I recently took my client to another broker’s listing.
Beautiful home. Gorgeous views. Lovely finishes.
And then the agent started talking.
“Of course it’s in the MLS, the DOM is low, you’ll want to review the HOA and PUD docs, we can get you the ILC, and depending on LTV, we should be good for COE.”
I looked at my client. My client looked at me.
I’ve been in real estate for years, and even I was thinking, “Are we buying a house or launching a satellite?”
The acronyms just kept coming.
MLS. HOA. DOM. CMA. PUD. ILC. LTV. DTI. COE.
At one point I wondered if I had accidentally wandered into a CIA briefing.
And I felt bad. Really bad.
Here was this intelligent, successful buyer trying to make a major financial decision, and we were speaking to them like they had completed six semesters at the University of Real Estate Acronyms. How in the world could the poor client possibly understand us if this is how we speak?
They came to see the kitchen. They did not come to crack the Enigma code.
We Realtors are the worst offenders because we toss these letters around like normal people use actual words.
“What’s the DOM?”
“Did you run a CMA?”
“Have you checked the HOA?”
“Is it a PUD?”
“Do we have the ILC?”
Meanwhile, the buyer is standing there thinking:
IDK. I JUST LIKE THE HOUSE.
For civilians, let me translate.
MLS is the Multiple Listing Service. Basically Realtor headquarters.
DOM means Days on Market. If that number gets too high, Realtors start whispering.
“What’s the DOM?”
“Two hundred and twelve.”
“Ohhhhh.”
Suddenly we’re looking at the house like it has a rash.
CMA means Comparative Market Analysis. That’s where I carefully study comparable sales, square footage, location, condition and market trends so the client can eventually say:
“But Zillow says…”
Excellent. Glad I spent four hours on that.
HOA means Homeowners Association. They may handle snow removal, landscaping, common areas and, apparently, determining whether your Christmas wreath is two inches too large.
FSBO means For Sale By Owner. Translation: “I don’t need a Realtor.”
Usually followed several weeks later by another acronym: HELP.
And then there’s TBD. To Be Determined. Finally, an acronym everyone in real estate can understand. Because TBD really means: Nobody has a clue. We’ll get back to you.
But the most important acronym in real estate is unquestionably: ASAP.
Can we see it ASAP?
Can you write the offer ASAP?
Can we get an inspection ASAP?
Can the lender call ASAP?
Can we close ASAP?
Yes. Absolutely.
Right after my NAP.
That showing reminded me that our clients aren’t supposed to speak our language. We are supposed to speak theirs. They’re making one of the biggest financial and emotional decisions of their lives. The least we can do is use actual words.
So the next time I hear a Realtor say, “The DOM looks good, but check the HOA and ILC before COE,” I may gently interrupt and translate: “The house looks great. We have some homework to do. We’ll explain everything.”
Much better.
OMG.
Look at that.
Another acronym