In real estate, the term “relinquishment” refers to when a seller gives up or releases their property so that you can make it yours. This is typically done through negotiation or by letting the buyer purchase the house as-is.
The term most commonly applies to when there are no longer efforts being made to sell the home. Sometimes this happens because the home has been on the market for too long, or the sellers have given up hope of finding a buyer.
Other times, the owners may need to move away from the area, leaving behind friends and family they’ve built over the years. It could also be due to poor health, making it hard for them to maintain their current lifestyle.
Whatever the reason, when a seller decides to relinquish ownership of their home, it creates an opportunity for someone else to take advantage of the property. A savvy real estate agent can identify these opportunities and work with the seller to create a win-win situation.
R means return on investment
The next most important real estate related term you will come across is “return on investment (ROI).” This refers to how much money you make off of investing your property versus what you spend to invest it.
The easiest way to understand ROI is by using the example of buying a house. If we were trying to determine whether or not it was a good idea to buy a one-bedroom apartment close to campus, our ROI would be determined by two numbers. It would look at how much money we made from the apartment per month and compare that to how much we spent purchasing and living in the apartment.
If the first number is higher than the second, then our investment paid off! We made more money than we invested in the apartment! This shows that our decision to invest in this apartment was a smart one. Similarly, if the first number is lower than the second, then we wasted our money because we received less income for the space we rented out.
R means risk
The word ‘risk’ may sound scary, but it is not! Taking risks can be fun if you know what to do with those risks.
Risk comes with opportunity. It creates opportunities for growth.
When you take a chance and lose money, that is a risk. But it could also lead to more success down the road.
Success comes from hard work and investing in yourself. Avoid taking unnecessary risks unless you are prepared to put in the effort needed to succeed.
R means reputation
While not mentioned much, people who are actively involved in real estate tend to have A REPUTATION! This is clearly seen when you look at how many buildings and houses there are for sale or how many homes get listed with agents.
There’s a reason that so many brokers exist and thrive – most people know of them and will pay them to help them find their next home.
Realtors build up this reputation by being trustworthy, hard workers, and consistently putting others first. They develop relationships across the community and are known as strong leaders.
This is what makes them valuable influencers in our society. People trust them and feel comfortable working with them.
R means relationship
In real estate, the term ‘relocation’ has gotten pretty weird. There are professionals who use the word relocation to mean anything from selling your current home to buying a new one!
And while that may seem like an exaggeration, it is not. The housing market seems to have entered into a sort of boom-bust cycle where people are constantly moving up or down depending on whether they find their perfect house or if the next house they look at is the best place for them to live.
But what does the word really mean? And how can you tell when someone uses the term relo with vague meanings?
The most common definition of relocation is changing addresses for purposes such as schooling, work, or health. This is typically done once per person because things can change frequently in life. For example, if you were hired by a company that doesn’t offer healthcare benefits, you would probably search out other employers that do to make sure your family was covered.
Changing jobs for this reason is usually categorized as a career transition. However, there are two big problems with using the word relocation here. First, it excludes many families from getting adequate coverage due to the lack of employer-sponsored insurance. Second, it only covers transitions caused by external factors — like losing job opportunities — but not internal ones, like wanting to be close to family after having kids.
This article will discuss some other definitions of relocation and why they’re wrong.
R means resources
In real estate, the word ‘resource’ refers to anything that can help you achieve your goal. These might be internal (think of it as your own motivation) or external (resources such as education, employment, etc.).
Most people who become successful landlords don’t have any formal education beyond high school, but they are still able to do very well because they use their resourceful mind to learn from experiences and other people.
Landlords with less money may not have a large income, but they are still able to invest in properties because they know what tools and strategies work for others.
This is one reason why there is no single definition of what it takes to be a wealthy landlord – if there was, someone like Bernie Sanders would definitely qualify!
Another important part of being a successful landowner is having faith in yourself and those around you. It sounds clichéd, but true success comes down to helping other people succeed and believing in yourself.
If you want to live free and enjoy this business, then go after what you want and work hard to get it. You will need to believe in yourself and in your ability to teach yourself new things, however.
You will also need to surround yourself by people that you trust and that can motivate you towards your goal.
R means reputation
A growing number of real estate agents are incorporating social media into their business strategies. Many use Instagram, Snapchat, or Facebook to promote themselves, their services, and/or their listings.
As you probably know by now, every time someone likes, comments on, or shares a piece of content – they’re telling everyone that this information is trustworthy and should be read, believed, and acted upon.
This is called ‘linking’. And it’s kind of what social media is built on!
By linking to an article, video, or picture through your account, people are giving credit to you for having good material. In turn, you get exposure for your work which can lead to more clients.
It also gives other people the opportunity to link to your content, which adds prestige to your profile.
There are many ways that people can link to you (and your accounts) around the internet, so make sure to keep an eye out for these links.
R means repeat customers
As real estate agents, we are constantly looking to develop relationships with our clients.
We would like to think that once you’ve bought or sold a house, you will always come back to us for more houses. Unfortunately, this is not the case!
As professional sellers, most people have seen enough of their house being shown and marketed already – they just want it off the market!
And as professional buyers, some owners may take longer than expected to find their dream home so you’ll be spending your time chasing them, not the other way around!
In fact, according to Corelogic, an independent research firm, over half (51%) of all residential property sales in Australia in June 2018 were by first-time purchasers. That’s almost 1 in 2 sales!
What about the rest of us? The vast majority (85%) of Australians own a home, but only 50% sell theirs within five years. Why? Because we’re saving up or waiting to reinvest our money, not because they don’t work for us.
R means reputation
When it comes to real estate, what does the word ‘realtor’ mean to you? It is probably either very positive or negative, depending on your perception of Realtors.
Some people think that all Realtors are out to make a profit for themselves by spending as much time selling a house as possible even if this takes longer, while other people believe they only care about their own money and not look after others’ interests.
Either way, whether you consider them professionals or not, most people agree that Realtors have an excellent reputation when it comes to serving customers. This is because they go through lots of formal training and comply with regulations to ensure customers feel confident in buying or selling a property from them.
Most importantly though, they put in a lot of effort into ensuring that both buyers and sellers enjoy working with them. This includes things like listening to how you feel about a house and being willing to work with you to find one you will love, as well as supporting you during the sale and moving process.
