate bars ($10 – $15), YETI Tumbler ($45).
So the next time you are considering buying a gift… leave the cheap stuff alone and find the “best-in-class” items that fit your budget. Your clients will thank you!