The industry is becoming ever-more technology driven, digital and at arm’s length. These common terms can help you understand what technology vendors are trying to sell you<\/p>\n
Whether you\u2019re new to listing homes or a seasoned, referral-only buyer\u2019s agent, real estate technology continues to change the way the industry operates.<\/p>\n
Brokers and agents have to be ready to shift when consumers do, and part of that is knowing what your clients and your technology vendors are talking about.<\/p>\n
What follows is an ever-growing list of terms that are marching their way into today\u2019s everyday business vernacular. Some you might know, and others you should get to know.<\/p>\n
No longer used to describe only the software on your phone, it\u2019s now the go-to term for any type of software. Mobile apps are on your phone. Browser and web apps are accessed through Chrome, Firefox, etc., and desktop apps are installed on your computer.<\/p>\n
Application programming interface. It\u2019s often thought of as a \u201cbridge\u201d that connects two software systems, but it also refers to the way web applications are built. Developers use APIs to access data and features of other products to use in their own. Map searches often use the\u00a0Google Maps API<\/a>; property search sites may use one of\u00a0Zillow\u2019s APIs<\/a>.<\/p>\n Accounting, financial and legal business operations required of brokers to process and distribute commissions, delegate operating funds and generally keep an office running. Back-office solutions are often a part of transaction management products or sold stand-alone.<\/p>\n The code, databases, applications, linkages and \u201cparts\u201d that power a website or proptech. In the most traditional sense, what software developers create.<\/p>\n The mobile app version of a desktop or web app. Not to be confused with a mobile-responsive, but rather a mobile app version of the software.<\/p>\n Turning a lead into a client. Marketing software products, vendor-provided drip campaigns, CRM funnel structures and all forms of paid lead generation systems should be measured largely by conversion<\/p>\n <\/p>\n Content management system. The software most often associated with website design and editing. It allows for the input of text, creation and management of pages, insertion of videos, charts, tools, menus, etc. WordPress, Squarespace and Wix are common examples.<\/p>\n Customer relationship management<\/a>. Actually a business function. The majority of software options marketed under this abbreviation have far outgrown it. It\u2019s used to categorize a simple database of contacts with simple features such as scheduled follow-up reminders, alerts to birthdays and notes on each contact instance.<\/p>\n Call to action. Text, buttons, forms, banners and other interactive features on an advertisement, website, or landing page, designed to encourage a user to take action, such as \u201cHow much is your property worth?\u201d or \u201cSubscribe now to find your dream home!\u201d<\/p>\n The translation of complex data into palatable visual aids and analyses, such as graphs, charts, color variations and heat maps.<\/p>\n Electronic promissory notes. A method to ensure ownership of real property using digital verification and electronic documents.\u00a0DocuSign<\/a>\u00a0is a popular vendor facilitating eNotes, as is MERS.<\/p>\n Increasingly popular technical photography process that combines multiple exposures to control over-exposure and distracting natural light. Often used to reduce glare from windows in interior photos, which allows viewers to see exterior environments.<\/p>\n The user-facing component of a website or software product; the collective features, buttons and interactive tools of a software product.<\/p>\n The process of taking a person from prospect to formal client, usually involving a series of interactions that collect an increasing amount of personal information and increased permission to deliver marketing messages. Usually starts with an email newsletter sign-up and ends with formal buyer or listing agreements.<\/p>\n High dynamic range (imaging). In photography and visual displays, a technology that combines multiple, varied exposures simultaneously to improve range of light to dark, improving the physical capabilities of the camera\u2019s native mechanisms. It can greatly improve property pictures. It\u2019s found on many photography apps, but not always needed nor always beneficial.<\/p>\n Mortgage Electronic Registration Systems, Inc<\/a>. A national database of mortgage ownership that helps create and set standards for eNotes.<\/p>\n\n
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