Term
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Definition
| the real estate agent within a brokerage assigned to handle walk-ins and call-ins on a specific day and time. Also known as a floor agent |
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Definition
| when only real estate agents are invited to an open house |
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| the number the IRS allows people to deduct from the sales price of the home when figuring the gain from sale. |
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Term
| *buyer commission generated by dollar cost per prospecting method |
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Definition
| the total buyer commissions from a prospecting method divided by the total direct dollar cost of that method. |
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Term
| *buyer commission generated by time cost per prospecting method |
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Definition
| the total buyer commissions from a prospecting method divided by the total time spent on that method |
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Term
| buyer prospecting strategy |
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Definition
| an organized strategy for locating prospective buyers of real estate which includes specific tactics, measurable goals, and feedback system. |
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Definition
| a presentation to a group of buyer prospects on general home buying topics |
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Definition
| a personal contact with a potential client initiated by the real estate agent |
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Term
| *commission generated per prospecting activity |
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Definition
| The (commissions earned)/(cost of the prospecting activity). Because it often takes many weeks or months to close a sale, the commission generated per prospecting activity cannot usually be accurately until a considerable time elapses. |
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Term
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Definition
| a computer dedicated to running server applications through a network. these computers are usually used to store and allow access to world wide web pages. |
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Term
| cost of each prospecting activity |
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Definition
| the total of all direct dollar costs of a prospecting activity. |
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Term
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Definition
| the (dollar cost of the prospecting activity)/(number of prospects generated by that activity). |
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Term
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Definition
| the (dollar cost of the prospecting activity)/(number of leads generated by that prospecting method). |
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Term
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Definition
| a noncash deduction permitted by the IRS for capital recovery. Depreciation does not necessarily have to correspond with the useful life of an asset or the market value of an asset |
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Term
| *dollar cost per open house visitor |
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Definition
| the total of all direct expenses incurred by an agent for an open house divided by the number of the open house visitors. |
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Term
| *dollar cost per prospect |
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Definition
| the total of all direct expenses incurred by an agent for a prospecting method divided by the number of prospects generated by that method |
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Term
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Definition
| someone with a strong desire to buy who cannot buy today |
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Term
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Definition
| someone financially able to buy today who has a strong desire to purchase quickly |
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Term
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Definition
| property and structures purchased with the primary goal of obtaining a positive cash flow and a positive return on investment. |
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Term
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Definition
| someone who many be interested in buying or selling real property |
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Term
| letters of congratulation |
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Definition
| letter sent to recognize something positive like a promotion, birth, or marriage |
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Term
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Definition
| someone financially able to buy, but probably will not buy within 90 days. |
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Term
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Definition
| a professionally decorated sample home used to demonstrate properties available for purchase |
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Term
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Definition
| using contacts with other people to generate leads and info that could lead to successful real estate transaction. |
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Term
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Definition
| organized real estate info compiled or written by the agent sent to previous, current, or prospective customers. |
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Term
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Definition
| when the public is invited to visit an existing home listed for sale. |
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Term
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Definition
| the coordinated showing of many agent open houses in a short time frame |
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Term
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Definition
| a sheet used to record info on call ins to a brokerage. they remind agent of the info that should be gathered as wel as helping ensure there is proper follow up on leads |
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Term
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Definition
| when an investment or business enterprise generates more total revenues than total costs over a tim period. |
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Term
| *positive return on investment |
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Definition
| the gain on sale of an asset divided by the total price paid for the asset. only assets sold at a profit can have a positive ROI. |
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Term
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Definition
| people who manage the day to day operations of rental property. property managers may or may not own the rental property |
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Definition
| a person who is a good candidate for selling o buying real estate |
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Definition
| the process of locating potential real estate customers |
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Term
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Definition
| locating individuals with the means and desire to purchase real property |
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Term
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Definition
| an organizing strategy for locating potential real estate customers including specific tactics, measurable goals, and a feedback system. |
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Term
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Definition
| an organized, ongoing, and systematic process of locating potential real estate customers |
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Definition
