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Next time a client comes to you with an idea of how much they’d like to spend, but no particular property in mind, it might be a good idea to give them a printed copy of the cheat sheet below, developed by British online real estate agent, Russell Quirk for his website, emoov.co.uk.
“Being a traditional estate agent is arguably the UK’s most contemptuous profession,” notes Quirk. “Not only is it one of the few industries not to be formally regulated, but for years the British public has been fleeced by traditional estate agents charging an extortionate and unnecessary 1-2% commission for simply selling their home.”
Part of the problem, says Quirk, is that buyers often have no idea what their realtor is actually saying to them. So, without further ado, here is Russell Quirk’s official Estate Agent Jargon Translator:
Real estate agent (REA): “Ideal for the first-time buyer or as a buy-to-let investment”
Translation: “The property’s small and in a terrible area”
REA: “Conveniently located”
Translation: “Next door to a busy main road and above a takeaway”
REA: “Low-maintenance landscaping”
Translation: “The yard is concrete”
REA: “Tremendous scope for improvement; a real blank canvas”
Translation: “Derelict”
REA: “An ideal purchase as your first three-bedroom home”
Translation: “You can barely fit in the third bedroom”
REA: “Easy-to-maintain living space”
Translation: “It’s incredibly small”
REA: “New price”
Translation: “Was massively over-priced in the first place”
