Glossary of Terms
There are so many REI BlackBook software terms and real estate industry jargon that's very difficult to remember.
Here, you'll find tons of terms that you may have heard of, but for the life of you, can't remember what it means.
This glossary will be your guide to growing your knowledge base in real estate and in REI BlackBook.
Objectives
In this support article, you will learn the definitions of frequently used terms in real estate and within REI BlackBook.
Terms In Alphabetical Order
A | B | C | D | E | F | G | H - K | L | M - N | O | P | Q | R | S | T | U - V | W | X - Z
A
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Acquisition Cost | --- | The price and all fees required to obtain a property. |
| Addendum | --- | Something added as an attachment to a contract. |
| Annual Percentage Rate | APR | Effective rate of interest rate for a loan per year including fees and points, disclosure of which is required by the Truth-in-Lending Law. |
| Appraised Value | --- | Opinion or estimate of a value of a property, values are determined by one of three methods: comparable sales (residential), replacement cost (insurance), or income approach (commercial). |
| Assessed Value | --- | The value established for property tax purposes. |
| Assignee | --- | The person to whom an agreement or contract is sold or transferred. |
| Assignment | --- | The method by which a right or contract is transferred. |
| Assignor | --- | The person who assigns or transfers an agreement or contract to another. |
| Authority Site | --- | A content-driven website that is a respected and trusted source of information. It’s a larger website that has multiple traffic channels. |
B
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Balloon Payment | --- |
An installment payment which is larger (most often much larger) than the other scheduled payments. It is usually the last payment. If a note is written for $50,000 at a fixed 9.0% rate of interest with payments based on an amortization schedule of 30 years and a balloon payment due in 5 years, the first 60 payments will each be $402.31 (the normal payment for a 30 year loan at 9.0% interest) and the last payment will be $47,940.15 which will be the outstanding balance remaining after the 60Loan-to-Value (LTV) - The ratio of the size of the loan to the value of the property. If the loan is $80,000 and the value of the property is $100,000 the LTV is 80% ($80,000 / $100,000) of the payment. |
| Bird Dog | --- | Someone who identifies as potential good real estate investment opportunity and passes that deal on to another investor for a fee |
| Bandit Signs on Wheels | BSOW | An easy-to-install vinyl decal that is places on the rear window of a vehicle to market your business. |
C
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Callflow | --- |
The automation process that takes place when someone CALLS your Profit Dial number. |
| Call To Action | CTA |
A message that is directing your prospects to take action, including very specific directions. Examples being “Fill out this short form to receive a fast cash offer on your property” or “Call 314-555-5555 to receive a no obligation cash offer today.” |
| Campaign Tracker | --- | The tool inside REI BlackBook that allows you to generate short links for different marketing campaigns you are running, so you can track the leads and clicks you are getting from each campaign. |
| Client Relationship Management | CRM | A system that allows business owners to manage business relationships and the data/information associated with each relationship. |
| Cold Calling | --- | A technique in which a salesperson contacts individuals who have not previously expressed interest in the offered products or services. Cold calling typically refers to solicitation by phone or telemarketing, but can also involve in-person visits, such as with door-to-door salespeople. |
| Contacts | --- | A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector. |
| Contingency | --- | A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchasers obtains a satisfactory home inspection report from a qualified home inspector. |
D
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Data Append | --- |
Taking known suspect data and matching it against a vendor's database to obtain phone numbers and / or email address. |
| Direct Mail | --- | Sending printed postcards or brochures through the mail to help reach potential new clients. |
| Driving for Dollars | D4D / D4$ | The process of driving targeted neighborhoods, zip codes, or subdivisions with the intent of locating distressed and / or abandoned properties. This technique is used to build lists of potential leads. |
| Domain Name | --- | A purchasable URL that you can use for your websites and landing pages, so visitors can easily navigate to you page. Ex: reiblackbook. com is our domain name. |
E
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Earnest Money | --- |
A deposit made by purchaser of real estate to show good faith. |
| Equity | --- | The value of the unencumbered interest in real estate as determined by subtracting the total of the unpaid mortgage balances plus the sum of any current liens against the property from the property's fair market value. |
F
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Facebook Ads | --- |
Ads purchased through Facebook that can appear in news feed, or in the right column of Facebook on a desktop. |
