Real estate dictionary to get through the jargon
I keep on hearing soft complaints about the language we tend to use in our business. Our talk is peppered with jargon and acronyms – not always immediately understood by an innocent bystander.
Carpenters have their own jargon, bankers have their own words, lawyers do and guess what ... realtors have a host of words and acronyms of their own as well.
Since you will benefit from holding a list of translations, I’m offering you some web links to pages with explanations. Real estate jargon is sometimes quite amusing. Sometimes, there are many words that actually mean something a little bit different than in day-to-day life. For instance when we tell somebody that they are “almost expired”, this would not be making any indication of their imminent passing. I would merely refer to the listing of their house … the contract term is about to run out.
The following web special http://www.menno.ca/?page_id=580 lists the most frequently encountered real estate jargon. Since real estate is closely linked to financing, it also includes many mortgage terms that you may hear.
Word definitions vary. What the dictionary says isn't necessarily how realtors would use a certain word. Some expressions are even regional or not uniform across the board.
MAY ACTUALLY MEAN SOMETHING ELSE
There are many words in Real Estate that mean something else than in day-to-day life. There could be an additional meaning or one that would need further explanation to be totally clear. The word “SOLD” is an excellent example. Although it sounds like you would know immediately what that means, there are many stages of “SOLD” that we may run into in the course of even just one transaction. This blog article here deals just with the various meanings of the word SOLD: http://www.menno.ca/?p=8183
This is where it gets more confusing. Some words or descriptions we're not allowed to use due to certain laws. Others we must talk about - and woe those that forget to do so.
CONFUSING TOPICS
PRIVACY in real estate makes a great oxymoron, apparently. Still, there are certain real estate privacy rules and expectations that you really should know about before dealing with a realtor: http://www.mennorealty.ca/Blog.php/oxymoron
CREDIT SCORE: Many people will gladly admit that they have no clue how a credit score is calculated and what it really means – what it really does for you or not. This blog article goes into some detail: http://www.menno.ca/?p=9817
REFERRALS in Real Estate, another thorny topic that can be easily misunderstood or misinterpreted. It’s all part of what we like to call “Organized Real Estate”: http://www.mennorealty.ca/Blog.php/referred
APPRECIATION: Do you appreciate your home? Yes, probably or you wouldn’t have bought it. That’s not the “appreciation” we like to talk about in real estate. We mean its increase in value: http://www.menno.ca/?p=9754
FIXED MORTGAGES: Isn’t every mortgage fixed? Well, there are variable rate mortgages and even hybrid products out there. Some are open but most are closed. It’s good to know what you’re talking about: http://www.menno.ca/?p=9518
REAL ESTATE FEE: Some call this the “real estate commission” and others call it a fee, some call it a fee for service. Which is it, who pays it and why is there so much confusion about this: http://www.mennorealty.ca/Blog.php/amount
This blog page (with its links) is a good read on a rainy afternoon. It’s also a handy reference page, just for those times that you find yourself looking for a quick translation into regular English. Enjoy!
Best of all, of course, are real estate ads. In such a context, everything may mean nothing. As long as the ad isn't misleading, all is allowed. Isn't that "gorgeous"?
WHEN IT MEANS NOTHING AT ALL
Reading real estate ads, you might sometimes feel that you’ve come across a glorified puddle of blubber. After reading about extensive landscaping, a peak-a-boo view, the excellent location, carefully updated features, a walk-out basement that’s ready to be finished, and everything else that’s gorgeous, fantastic or otherwise outstanding, you may come to the conclusion that you still know nothing about the property.
Generally speaking, real estate agents may not say anything about people (privacy) and everything about property (public information). Guess what, talking about the weather is always encouraged.
A lot of information of what goes on behind the scenes in the world of real estate is available on those blog pages. Here are some suggested links.
OTHER marketing-related blog articles can be found here:
Marketing and affordability:http://www.mennorealty.ca/Blog.php/afford
The economic push and pull: http://www.mennorealty.ca/Blog.php/economic
What is a mortgage renewal: http://www.mennorealty.ca/Blog.php/renewal-1
Buyers market or sellers market? http://www.mennorealty.ca/Blog.php/balancedmarket