Whether it’s a designation related to an aspect of education or a term related to financing, acronyms are many times related to specific industries.
When I worked in automation systems, we used acronyms such as PLC, PAC, TON, RTD, OTE, and the list goes on. No one outside those circles understood anything about it. Even in places like the church, there can be acronyms. Ps., Rev., D-Min., Mk., and that list goes on.
If you are not in the specific industry, none of the acronyms make sense so it’s important for the Realtor to explain what they mean. If the Realtor is good, it’s no problem but if they are less than stellar, they may look at it as an inconvenience to have to take the time to explain everything.
MLS, FDA, FHA, RENE, VA, GRI, CHMS, CMA, FSBO, ABR. That’s just a few of the acronyms you might hear a Realtor throwing around.
Designations are nice and I have several. Mine are CHMS, GRI, and USMOM. CHMS is Certified Home Marketing Specialist. GRI is for Graduate, Realtor Institute. USMOM is United States Military On The Move.
The reality is that anyone who is not directly involved in real estate cares little about what these are or what they mean. However, for Realtors to use these acronyms without explanation could be construed as unprofessional. If you hear a Realtor using acronyms, stop them and ask what they mean.
Having said all that, here are just a few acronyms everyone who is thinking about a real estate transaction should know.
MLS – Multiple Listing Service. Every area around the country has a Multiple Listing Service. This is a program available to all Realtors and Brokers so they can see what properties are for sale, sold, expired, or canceled. No specific Realtor has an advantage over someone else over this. The exception is that the Multiple Listing Service is for a specific area. For instance, as a Realtor in Texas, I have access to certain information. However, I would not have access to the same information in Florida.
FHA, USDA, VA, HUD – These include the Federal Housing Authority, United States Department of Agriculture, Veterans Assistance, and Housing and Urban Development loans. Each of these loan types have different requirements to qualify for and your Realtor or lender should be able to help steer you in the right direction
There are so many acronyms out there for every industry. It’s only natural that if you aren’t in that industry, you will not necessarily know what they all mean. If you are having a conversation with a Realtor and don’t understand something like an acronym or a topic, stop them and ask them to explain it. Honestly, they may not have the information right away. A good Realtor will tell you that they don’t have an answer right then but can get it instead of making up an answer and hoping it will fly.
Always check with your Realtor about your particular area and the differences that might not be addressed here.
Thanks for stopping by. Please share this and remember, I’m never too busy for you or your referrals.