| the process of determining if a lead is actually a prospect |
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Definition
| an individuals perception of the enjoyment gained from living in a specific community |
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Definition
| the belief that new business occurs by random chance |
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Term
| ready, willing and able buyer |
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Definition
| a prospect with the financial means, available funds, and desire to buy real property |
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Term
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Definition
| a recommendation of real estate services to another person. |
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Term
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Definition
| a general letter praising past performance and recommending the services of an agent. |
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Term
| *time cost per open house visitor |
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Definition
| total time spent by the agent on all open house activities divided by the number of open house visitors |
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Term
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Definition
| total agent time spent on a prospecting method divided by the number of prospects generated by that method |
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Term
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Definition
| a complex form of real property ownership where the purchaser has the right to use the property for a limited amount of time during the year |
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Term
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Definition
| a coordinated showing of many open houses to the public in a short time frame |
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Definition
| homes used for recreational purposes that the buyer does not intend to use as their primary residence |
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Term
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Definition
| are prospects with the financial ability to purchase, who have not fully committed to buying a home if something is found within their budget that they like |
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Term
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Definition
| an individual unable to buy within the next 90 days |
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Term
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Definition
| when only real estate agents are invited to an open house |
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Term
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Definition
| agents viewing properties without accompanying a prospect outside of an agent open house |
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Term
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Definition
| verbal and nonverbal signals given off by prospects indicating that they are considering making a written offer on a property |
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Term
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Definition
| individuals value harmony in their thoughtts and world views. people try to reconcile their beliefs when they hold positive an negative attributes towards the same thing |
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Term
| complex consumer decision making |
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Definition
| decision making when consumers put a lot of thought and effort into a high risk or important purchase |
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Term
| global positioning systems (GPS) |
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Definition
| a receiver of satellite signals enabling users to pinpoint their location on a map |
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Definition
| a feature or room which generates strong emotional reactions from a prospect |
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Definition
| when prospects imagine how they would arrange their personal property and live their daily lives in a property they are considering purchasing |
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Term
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Definition
| a professionally decorated sample home used to demonstrate properties available for purchase |
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Term
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Definition
| determining if the buyer is willing to purchase a specific property that they financially are able to purchase within a specific time frame. The willingness of buyers to make a written offer is the ultimate test of minimal levels of buyer desire. |
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Term
| qualifying buyer housing needs |
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Definition
| determining the specific property features needed for a buyer to make a written offer |
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Term
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Definition
| process of qualifying buyers financially, qualifying buyer housing needs, and qualifying buyer desire. The three elements of financial, housing needs and desire must all be met before a prospect is a completely qualified buyer |
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Term
| qualifying buyers financially |
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Definition
| determining if the buyer has the financial means to purchase specific types of properties |
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Term
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Definition
| when a sales person accompanies a more experienced sales person who interacts with customers, shows homes, screens prospective buyers, and performs other sales tasks. |
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Term
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Definition
| the sales price of a home minus the price paid for the home. Those keeping detailed records are able to calculate the basis in the home. In these situations, the gain from sale is the sales price of the home minus the basis in the home |
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Term
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Definition
| an exclusion from paying federal capital gains taxes on the sale of a primary residence occupied for the past 2 or more years. In 2008, individuals had a gain on sale exclusion for $250000 for individuals and $500,000 if a married couple |
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Term
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Definition
| the length of time between purchase of an item. For example, repurchasing cycle for chewing gum is very short while the repurchase cycle for real estate is typically long. |
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Term
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Definition
| a measure of the effectiveness of mailing. Calculated as response rate=(# of respondents)/(total # in the mailing-# of undeliverables). For example, a mailing of 1000 letters was sent to apartment renters. 75 letters were returned as undeliverable. 90 people responded to the mailing. The response rate would be 90/(1000-75)=9.73% |
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Term
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Definition
| records each property advertised by the brokerage along with alternative properties having similar features. Used to "switch" callers to an alternative property when leads have objections to the original property motivating the call |
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Term
| welcome wagon approach to community information |
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Definition
| when agents provide buyer prospects with every available brochure and web address of community information without attempting to focus only on information fitting client needs. |
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