Sometimes I notice myself using Realtor speak in conversations and I often have to stop myself because some of it may not make any sense! While I have a full Real Estate Glossary for you to read, if you need reading material for those nights you can’t fall asleep, this is more of the industry slang and jargon you may see written and overhear. If I missed anything, feel free to comment and i’ll add it, or you can email me!
Listing: The specific property that is on the market for sale (“listed for sale”)
Listing Agent: The real estate agent who represents the SELLER
Selling Agent: The real estate agent who represents the BUYER
REO: “real estate owned” aka a foreclosure or bank-owned property
MLS: “Multiple Listing Service” aka the database that holds all of the properties for sale (or locally, our MLS provider is MRIS)
Broker: Can mean 2 things: a general broker is the company I am with (ex. Keller Williams Realty, Long and Foster, Remax, etc.) or an “associate broker” is someone who passed a written test to add another credential to their resume (in Virginia, in order to sit for the exam, you have to be licensed for a minimum of 3 years)
CMA: “Comparative Market Analysis” the document a real estate agent provides to you to show the current value of your home, based on the active/sold/pending properties in the market
FSBO: For Sale By Owner – someone who will likely end up listing with an agent later on because it’s far too hard to do it on your own (just sayin’….call me)
Needs TLC: read – needs work/updating
Curb Appeal: the idea that if your house looks like crap on the outside, people will assume it looks like crap on the inside
Pocket Listing: a secret listing that may or may not be publicly listed for sale, but could be sold if the right buyer came along
Who lives here/What Type of People Live in this Neighborhood/Are there a lot of kids and/or families/What Neighborhood do you think I should live in? All questions that will make me lose my real estate license if I answer them. Sorry!
Editor’s Note: Thanks to Heather DeDona – The TriadAgent in Oak Ridge, NC – for this addition:
HUD: “Housing and Urban Development” When referencing a “HUD” listing it is a government owned foreclosure.
Ok, ok, so all joking aside, there are a lot of different terms thrown around in every day language between agents that’s different from the way we phrase things with you as a buyer or seller. If any of it doesn’t make sense – STOP AND ASK!!!! Don’t google it, ask. That’s what we are here for!
Another great and informative post! I thought of one to add: HUD (Housing and Urban Development). When referencing a “HUD” listing it is a government owned foreclosure.