Glossary of Terms

The main trade association in Canada for real estate brokers, agents, and salespeople is the Canadian Real Estate Association (CREA). For more information, visit www.crea.ca.

The Client Referral System is a comprehensive real estate marketing system designed to help agents increase referrals from past clients. Learn how this referral marketing system can help grow your business!

A cold call is an attempt to introduce yourself to a potential new prospect. This can be done by phone or in person (for example, while doorknocking in a neighbourhood.) Check out this helpful article: 8 Tips for Door-knocking In Your Geographic Farm

Community marketing, also known as “geographic farming,” is marketing to a specific area and becoming known there as the go-to agent. It’s a proven lead generation strategy and requires the right geographic farming system.

CRM stands for Customer Relationship Management. A CRM system for real estate agents helps you manage your contacts, leads, listings, marketing, and other aspects of your business—saving you time and getting you better results.

Your database is your list of contacts (clients, prospects, etc.) and, with the right real estate CRM, it often includes detailed contact information, meeting notes, stage in the sales pipeline, and more.

Direct mail advertising is a tactile marketing tool that relies on print materials delivered through the post office, such as Canada Post or the US postal service. Direct mail advertising can refer to printed customized and personalized newsletters, postcards, coupons, promotional magazines and flyers and more.

Dividing and conquering is a proven approach to staying on track with your business goals. Learn more here: Goal Setting for Real Estate Agents: The “Divide and Conquer” Technique

A drip campaign is a type of email campaign where you send a planned-out series of messages to specific types of prospects. For example, you might use a drip campaign to convert more FSBOs to clients.

Your elevator pitch is a short statement about who you are, what you do, and how you help clients. It’s usually under 50 words; equivalent to what you could say in 10–30 second elevator ride. Here are some great tips on writing your elevator pitch: Real Estate Agents, what’s your 10 second marketing message?

FSBO stands for: For Sale By Owner. Those who qualify as FSBO are people attempting to sell their homes without an agent, typically in the hopes of saving money. FSBOs can be excellent prospects who need a little education about their options. Check out these sales scripts for targeting FSBOs.

Boomer
More precisely “baby boomer,” this term refers to those born from 1946 to 1962 when there was a significant spike in birth rates. Today, “boomers” are mostly in their late 50s, 60s, early 70s. See these tips on marketing to boomers: Tap into the Booming Boomer Market to get Real Estate Listings

Generation X
Gen Xers are people born 1962–1980. Today, they’re in their late 30s, 40s, and early-to-mid 50s. Many are in a transition stage in their life, which can make them good real estate prospects.

Millennial
Millennials are people born between 1982–2004 who grew up in the digital world. Today, they’re mostly young adults with some in their early to mid-thirties. Many are buying their first homes.

Xennial
Xennials were born between 1977–1983 and became teenagers during the dawn of computers and the digital world. Check out these tips for marketing to this unique group: How to Land More “Xennial” Real Estate Clients

A geographic farm is a specific neighbourhood or area. When you market to a geographic farm, you’re attempting to become known there and seen as the area’s go-to agent.

A Geographic Farming System is a system for targeting a geographic farm and generating leads.

House Price index, or HPI, is the measurement of price changes in residential housing for the purpose of understanding market trends (sold price) over time for homes in specific categories.

IDX stands for Internet Data Exchange. Simply put, it’s a means of having up-to-date information on property listings displayed on your website.

IDX listings are dynamic listings that are updated on your website via Internet Data Exchange (IDX) and MLS, multiple times in a 24-hour period.

“IDX search engine” is an umbrella term commonly used to describe IDX, or Internet Data Exchange. IDX, however, is a complex system and combination of programs which is provided to subscribers of MLS (Multiple Listing Service).

Indexable IDX means that the IDX listings on your website are searchable by Google and other search engine bots crawling your website. The more content rich and accurate your listing descriptions and content are, the more likely it is to be picked up and served to end users.

