Good Reasons to Learn Real Estate Language
Starting to research the property market can be incredibly daunting. While there is an abundance of information to help, much of it is complex, confusing and therefore meaningless to the average person.
However, Michelle Koper, spokeswoman for RP, emphasised that it was important to utilise what property data was available. Koper said that the information her company provided to customers allowed them to increase their knowledge of the market so that they could have more opportunities.
Understanding property terminology was particularly important for people just entering the market, Koper said. RP Data promoted its use of public information to enable transparency and insight into the market.
Important terms to know were ‘average days on market’, which is the average amount of time a property has been on the market and ‘average vendor discount’ which is the amount that properties go for below what they are advertised for. This helps sellers to know how much to negotiate on their price.
Similarly important terms to know were ‘indicative gross rental yield’, ‘median sale price’ and ‘home value index’.