Free iPad with the purchase of any home (over $75,000) !!
I am a broker in the state of Florida and I keep thinking of ways to get non-loyal Buyers to feel some sense of loyalty. My first offer was more along the line of humor, and I stole (with pride) the idea from another agent. The offer was “Free Large Pizza with the purchase of any house”. While this offer got me a few laughs, it really didn't make the phone ring or bring any real buyer loyalty. Then I thought of an offer that really makes some people's mouth water. The iPad.
I understand myself that if I could buyer something I was going to buyer anyway, even a large ticket item such as a car or house, and get an iPad to boot, I would choose that supplier. I've always wanted an iPad but never felt I had the discretionary funds to go out and buy one. If it was offered in connection with another deal, it would have a lot of influence over me. I see builders offering iPads, but in most cases they are all choosing to offer “A CHANCE TO WIN” and iPad. If I wanted to gamble, I would play the lottery. I would like to know for certain that if I bring my people to builder and they do end up buying – I get my free toy on top of my commission check. I understand that different brokers handle such agent bonuses differently.
But here comes my question to all of you: am I crossing any legal boundaries by offering my buyers something so expensive as a closing gift? Might it be construed as a commission or some kind to a non-licensee? Would I have to send them a 1099 at the end of the year?
Why do all of these legalities take the fun out of such good ideas? I'm calling the FAR Legal Hotline this morning to discuss this. If I do find out that there is a safe and legal way to offer an iPad with every house purchase (over 75K) then I feel confident that the extra buyers coming my well will more than pay for the “gifts”.
I trust that none of you will try to steal my idea! Let me know what you think.