Stay Focused S2 Ep23: Real Estate Word of the Month

This week, Erik and Randal are introducing a new segment, Real Estate Word of the Month. Sometimes when you're in the real estate industry you tend to throw around words agents and brokers frequently use and forget that not everyone knows what they mean! This week, we're breaking down the word "comps". What words have we used that you'd like us to define?

TRANSCRIPT:

Erik: 

Welcome to Focus Real Estate's, weekly video series. I'm Erik Gould.

Randal: 

And I'm Randal Engelmann.

Erik:

And this week we're gonna try something a little bit new and that is The Real Estate Word of the Month!

Randal:

Excellent! What's our word of the month this month, Erik?

Erik:

So, this month we wanted to talk about a topic that many of our clients asked us, because as real estate agents, we use this terminology on a regular basis with our clients.

Randal:

Are you gonna tell us?

Erik:

I'm building suspense, Randal! So we use terminology between each other sometimes we forget that those of you who don't practice real estate on a daily basis may not be so familiar with some of the terminology we use. And one of the words that we throw around often...

Randal:

Tell us!

Erik: 

... and we take for granted is "comps." The word "comps" or comparable. Comps is short for comparable. It's what we base the price of any given property on and houses in that market that are most similar to that house.

Randal:

They're kind of relevant sales.

Erik:

Relevant sales. Now, no two properties in real estate are exactly alike. Every
location is a little different.

Randal:

Given that all properties are really quite unique and no two are exactly the same because everyone's in a different location. Locations differ from corner to corner to street to street.

Erik:

And that's what we use in call "comps".

Randal:

And that's a comp! Any terms out there that you guys hear in the industry that you find kind of elusive or just don't know what we're talking about? Do we ever say stuff that you just don't understand? Let us know! Give us some feedback below. Thanks for watching everybody today and don't forget to Like us on Facebook and subscribe to our YouTube channel until next time,

Both:

Stay Tuned and Stay Focused.