Did you ever notice that every job has its own language? I go into places and I hear people talking and I have no clue what they are talking about. It could be a restaurant, a bank, a law office or even my doctor's office. Codes, abbreviations...this way of communicating with those that are in the same business as we are but leaves the rest of the world wondering what we are talking about.
Let's use real estate as an example. PITI. Common terminology between realtors and lenders. Unless you have purchased a home, do you have a clue what that means? Maybe you bought a home and still have no clue what that represents. Well it is an abbreviation for principal, interest, taxes and insurance. How about another common one that as a homeowner you should know. MID. That would mean the mortgage interest deduction. On it goes, right?
Why would I blog about this anyway? Well, we all assume that the consumer, the client, our patient know what we are talking about. Guess what...we don't! I could be in my doctor's office and he is telling me my BMI is great. Fortunately I am pretty healthy and know what that means but could you imagine if he told me that my BMI was a cause for concern. I might have a panic attack right on the spot when it just could be that I need to lose 20 pounds.
Communication has from the beginning of time been so very important. I doubt that will ever change. If we want someone to understand us, we have to communicate. A home purchase, a visit with your doctor, dentist or lawyer or maybe your financial advisor are very serious matters. If someone starts to speak in terms that you do not understand, you need to speak up and ask what that person means. I have no problem asking anymore. I want my clients to ask me if I casually use a phrase or a real estate term that is foreign to them. First-time buyers, I think are reluctant to ask for fear of being perceived as unknowledgeable. There is no way that any buyer or seller could possibly know what it has taken me 20+ years to learn. The real estate industry changes daily. Until recently, we never assigned a QR code to our listings. Seller concessions have now become commonplace and many people have no understanding as to what that means in a real estate transaction.
Real estate does not have to be overwhelming. With a good agent to represent you who is willing to take the time to explain the process to you, your experience should be a good one!
Associate Broker and Accredited Stager
Coldwell Banker Prime Properties
Clifton Park, NY 12065