How can your clients make informed real estate decisions if they don’t understand the words and phrases in the industry?
Educating your clients is a critical service you provide, and you can rely on glossaries from trustworthy sources to help.
- A good place to start is the First Time Home Buyer’s Glossary at realtor.com
- For more technical terms and contract language, consult the American Bar Association’s glossary of real estate terms or the Federal Trade Commission’s The Real Estate Marketplace Glossary: How to Talk the Talk.
- For explaining real estate terms in Spanish, check out the National Association of Hispanic Real Estate Professionals Glossary of Real Estate Industry Terms and Texas Real Estate Research Center English-Spanish Real Estate Glossary.
- NAR has a wealth of resources at nar.realtor, including technical glossaries related to auctions and MLS consolidation.
For example, the next time a client asks you what an MLS is, you can point to the realtor.com definition: An organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Or if clients want to know about earnest money, simply refer to the FTC’s definition: a deposit to show that you’re committed to buying the home.