Glossary - Definitions and Terms {{ currentPage ? currentPage.title : "" }}

Summary

Alphabetical list of terms and definitions for our team. A more client-focused glossary can also be found on our site at https://www.nickfundytus.ca/glossary/

Terms

Activities - If we’re talking about prospecting activities, this means any activities that are focused on generating new leads or strengthening relationships with potential lead sources. This is not preparing a flyer or booking showings.

Admin - Shorthand for our Marketing Administrator.

Appointment – An appointment with a consumer who is intending to either purchase a home (a buyer) or sell a home (a seller) or rent a home (a renter).

Broker - May mean a Realtor who has a broker’s license, the manager of a real estate brokerage, or a mortgage or insurance broker.

Brookfield Relocation Services - This company has an agreement with Royal LePage and Various government and military bodies in Canada to organize staff house-hunting trips for their employees or listings for employees leaving Ottawa. We occasionally work with clients from brookfield.

Client - A person who has a signed Buyer Representation Agreement or Listing Agreement with our team. Until that time, they are a Lead.

Conditional Sale - A purchase or sale of a property that has unfulfilled conditions. One party (usually the buyer) may walk away if they are unable to satisfy their conditions.

CRM – Customer Relationship Management software. Typically a database that contains all of the information for the clients of a business. We currently use Follow Up Boss.

Downsizers - can be more experienced, but may not have been in the market lately. Also known as “empty nesters” if they raised their children in that home.

Easement / Ease - An easement is the right over another person's land for a specific purpose, but what are those purposes? One example is a carriageway. This easement is an old term for what is essentially a shared driveway. Most commonly these easements prevent the lot without road access from being landlocked. An easement recognizes that one piece of land can’t be fully enjoyed without access to another piece of property. A common example would be a driveway, access road or pathway that encroaches onto an adjoining piece of land.

It can also cover intangibles like the right to make noise or the right to light, which would prevent a neighbor from building fences or walls that block natural light from your windows.

As well as bestowing rights to others, an easement might restrict your use of your own land. One example would be gas or power lines running under your yard. Your municipality or the utility company likely has an easement that grants them access and limits yours.

Equity - The amount of value that an owner "owns" in a property. This is calculated as Asset Value - Debt = Equity. In other words, if a Seller is selling a home, this is the amount of money she would have after selling the home for market value and paying off the mortgage and any other debts against the house or in the cost of sale.

Firm Sale - A purchase or sale with no remaining unfulfilled conditions. Barring some unusual incident, this file will close.

First Time Buyers - more maleable, but may have more voices involved and may not know much yet.

Faltour - The original company name of NexOne, our document storage and signatures app for the brokerage. Nick still tends to call it by the original from time to time.

FSBO - For Sale By Owner. This is a seller who is listing their home without a full-service Realtor, either on their own or with a FSBO company like Purplebricks or ComFree.

HHT - Abbreviation for House-Hunting Trip

Investors - Can be categorized as Buy and Hold, Rehabbers, Builders, and Wholesalers.

Lead - Shorthand for the lead Realtor, Nick Fundytus. In other contexts refers to a potential client who has not yet decided to work with us and has not yet signed a Buyer Representation Agreement or Listing Agreement.

Lead Magnet - This is an item of value for a potential client that attracts them to us. This might be something useful like a checklist, or something entertaining like a fun quiz. We use Lead Magnets with paid advertising to drive leads to our team.

Matrix - The Realtor side of the MLS database, where Realtors can broker-load new listings for the public. Matrix has an advantage over other access points to the MLS in that it operates in real-time and may show new listings ahead of Realtor.ca or MLS.ca.

MLS - Multiple Listing Service. This is the database that nearly all listings are loaded into, to make them easily searchable and more visible to potential clients. When referring to “the MLS,” this may mean Matrix, Realtor.ca or MLS.ca depending on the context.

Mortgage – Financing used to purchase a home or investment property. Mortgages are created by banks or mortgage companies and have very high qualification standards a consumer must meet in order to get financing.

Mortgage Prequalification/Preapproval – A true prequalification or preapproval would involve a consumer who wishes to buy a home, submitting their credit report, income documents and asset statements to a loan officer with a bank or mortgage company for review. A prequalification means the loan officer has reviewed the consumers credit, income and assets, and the loan officer has determined that the consumer will likely qualify for a mortgage. A preapproval means the loan officer has taken the additional step to run all of the consumers credit, income and asset information through an automated underwriting system and based on that information the consumer is conditionally approved for a mortgage.

Move Up Buyers/Sellers - less willing to meet with you. You need to position yourself strategically to convert them.

Notice of Fulfillment - Notice of Fulfillment of Conditions Form, used by Buyers or Sellers to tell the other side that they are fulfilling one or more conditions in the Agreement of Purchase and Sale and “firming up” that condition.

Nurture – a nurture is a qualified lead who is not yet ready to begin shopping for a home or putting their home on the market. A nurture is future business, and the relationship needs to be maintained and grown over time. (Be sure to listen for required information on your Nutures!)

Past Client – A past client has done business with your company in the past. Past clients are a great source of future business and new referrals.

Preview - A showing where the agent views the property without his client and sends back notes. This is often done as a scouting trip for a buyer that has limited availability or has not yet arrived in Ottawa.

Prospecting or Lead Generating – the act of making contact with consumers for the purpose of finding sales leads. Any form of contact qualifies as prospecting or lead generation, including phone calls, emails, text messaging, and social media touches.

Qualify/Prequalify – Determine if a lead has a need for your company’s services and whether that lead has the capability and motivation to buy or sell a home. Not all leads have both motivation and ability.

Sphere of Influence (SOI) – A person or company’s sphere of influence are the group of people who already know, like and trust that person or company. The sphere of influence is one of the best sources of referral business for an agent or company.

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