The Truth Behind Real Estate Words
Let's face it; agents can get rather creative with their real estate marketing. After all, no matter what the property is, where it is or how bad it is, it is their job to sell it! Let's take a look at what some of their words 'may' actually be saying.
The Investigate Property (humorous) Dictionary of Real Estate Words
Cosy = Small
Cute = Small
Quite = Quiet (it is amazing how often this gets misspelled in real estate ads)
North Facing = One of the four sides of the house faces North... it isn’t always the living room or the part of the house you want facing North!
Gently Sloping = Moderately Steep
Fairly Flat = Gently Sloping
Charming Features = Character home requiring renovation
Low Maintenance = Next to no yard
Plenty of space for the family = Opposite of Low Maintenance
‘Room’ = A room that can’t legally be called a bedroom, usually because of low ceiling height
Nice Aspect = There should be a view but there isn’t
Great Return = Great to who? We've seen some very ordinary returns marketed as 'great'
City Glimpses = You can see the top of a few city buildings and nothing more. The lack of a photo demonstrating the 'glimpses' is a sure sign they aren't very good
City Views = Could mean views, but more often glimpses.
Eat in Kitchen = No specific dining room and the living room is too small to contain a table
Long term tenants would like to stay = They are paying cheap rent
STCA = Subject to Council Approval, or put more accurately, “buyer beware”
Flood Free = If an agent states this is means it must be near flooding. Note also that they may be referring to the last major flood, and not flood reports that could indicate something different
Neighbouring park = possibly floods
Easy beach Access = definitely not waterfront. Usually involves crossing some roads
Stones throw = 10+ minute walk (agents can throw stones a very long way)
Nearby transport = Every property in urban areas is near public transport. Doesn't mean they are regular or quick
Rare as hens teeth = agent thinks this stock standard 3 bedroom house is uncommon
Multiple options available = we want more money than any of the individual options are worth
Suitable for home business = busy road
Sort after = Sought after. Just like quite/quiet, ‘sought’ is very regularly misspelled by agents
Offers invited = we don’t know what it is worth or we are too lazy to do the research
Price by negotiation = Unless it has sat there for a while, the first offer is more of a test and it sets the benchmark for other offers. When you call an agent about a fresh listing with 'price by negotiation' you'll usually receive a reply along the lines of "we want to see what the market values the property at" if you ask for a price indication.
Motivated vendors = could actually mean not particularly motivated vendors. Used more as a gimmick than for a genuine reason these days (want proof? Take a look at how many properties are sitting on the market for a long time that states something along these lines. If they were motivated they’d get realistic with their price!)
Study/4th Bedroom = "We'd love to call it a bedroom but it's a bit small"
Architecturally designed (1) = Like almost all the other properties on the market, an architect drew some lines on paper for this property at some stage
Architecturally designed (2) = Quirky. As in looks good, is unique and clearly some thought went into the design to make it stand out. Doesn’t make it any good though.
Pending Auction = We’ll go to auction if we don’t sell it first
Forthcoming Auction = Pending Auction
Media Room = In a new house this is exactly what it sounds like. In an old house it is usually a room that is secondary in nature and can’t be used as a bedroom... usually no window, at the back of the garage or lacks head height
Dual Living = A house that has 2 kitchens, 2 living and can physically operate as two dwellings. Doesn’t mean it can legally operate this way – check with your council.
Needs TLC = Needs TNT
Did you find yourself agreeing with some of these 'definitions'? If so, you'll likely love The Reno Kings "Negotiating and Buying Well" Intimate Workshop, where they take a closer look at the questions to ask your real estate and how to interpret both what they are saying and what they are not telling you. That is just one component of this very informative and must attend workshop if you intend on buying a property in the near future. Click here for more information.