All professions have their own jargon, Real Estate marketing is no exception. Vendors, Opens, Suppliers, Quotes.. the list goes on. If you’re new to the industry you might have heard these terms, but do you know what they really mean? Too self conscious to ask around the office? Then read below to get to know Real Estate marketing jargon secrets.
A vendor is the person (or company) who is selling a property. A vendor can be a real estate agent, but not usually. Most often the property is being sold by an owner who could be an individual or a couple. Data indicates between 10% to 20% of property sales are a result of a divorcing couple, which can be a more complex process than listing a property owned by a company such as a bank which is simply seeking to recoup their costs.
A Marketing Quote is an itemized list of the marketing products and services you will conduct on behalf of the property owner. When you’re quoting your services, the goal is to give the vendor the most accurate estimate of what they’ll pay. Importantly, this does not include the Agent’s commission, or any third party fees from pest or building inspection the vendor may choose to engage with.
To do this, it pays to be as transparent and easy-to-understand as possible about all costs associated with your services. This will make it easier for customers to compare prices and make informed decisions about where they spend their money. Therefore you should use an app that automates your quotes to eliminate errors and produce professional results.
Be mindful, quotes enable vendors to compare marketing costs from multiple Agents, so it is worth making sure you understand the cost behind each included product or service. If you’re more expensive it could be because one item is better by comparison, and worth the extra cost.
Marketing Content is not a new concept; it’s been around for years, but the evolution of technology has allowed Real Estate marketing to leverage it in ways not possible before.
In Real Estate, content marketing is generally under the following 6 categories;
- Professional property photography
- Property video
- Aerial photography
- Floor plan
- Professional Copy writing
- Virtual Tours
Effectively generating marketing content for your properties will be a point of difference to your competitors, helping generate leads and more listings in future.
The process of inviting potential buyers to view a property has many names. Open home, Open for Inspection, Open to View, OFI.. the list goes on. Generally these are scheduled ahead of time for anyone to attend, however some Realtors practice invitation only, or exclusive viewing events, to drive interest.
Opens serve several purposes. While it gives interested buyers an opportunity to “test drive” the property, it also allows Realtors to gather data on buyers in the market as well as displaying attention grabbing signage in the local area to drive leads.
An inspection is a thorough examination of a property to identify existing or potential problems and issues. Inspectors will look at everything from the roof to the basement, and make note of any concerns they may have. In addition to identifying issues, inspectors will provide recommendations for how these issues should be addressed.
Inspections are usually conducted by licensed professionals trained in building science, such as architects or engineers. Property owners can also hire their own inspectors at their own expense if they prefer not to rely on someone else’s expertise; however, these types of inspections aren’t typically covered by home insurance policies because they don’t meet professional standards (and therefore might not offer enough protection).
Offer and acceptance
Offer and acceptance is a legal term that refers to the process of negotiating a contract.
If a property is not sold at auction, the selling process requires the interested buyer to make an offer to purchase the property, and for the vendor to accept the offer and agree to sell at that price. Once an agreement has been met, there are legal and financial penalties if either party fails to complete their side of the contract.
We hope that if you are new to the industry that you have learned some new property marketing jargon and are now able to better understand the conversations in your office.