The Know, Like, Trust Principle – people choose to business with those that they know, like and trust –  is a simple but extremely important principal in virtually all businesses. Real estate agents and brokers who apply the Know, Like, Trust Principle to their business are much more likely to move their business from transactional to relationship and referral. Learn how you can apply the Know, Like, Trust Principle  in your real estate business.

Prospects who are not likely to move until after three months or so are referred to as, “Later Leads.” You can increase conversions by staying in touch with these leads, regularly. Turn more prospects into clients with Morris Marketing Group’s real estate lead conversion marketing system.

A Lead Capture Form is a sign-up form on your website for prospects who are interested in learning more about you and your services. Ideally, lead capture forms should automatically populate inside your CRM, so you can follow-up on these opportunities. Learn how a Lead-Generating Realtor Website can help you easily generate and convert more leads.

Lead capture tools are components of a real estate marketing system that enable you to capture and follow-up on leads. For example, a website lead capture form.

Marketing automation is a key component of any effective real estate marketing system. As much as possible, marketing activities should be automated to save you time and effort. For example, a done-for-you drip email campaign or monthly e-newsletter that you can launch with the push of a button. Morris Real Estate Marketing Group provides proven email marketing for Realtors.

MLS, an abbreviation for Multiple Listing Service, is a fee-based service that is currently considered the most inclusive and wide-ranging real estate listing service. It is a collection of several hundred region-based databases that provide the ability for real estate agents to upload, share and review listings.

The National Association of Realtors (NAR) is the trade association for real estate brokers, agents, and salespeople in the United States. (www.nar.realtor.com)

A property identification number, often simply called a Property ID or Parcel Identifier, is a land property identification system used for tax, real estate business and legal purposes. If a Property Identification Number is unknown, it can be found in the records at state or provincial land registry offices.

While there are many CRMs available today, a real estate CRM is specifically designed for real estate agents. The best real estate CRM includes marketing and business management tools.

Direct mail is postal mail, such as real estate newsletters, “just sold” postcards, etc. Direct mail is an effective means of increasing referrals and leads from past clients, prospects, and geographic farm residents.

A real estate marketing blog provides real estate marketing advice, information and news specific to real estate agents, Realtors and real estate brokers. Visit the Morris Real Estate Marketing Blog for up-to-date real estate marketing tips, advice and news that is designed to help increase the success of your real estate business.

A real estate marketing company helps real estate agents generate and convert more leads and referrals and build a thriving career. Learn about Morris Real Estate Marketing Group, including what our clients have to say about our real estate marketing systems.

Unlike a print and mail shop, or letter shop, a real estate newsletter mailing service does not just print and mail your pre-prepped postcard or newsletter. Rather, a true full-service real estate newsletter mailing service, such as Morris Real Estate Marketing Group, will write, design and customize your real estate newsletter for you, give you tools to manage your database and offer real estate marketing advice.

Your real estate referral network is comprised of business contacts—real estate lawyers, contractors, mortgage advisors, etc.— who can potentially recommend you to their clients. Building relationships with this group will result in more referrals. Check out our 5 Keys to Building a Real Estate Referral Database.

Referral marketing is designed to increase the number of referrals you get. The best sources of referrals are your past clients and your business network.

Marketing to past clients to build loyalty with them is called, “Referral & Repeat Marketing.” When you engage in this, you increase the referrals and repeat business you get from this group.

A Realtor® is a licensed real estate salesperson who is a member of the National Association of Realtors (in the U.S.) or the Canadian Real Estate Association (in Canada).

If you’re a licensed real estate agent who is just starting out—in your first year—you’re known as a, “Rookie Realtor.” It’s important for rookies to have the right marketing systems in place, so they can begin generating and converting leads and referrals, consistently. Morris Real Estate Marketing Group has a unique Rookie Realtor Program designed to help you succeed in this industry.

Using social media sites, such as Facebook, LinkedIn, and Instagram, to build your brand, connect with new prospects, and stay in touch with past clients is a very popular modern marketing tactic.

Consistency is key to marketing success. When you use the right real estate marketing system, and connect with prospects and clients regularly, you experience the, “snowball effect.” That is, you get better results year after year!