So, you finally want to sell your home. You meet with your real estate agent and ask her how she plans to aggressively market and sell your very desirable home. She confidently responds by stating she will first run a CMA, then promptly submit into the MLS and the IDX, create a highly visible webpage utilizing SEO, plaster it all over SM, we may splash in a little bit of DMA, and finally, we will utilize good old WOM. All of this is necessary to limit the property’s DOM. Huh? What in the wild, wild, world of sports does all that gibberish mean? I want to sell my house not rush a sorority.
Our day to day conversations are awash with acronyms used both to shorten the length of our run-on sentences and, of course, to impress our highly engaged listeners. Those of us who have years of tenure at our profession tend to be the worst offenders of throwing out a myriad of acronyms and “assuming” our listeners have a clue of what we are talking about. In the real estate (and digital marketing) industry there are standard acronyms that most agents will use and it is prudent for a smart home seller to study up and learn the lingo. So, without further BS, here are a few commonly used acronyms, broken down into language we can all understand without the help of Merriam-Webster.
CMA – Comparative Market Analysis. Your real estate agent will compare the specifics of your home (i.e. square footage, # of bedrooms, etc.) with other homes in your neighborhood that are for sale and recently sold in order to get an indication of the maximum listing price for your home.
MLS – Multiple Listing Service. A data base, in both print and online, that shows real estate listing for sale by Realtors® and other realty professionals that pay a fee to be members of the Multiple Listing Service.
IDX – Internet Data Exchange (aka Information Data Exchange). The agreement between real estate brokerages that allow advertisement of each other’s property listings.
DOM – Days on Market. Simply, how long your house has been listed for sale. This matters only because psychologically a buyer may think a property with more DOM is more desperate to accept an offer to purchase.
DMA – Direct Mail Advertising. This is a wide variety of marketing materials, including brochures, catalogs, postcards, newsletters and sales letters that are delivered to the recipient via good old snail mail.
SEO – Search Engine Optimization. Smart people adding relevant keywords and phrases to a webpage in an effort to be listed at the top of the search engine (i.e. Google) results.
SM – Social Media. Online sites (Facebook, Twitter, Instagram, Snapchat, YouTube, etc.) where you can post photos, videos, links and other contents with the hopes it will be seen by millions of SM junkies.
SMM – Social Media Marketing. When people, such as your real estate agent, uses SM to market their business (or your house for sale).
WOM – Word-Of-Mouth. Tell it like it is. Do I really need to say anything more?
Class is now dismissed. Consider yourself a graduate of Basic Acronyms 101. Feels great to be smart doesn’t it. We can all benefit from learning something new every day. Even when it comes to hiring a professional real estate agent to list your home for sale. Being a smart home seller means hiring a local agent that will sell your house for less commission which, saves you money. Wait, what? Yes, experienced local real estate agents with Great Percent bid for your home listing by adjusting their commission and services through a closed bid format, which includes details of the services they will provide to the home seller. Less commission, marketing expertise and knowledge of your neighborhood. Can it be any clearer than that? Now, grab your diploma PDQ and get back to posting pictures of your dog playing dead on SM.