Every profession has its distinct language, from doctors to lawyers to rocket scientists, the use of which in thought and in speech separates the insiders from everyone else– and professional real estate investors are no exception. When taken in small bites it is easy to learn the real estate language.
Anyone can buy or sell their own home without knowing what a writ of restitution is or how to calculate the Gross Rent Multiplier, but if you want to step into the real estate investing arena as a serious investor one of the first things you need to do is grasp a firm understanding of the insider language.
When you can comfortably use the lingo familiar to others in the business, they will listen that much more closely to your ideas and proposals because they know they are dealing with a seasoned insider. Plus, those that don’t know will respect you that much more that you do.
And bottom line, you’ll put yourself in more positions to get paid.
If my company were to provide a textbook copy of the real estate investing glossary terms and definitions in the free modules on our website it would amount to well over 250 pages and growing. For some people, that’d be an overwhelming undertaking, to sit and read end-to-end, regardless of the fantastic benefits. But that wouldn’t be the best way to learn in our opinion, as retention in “cramming” is little.
That’s why we’ve broken the undertaking of learning to speak, and most importantly to think, like a real estate insider down to a manageable task you can complete over time– or get the information you need immediately at your fingertips in one convenient place.
I advise that new investors take 15 minutes 1-2 times a week to learn a couple dozen terms and definitions and you’ll be taking a pivotal step to mastery of the real estate investing game– a step that those who are destined to remain on the sidelines watching never have the discipline to take.
Our top students “bookmark” the module links on their computer’s internet browser and return to it at least once a week each week at a specific recurring time (i.e. a planned consistent ‘time block’), to study for 15 minutes or so as time allows, using a calendar on their phone or computer to remind them until it becomes a habit.
I can’t stress how important it is to have the right lingo down. One can tell the difference from a newbie and someone who is more seasoned. My observation has been that there is a different respect and willingness of a contact to tune in when they perceive that you know what you are talking about.
Part of branding, especially when you are the ‘brand’, is how you present yourself. Within 40 seconds, how you look and the energy, pitch, tone, and rate of speech at which you speak, impacts the perception one forms about you to the greatest degree. However, what you say is still very relevant to success. First impressions are exceptionally hard to shift.
Dr. Robert Cialdini calls it the “halo effect”. This is why I enjoy that many of our investors now first have their impression of me or our company from content marketing which is designed to portray our company and me for instance in the best light– that of a credible authority and trusted advisor. Much better than if I had met someone initially sitting at home in my boxer shorts, and said “hey bud, got a hundred grand? Let’s invest it!”
I believe so much in this activity as a great catalyst for new investors, that our office has been given strict instructions to pass along for free the 4 module interactive online glossary we created for in-house training purposes to anyone who visits one of our websites and contacts us asking for the investor glossary.
Should you want it, just ask for it. Create a weekly reminder in your calendar to spend 15 minutes studying this glossary. Take something as daunting as learning all the terms in a very large glossary and turn it into a very doable activity in bite sizes over time.
I say all that to say this. Your mind is an amazing tool. It will serve you as you stretch it.
Learn the lingo of real estate.
It will pay off when you can “talk the talk” with confidence and multiply the effectiveness of your conversations in your real estate business with buyers, sellers, lenders, investors and tenants.