real estate lingo

[tuxedo]

Hi
I'm a very new agent and I still don't know the real estate lingo. I was told I should get my market areas comps. What does this mean? It would be great if someone could send me the meaning of comps and any other words I should know. Thanks for the help.

[HMiller]

tuxedo,

Comp is short for comparable, when you're performing a CMA you compare your subject property to comparable or similar properties.

More importantly, if you're a new agent and your broker hasn't taught you that or any of the other terminology and just expects you to learn on your own, leave and find a company with a solid training program as well as a mentoring program. Also, you should be able to ask fellow agents in your office questions like this. Not that you won't find great people here who don't mind answering your questions, but if you're afraid to ask questions in your office you're putting yourself at a big disadvantage.

[Jnazareno]

Hi
I'm a very new agent and I still don't know the real estate lingo. I was told I should get my market areas comps. What does this mean? It would be great if someone could send me the meaning of comps and any other words I should know. Thanks for the help.

Hello welcome to Real Estate,

what they mean is that they want you to learn the comps (prices)for your area
you would like to know (your city/town or even within your neighborhood)..so should any potential client call/whatever
you won't say, geez I don't know how much your home is appx worth.
get to know the prices of homes sold within the areas of where you would like to work within.

Tip :

1. go out and pass-out your cards.
go thru a million card this year if you can, tell them you's a R.E. agent
and would like to do business with them..be as honest as possible.
start with your neighbors, family and friends.
2. go to R.E. classes .. Title companies usually offer them for free.
3. go to broker's tour and get to know what type of homes are available
and meet other agents. (nvr know when you'r gonna bump into them again,
the better they know you, the more they might do business with you)
4. check this forum weekly and learn and ask ?

[kensmith]

I would also read Millionare Real Estate Agent by Gary Keller. It's a good starting point for new agents. You really should be in an officce that has good training for new agents and if not change offices asap.
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Schaumburg Real Estate Relocation Directory Arlington Heights Real Estate

[CafeMonkey]

Yeah, that's an excellent book, Ken!

I started out just driving the neighborhoods. I'd call the agents and FSBOs and find out what they were asking for houses, and follow up to see what they sold for and how long... And in two or three weeks, I could tell you the value of any house just by looking at it.

That won't help you make any money, but it's awful helpful!