Anyone who is starting a real estate business should be aware of the many terms that people in the field use. For example, it's important to know what type of real estate business you want to start. Do you want to be a real estate agent, broker or appraiser? Are you willing to work with owners of distressed homes? Will you know how to perform loan modifications when the time comes? Knowing these terms will help ensure your success in the field.
MLS listingsThe MLS service, or Multiple Listing Service, is the way that real estate agents are able to share information about available homes. Both agents and consumers can search the MLS listings to find a home that suits their needs.
Real estate franchiseSome real estate companies offer franchise opportunities to interested and qualified people. Someone who purchases a real estate franchise can gain instant credibility through the use of the company's brand.
Agent, broker or appraiserThere are different types of careers within real estate, and a potential business owner should decide which type of real estate business he or she wants to own. A real estate agent is able to sell homes. A broker can also sell homes, but may work with other agents. A real estate appraiser is able to appraise the value of a home. All require licensure.
Bureau of Labor Statistics for detailed information on all three jobs.
Remnant adsRemnant ads are the advertising spaces that a media company has not been able to sell. If a business waits until the last minute to purchase advertising in a newspaper, for example, it may be able to get the space at a steep discount. Small real estate businesses can use this technique to save money on advertising costs.
Loan modificationA loan modification is a change to the terms of a mortgage. Realtors use this in order to help buyers afford a mortgage.
U.S. Department of Housing and Urban Development offers answers to frequently asked questions about loan modification.
Distressed propertyA distressed property is one that needs repairs before the property is in a usable condition. These properties can be harder to sell. Often they are in foreclosure and looking to sell quickly.
Boji Team at RE/MAX Classic offers a good description of the different types of distressed properties.