The next time you decide to purchase a property, it might be a good idea to consider the cheat sheet below, developed by British online real estate agent, Russell Quirk for his website, emoov.co.uk.
“For years [the] public has been fleeced by traditional estate agents charging an extortionate and unnecessary 1-2% commission for simply selling their home,” says Quirk, adding that part of the problem is that buyers often have no idea what their realtor is actually saying to them. Here is his 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”
