Underhand agents often use confusing buzzwords to mislead unwitting buyers. Avoid getting ripped off by learning the meaning of real estate jargon.
Let's clarify one thing: not all real estate agents are expert manipulators. Most are caring and honest professionals whose goal is to match buyers with their ideal property.
But some properties are harder to sell than others. And when the going is good, some sneaky agents use deceptive tactics to trick buyers into at least taking a look at a property.
These agents will post ads online using catchy terminology to elicit views and clicks in the hopes of finding a willing buyer. To help potential buyers see through their tips, Your Investment Property lists a few real estate buzzwords that some agents use to get attention, along with what those words actually mean.
Cozy
Cozy means giving a feeling of comfort, warmth and relaxation. Who wouldn't want this kind of property? But it can also mean small or small. So, a "comfortable apartment" or a "comfortable house" could mean a very small property, which could hardly contain all the essential furniture.
Freshly updated
There are advantages to buying newly renovated properties. The question is what kind of updates have been made. A fully renovated property means most of the house is brand new which also adds to the overall price. But if the updates are only for freshly painted walls, it can be disappointing for buyers.
Hidden Gem
For buyers who value privacy, a "hidden gem" is very appealing. But it could also mean that a property is in a remote location where access to services is limited.
Hurry up! Quick sale!
Terms like these are meant to instill a sense of urgency, which could be effective since humans naturally don't like to miss things.
Emblematic development
Iconic means widely recognized and well established. And for buyers and investors who value prestige more than anything else, properties in iconic locations or built by iconic developers are great options.
Need a little TLC
This could honestly mean that a property would benefit from a little tender and loving care, like a new coat of paint or a garden renovation. But it could also mean that a property is falling apart and may need a complete rebuild.
The last one!
Having one last property for sale in a development is a positive sign because buyers and investors are flocking to buy properties. However, this latest property might not sell because for some reason no one wants to buy it.
Low maintenance garden
A small yard with a few potted plants or a back yard covered with concrete, paving, or cobbles certainly requires little maintenance. Descriptions like this could be a red flag.
Close to transport, within walking distance
A property close to public transportation or with an accessible commute is a great option for buyers. But if it is located next to a busy train line or highway, the benefits are reduced.
Original outdoor entertainment area
These terms mean that a property has a back porch. Whether the porch is in good condition to receive visitors is another question.
Perfect welcome to start
A good thing about these types of properties is that they are generally inexpensive – but it could be for a number of reasons. A property can be cheap because it's in a very remote location or too small to contain all of the essentials of the house.
Reduced price, offers considered
These terms often indicate that a property is struggling to sell for undisclosed reasons. The price may also have been reduced because the original asking price was too high. However, these situations could open up the opportunity for buyers and investors to get a good deal.
The pleasure of the renovator, an enormous potential
The property is a wreck and is likely close to new construction. It could be fun for renovators who are up to a challenge and have the vision to see great potential under the rubble.
Three bedrooms
Obviously, many properties actually have three bedrooms, but promoting an office area that doesn't even fit a single bed as a “third bedroom” is definitely misleading.
Real estate investing requires careful planning and tons of research. So it pays off for investors to do their due diligence and not take anything at face value. Being able to rule out all the marketing noise will allow buyers to find the perfect property without the frustration and disappointment.
Top suburbs:
Torrensville
,
Scarborough
,
superior cedar
,
The Pelvis
,
Glendenning
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