| For Rent By Owner | FRBO |
A property from which the owner receives payment from the occupant(s), known as tenants, in return for occupying or using the property. ... The owner of rental property may be allowed to take certain tax deductions such as mortgage interest and depreciation. real estate agent |
| For Sale By Owner | FSBO | The process of selling real estate without the representation of a real estate broker or real estate agent. |
G
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Google Ads | --- | Google’s online advertising program. Through Google Ads, you can create online ads to reach people exactly when they’re interested in the products and services that you offer. |
H - K
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| --- | --- |
--- |
L
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Landing Page | --- | A page on your site that is designed to convert visitors into leads. A landing page typically has a very specific offer, and addresses a very specific target audience. Often times there is not navigation, or buttons/links that point to other pages on your website. The goal of a landing page is to provide a distraction-free environment so you can convert more visitors to leads. |
| Lead | --- | A prospect that has raised their hand and is in need of your service. |
| Lessee | --- | A person to whom property is rented under a lease. |
| Lessor | --- | One who rents property to another under a lease. |
| Letter of Intent | --- | Written expression of desire to enter into a contract without actually doing so. |
| Loan-to-Value | LTV | The ratio of the size of the load to the value of the property. If the loan is $80,000 and the value of the property is $100,000 the LTV is 80% ($80,000 / $100,000). |
M - N
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| --- | --- | --- |
O
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Optin Popups | --- |
A form that is usually on your website or landing page that will pop up allowing visitors to consent to receiving marketing communication from your company. They will enter in their contact information on the form to give you permission to market to them. |
| Owner Financing (Seller Financing) |
--- |
A method in which a buyer borrows from and makes payments to the seller instead of a bank. Sometimes you take over the seller's payments. Can be done when a buyer cannot qualify for a bank loan for the full amount. Also referred to as Seller's Financing. |
P
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Pay Per Click | PPC |
A model of internet marketing in which advertisers pay a fee each time one of their ads is clicked. |
| Probate | --- | The process of establishing the validity of a will before a duly authorized court or person. Once validity is confirmed, the probate court then administers the sale of property as directed by the will or as authorized by the court to settle any financial obligations. |
| Profit Dial | PD | A phone automation system that allows you to track calls, smart route calls, send text & voice broadcasts, send RVMs, and create automated follow-up to potential prospects. |
| Prospect | --- | A suspect that has responded to your marketing. |
Q
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| --- | --- |
--- |
R
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Redemption Period | --- |
The period during which a former owner can reclaim foreclosed property. |
| Ringless Voice Mail | RVM | A method in which a pre-recorded audio message in placed in a voicemail inbox without the associated telephone ringing first. |
S
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Sandwich Lease | --- |
Lease held by a lessee (tenant) who becomes a lessor (landlord) by subletting to another lessee (subtenant), typically the sandwich leaseholder is neither the owner nor the user of the property. |
| Search Engine Optimization | SEO |
The process of maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by a search engine. |
| Short Sale | --- |
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. |
| Skip Trace | --- |
A basic, but very effective concept to find property owners. The whole idea behind it is to get an alternate address for abandoned or vacant property owners whom you are having trouble finding. |
| Stealth Mail | --- | Also known as Ringless Voice Mail. |
| Suspect | --- | A name / number of someone you think may turn into a prospect. |
T
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Tenant Buyer | TB |
A tenant buyer is a future purchaser that has the option to purchases a property at an agreed price within an agreed timescale. Durning this time they will have many of the benefits of a traditional homeowner without having to qualify for a mortgage to get started. |
U - V
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| --- | --- |
--- |
W
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| Web Form | --- |
A form on a web page that collects a visitor’s contact information. The information can include contact information such as name, email, phone number, and property/mailing |
| Wholesale | --- |
To contract a property with the intention of reselling it quickly at a higher price. |
| Workflow | --- |
The automation process that takes place when someone sends a text to your Profit Dial number, fills out your webfrom, or you manually trigger the flow. |
X - Z
| WORD | ACRONYM | DEFINITION |
|---|---|---|
| --- | --- |
--- |