Real Estate Forums

Ask An Agent Have a real estate related question? Why not ask a real estate professional. Here is where you post any and all real estate related questions that you may need answers to, Im sure there are more then a few agents that will be happy to reply.

Reply
 
Thread Tools Display Modes
Old 05-23-2005, 05:32 AM
tuxedo tuxedo is offline
Real Estate Nu-bee
 
Join Date: May 2005
Posts: 1
tuxedo is on a distinguished road
Question real estate lingo

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.
Reply With Quote
Old 05-23-2005, 07:53 AM
HMiller's Avatar
HMiller HMiller is offline
Uber Real Estate Webmaster
 
Join Date: Aug 2004
Location: Hudson Valley, NY
Posts: 635
HMiller is on a distinguished road
Default Re: real estate lingo

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.
Reply With Quote
Old 05-25-2005, 09:35 AM
Jnazareno's Avatar
Jnazareno Jnazareno is offline
Advanced Webmaster
 
Join Date: Apr 2005
Location: San Francisco Bay Area -East Bay
Posts: 987
Jnazareno is on a distinguished road
Send a message via Yahoo to Jnazareno
Default Re: real estate lingo

Quote:
Originally Posted by 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.
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 ?
__________________
Bay Area Real Estate | Free MLS. Coming to CA and like to know Things to do in California.
Reply With Quote
Old 05-25-2005, 01:24 PM
kensmith's Avatar
kensmith kensmith is offline
Uber Real Estate Webmaster
 
Join Date: Dec 2004
Posts: 1,728
kensmith is on a distinguished road
Default Re: real estate lingo

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.
__________________
Schaumburg Real Estate Relocation Directory Arlington Heights Real Estate
Reply With Quote
Old 05-26-2005, 04:50 AM
CafeMonkey's Avatar
CafeMonkey CafeMonkey is offline
Real Estate Web Guru
 
Join Date: Nov 2004
Location: Richmond, VA
Posts: 274
CafeMonkey is on a distinguished road
Default Re: real estate lingo

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!
Reply With Quote
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off

REW Conference

For our members

Main Sections

IDX Coverage Areas

Spiders Welcome

All times are GMT -7. The time now is 09:34 PM.


Powered by vBulletin® Version 3.6.4
Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.