Title: Reald Estate Jargon 101: Essential Terms Buyers & Sellers Need
Meta Description: Learn essential real estate terms buyers and sellers must know. Simplify
transactions with this handy glossary from REI Podio CRMs.
Primary Keywords: Podio CRM, Podio for Real Estate
Secondary Keywords: CRM for Real Estate Wholesalers, Real Estate Wholesaling, Podio
Customization, Customized CRM, Best CRM for Real Estate Wholesalers & Investors
Real Estate Jargon 101: Common Terms
Buyers and Sellers Should Know
Literacy of real estate terms is one of the greatest equalizers. Even if you are following one of
the most common business models of buying, selling, and wholesaling, knowledge of the terms
will make the entire process a breeze. With so much at stake, it’s important to feel confident
about every decision. At REI Podio CRMs, we aim to empower real estate professionals and
beginners with clear, actionable insights.
This glossary-style guide covers essential real estate terms buyers and sellers need to know.
Bookmark this article for quick reference—it’s your go-to guide for smoother transactions.
General Real Estate Terms
1. Listing
It’s a real estate property advertised for sale and generally managed by a real estate agent also
known as a listing. In order to attract buyers, effective listings have detailed descriptions, high
quality photos and an accurate pricing. For instance, listings with professional photos sell 32
percent faster than those that aren't, according to a National Association of Realtors (NAR)
report.
Pro Tip: Highlight unique features like location benefits or recent renovations to make your
listing stand out. Success stories show that sellers who invest in detailed and visually appealing
listings often secure offers above the asking price.
2. Multiple listing service (MLS)
It’s a centralized database that connects real estate professionals to available properties. This
platform allows agents to share listing to other so that the property is exposed to maximum
individuals. Real estate industry reports indicates that MLS properties often sell 17% faster than
any other method marketed.
3. Closing
The final step in a real estate transaction is when the buyer becomes they legal owner and all
payment is finalized. For example, during the course of a sale, a buyer could deposit funds in an
escrow account to protect the outcome when everything is complete. Industry experts say that
at closing, you should go through all of the documents to make sure that everything is OK to
avoid delays or disputes.
Terms for Buyers
4. Earnest Money
The earnest money is a deposit that buyers pay to show that they are interested in buying a
property. Most often, it is held in an escrow account until closing and used to pay towards the
purchase price. An example is if a market is competitive, you can offer a larger earnest money
deposit to make your offer stronger.
5. Pre-Approval
A lender's pre-approval means that the buyer meets certain financial criteria required to
purchase a loan amount. Second, this means the buyer has the wherewithal to actually buy the
product. A report from Fannie Mae notes that those with pre-approval are 30% more likely to
have offers accepted.
Tip: Offers with pre-approval give sellers a great deal of confidence that you’re ready to buy,
especially in multiple-offer situations.
6. Contingency
Thus, contingencies refer to the certain conditions that must be satisfied in a sales agreement to
fill the deal. Home inspections and appraisal contingencies are common examples of protecting
buyers from things for example that they did not know or expect to occur. For instance, an
inspection contingency guarantees that property will be in a good condition prior to the
transaction.
Terms for Sellers
7. Listing Agent
A listing agent is an agent with the seller at all times throughout the transaction. In pricing the
property, marketing the property and negotiating offers they help. For instance, introducing
professional photography and staging can contribute to a listing's appeal and thus people will be
more likely to sell faster.
Pro Tip: If you are hiring experienced listing agents, you will find that they have a network of
buyers, and can result in faster and more profitable transactions.
8. Comparative Market Analysis (CMA)
A CMA or Comparative Market Assessment is a report that compares your property to recently
sold homes in the area and helps a seller set a competitive asking price. A CMA based property
will sell faster and closer to the asking price compared to properties priced incorrectly.
Statistic: Zillow says homes that are overpriced sit on the market too long, and that reduces
buyer interest by 25 percent after 30 days.
9. Escrow
An escrow is a third party account that holds funds and documents during the transaction to
protect the buyer and the seller. For instance, you’ll often deposit earnest money in escrow until
closing. Escrow guarantees that all the contract terms will be met before a transaction is
completed.
Financial Terms
10. Mortgage
Mortgages are loans, loaned to buy a property, and paid off in monthly installments ranging from
15 to 30 years. Even a 0.5 percent difference in interest rates can lead to thousands in savings
over the life of a loan and buyers should shop for the best rates.
11. Interest Rate
Interest rate is the figure that represents the money that has to be paid for the borrowed money.
Small decreases in rates can amount to a large decrease in the amount of monthly payments
required. For instance, the exact same loan with a $250,000 price, at 4 percent interest will cost
$50 less a month on a 4.5 percent rate.
12. Equity
The amount a property is valued, minus the debt on its mortgage, is known as equity. Usually,
when people sell, those who have a high equity do better. For example, if a homeowner has
paid fifty percent of their mortgage they will receive a greater share of the sale proceeds.
How REI Podio CRMs Can Help
As the title suggests: for the buyers, sellers and real estate wholesalers the tools do matter. REI
Podio CRMs provides guidance for CRM solutions that are properly designed for operation
enhancement, lead management, and productivity promotion. With REI Podio CRMs, you can
keep up with leads, deals and the corresponding sales much easier.
The features most appropriate to its use will indeed be of help to real estate wholesalers.
Whether you are creating a buyers list or tracking motivated sellers list, REI Podio CRMs make
the process easy for you and places you a step ahead of your competitors.
Conclusion
The most important process of learning when it comes to real estate is being able to decipher
the industry’s numerous technical terms. Regardless of whether you are the buyer, seller or
wholesaler, then having this information puts you in a position where you can handle the real
estate transaction.
In the case of wholesalers, aspects such as Podio CRM and especially the ability to better
manage deals are helpful tools as a result of platform customization. The good news is that
through REI Podio CRMs you can easily manage each stage of the wholesaling process. Come
to our website for information on the top CRM for real estate wholesalers and investors.
Remember to use this glossary and come back to it once you come across unfamiliar terms.
Real estate language made easy again, and it is your ultimate source for all things easy!
