I hope this will help clear up some confusion among real estate professionals and the public.
In the course of doing business we constantly see phrases, terms and slang used to describe property. Some are subjective which makes it at times confusing. I will attempt to clear up a few and I will ask you to chime in with a few of your own.
In Hawaii we list the condition of homes and condos in one of the following categories:
Excellent Condition:
- according to seasoned agents - ready to move in and has upgrades
- according to new agents - recently painted
- according to discount brokers - recently cleaned
Above Average Condition:
- according to seasoned agents - ready to move in, no upgrades
- according to new agents - recently cleaned
- according to discount brokers - no junk cars in the yard
Average Condition:
- according to seasoned agents -needs paint and carpet
- according to new agents - needs minor repairs, paint and carpet
- according to discount brokers - needs repairs and has junk cars in the yard
Fair Condition:
- according to seasoned agents - needs larger repairs, paint and carpet, probably dirty
- according to new agents - needs major repairs, not livable
- according to discount brokers - house fell down living in junk cars in the yard
Poor Condition:
- according to seasoned agents - needs major repairs, possible tear down
- according to new agents - house burned down
- according to discount brokers - there used to be house there
Here are a few others I have heard:
- While traveling in Branson Missouri - Gentle
slope means the side of a cliff - From one of my sellers - Partial Ocean View means if you go to the upstairs bedroom and stand on a chair you can see the ocean in a distance over the homes and trees. (This was real. I am 6'4" and with the chair could barely see it) I did persuade him to let me leave that out of the listing.
- From an area limited services broker - Detached home with a large garage is a duplex (attached home) with a shared open carport
- From a FSBO - Newly remodeled kitchen equals new refrigerator
- From a local mortgage broker - No down payment means you get a $20,000 credit from the seller to pay closing costs
- From rookie agent - Maintenance fee includes Cable TV means the condo has a cable outlet.
- From another one of my sellers - Professional landscaping means he paid someone to cut the grass.
- From a potential client - Excellent conditional and worth $200,000.00 more than any other in the neighbor. Her explanation was that her 40 year old home had all the original cabinets and appliances. You will not find that anywhere else.
- From an area Realtor - Vintage décor means yellow shag carpet and avocado appliances.
This was a sampling of some I have run into in Hawaii. I am sure each part of the country has some unique to their market.
Randy,
Not bad, good blog
Ray Saenz
Hi Randy,
Interesting how people try to put a positive spin without outright lying???
We realtors have our own way of writing ads:
Cozy = really small
Mature landscaping = bring your chainsaw
blah, blah, blah
Carol - I like to focus on the positive features, but keep it honest.
No one will buy a home that an agent lied to get them there. They will just be either disappointed or angry.
I do not know how people even try to get away with this... Making the best of the situation is one thing ... but, Honesty is ALWAYS the best policy - Right?
on another note, I love the new way of saying "I overpriced it to begin with" is "price adjustment"
Mariana - If you want to build a good reputation you want to always be as honest as possible
Angela - I have to add cottage to the list
Craig - Price Adjustment sounds so much better than overpriced doesn't it? How about price reduced to sell? I guess the previous price was set with the intention of not selling the home.
it doesn't matter the amount of time an agent in our market has. I wish people used honest terms, there are properties you wouldn't let your dog into that are termed "good condition"
there are probably only 5 in a couple of thousand that are termed fair, and that is rare that it means fair, it refers to dilapidated.
i guess it's hard to turn it around. if we actually entered fair in that category, everyone would think it was overpriced. they reserve member remarks for a more accurate description, which makes it a little tougher to find when doing a search.
I loved vintage decor! I always get nervous with "needs TLC". I have seen everything from a house that needs to be painted to houses that need to be bulldozed.
Joanne - They don't like fair, because some lenders would fund on fair in our area.
Russ - TLC that sounds so nice, how about handyman special?
We deal with the view question a lot. I've used the term
Peek-a-boo View.
Hi Randy-
I once saw "Waterfront" and it was a large drainage ditch......
Damn, there is creativity, then there is outright BS!
Randy,
...needs TLC...means, ...needs the leveling contractor!
Thanks for the post and
Have a SAFE and Happy Thanksgiving!
Lucky
"Randy"
My favorite here in Florida is:
"Fixer Upper"-The home has no roof. The hurricanes ate it for lunch! :0)
Have A Blessed Day Of Giving Thanks...
TLW "The Lovely Wife"...Of Course Mold Is A Problem With That...TLW...ROAR!
yeah, "waterfront"... twice lately I've seen homes described by name brand veteran agents as "waterfront living". You look at the address and think, yes, that's close to the river. But when you pull into the neighborhood it turns out to be a 1000 sq ft retention pond with a pair of ducks on it... pshaw!
Happy Thanksgiving Randy, and all the rest of you fine folks.
Great post Randy, I always like, "Seller ready to sell" Well Ok then.
Have a great Thansgiving
Hey Randy! Great Post! I usually have to prepare my buyers to take whatever level of condition listed in the MLS and drop it down a notch so that they won't be too dissappointed when they get to the showing. If it actually shows as listed, it's a pleasant surprise. Remember the spin on tear downs? Usually listed as "Handyman's Special".
Have a great Thanksgiving!
Points out the wisdom of previewing properties before you take your buyer to see them.
Happy Thanksgiving from The Marriott Group at Keller Williams Realty Professional Partners!
Don't forget Motivated Seller!! In other words, the agent has been getting her butt chewed because the house isn't selling and is threatening to go to the agency down the street.
Have a happy Turkey Day!
How about "Seasonal water view"??
Sharon - We also use Peek a Boo view, in some cases that means you need a periscope.
Caron - Was that house listed as average condition?
Marc - I heard of a place in the desert that was beach front. Big beach, no water
Lucky - TLC also know as handyman special
TLW - If the home has no roof you could also call it a celestial view
Colleen - Raking the carpet? We just use the leaf blower.
Bill - It could be worse, waterfront could be the septic system backs up.
Bryant - Seller ready to sell. I am glad he finally came around.
Cynthia - The question we are all making fun of is whether it is subjective or misleading.
Roberta - "Mid Century Classics" I haven't seen that one here. I am sure a few agents from Hawaii will be using that idea.
Michael - I am not sure if you remember the listing earlier in the year where the agent said in the remarks that it was a piece of Cr_ _. He stirred a ton of interest in the home from the flip it community.
Suzanne - Good point about previewing. I do have some investor clients who enjoy the mystery. They feel like they are on a scavenger hunt.
Shari - Motivated seller, if not motivated why is the home for sale?
George - Vintage décor, is that the yellow shag carpet or the black velvet painting of the dogs playing poker.
Mariana - I couldn't have said it better
Lenn - What is seasonal water view? I think I saw that on "Flip This House." Is that when the leaves fall off the trees?
I recently visited a home with "waterviews".... unfotunately it was only when you were getting the mail at the end of the driveway..
Isnt it best to understate it some to enhance the "pleasent surprise" factor? If its overstated the harder they fall!
I heard of one, I did not actually see the house. But it was clearly listed in the MLS that POOL does not work. That sounds fine, however, the seller, who is one of my investors wanted to know why this home was not selling, he had already gone thru at least 3 other Realtors (It is listed out of area with another realtor) I decided to ask him some more questions to try to get a feel as to why the home is not selling. Mind you its listed way, way below market value. He candidly said when he was there, one potential buyer said the dead snakes and frogs scared her. Not to mention the yucky green water in the pool - who knows what else is in that POOL! He decided to fill the pool in.
Natural skylights= in need of a roof!
Indoor swimming pool=when it rains hard.
TLC =Tons of Liquid Cash! *
Cute,charming,adorable= SMALL
Convenient to the Highway=You can hear the roar!
Indoor Outhouse= use your imagination!
Price reflects the "AS IS" condition= needs TLC *
www.Homerome.com
Baltimore,Md
My favorite is the stepsaver kitchen, means you can barely turn around in it.
We have a seller right now who wants us to advertise that he is a former pro football player. Ummm, OK?
Carl - You don't need to understate. After all your job is to get as many buyers as possible to look at the property. But you definitely do not want to shock them when they arrive.
Netta - And he had to ask?
Eddy - I refuse to work with sellers who are not motivated.
Margaret - Good list, thank you for adding
Michele - Former NFL player? His he applying for a job or selling a home?
Jason - Instead of negative amortization which sounds negative they use 1% loan here.
Candybags - I am not a discount broker, Even though I am one of the highest priced brokers, I am a bargain. My previous blog was a spoof.
Stephan - Sometimes we need to lighten up.
The one that I heard recently in Vancouver, BC was a single level studio/bachelor referred to as a loft...
Of course, my favourite is 'easy to show' and you can't get anyone on the phone.
Everything is relative. One man's castle is another man's shack.
kk
The one that always makes me chuckle is: ' hurry, this one won't last' then you look at days on the market.........
or, 'this could be a great house' well what is it now, exactly????
Smiles to you Randy, cool post
Gabriel - Great minds think alike, I read your post and the newspaper article both were very good. A little humor goes a long way.
Ryan - I get the easy to show one a lot.
Kristal - The question is does he see the shack as Above Average?
Carole - Maybe they are planning to withdraw it from the market and give up.
The biggest lie in Manhattan is: a studio apartment that is listed as a 1 bedroom they don't even call it a "Junior 1 bedroom" anymore.
Many agents are now listing studio apartments as "mini lofts"
"Won't Last" on the market for 6 months
"Priced to Sell" what does that mean?
"Bring your own designer" updated version of "TLC"
"Partial river view" if you stick your head out the window
"original condition" 1950's kitchen
It is all relative the worst falling down shack in Hawaii still sounds like "living in paradise" to me
Allison - And a full diaper always smells bad
Mitchell - I just sold a studio in Honolulu where the seller's agent insisted it was a 1 bedroom. I asked him to show me the bedroom. I also asked him to show me in the tax records where it was a one bedroom. His response was that is what everyone calls them. I disagreed, we called it a studio in our offer. It was the lowest sale of the year for me. It closed and turned out to be my messiest escrow ever.
Real Estate Agents are optimists!!
Kathleen - The successful one are optimists. The less than honest, usually do not last.
You know, as an agent I have the same compaints. When checking property listings for my clients, I depend on the agent to be honest when submitting comments. Unfortunately, just as they lie to you as a client, we as agents seeking homes for buyers are also lied to, avoided, and yes we even experience unbelivable cruelty.
Does anyone know what TGIF has to do with Real Estate. One thought is "toes go in first" or do you think it has a deeper meening?