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<\/p>\nBrokers 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
1. App<\/strong><\/h2>\nNo 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
\n2. API<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n\n\nApplication 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>\n3. Back-office<\/strong><\/h2>\nAccounting, 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
4. Back end<\/strong><\/h2>\nThe code, databases, applications, linkages and \u201cparts\u201d that power a website or proptech. In the most traditional sense, what software developers create.<\/p>\n
5. Blockchain<\/strong><\/h2>\nAn interconnected public digital ledger that records transactions and monitors assets in a shared, peer-to-peer platform.<\/p>\n
\n6. Companion app<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n\n\nThe 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
7. Computer vision<\/h2>\n
A form of artificial intelligence that analyzes photography, video and other forms of published or physical visuals for the purpose of understanding objects and content. Used in real estate primarily to read listing photos, interior content and video for overlapping property characteristics with consumer interest, market trends and other drivers of real estate decisions.<\/p>\n
8. Consumer Permissioned Data (CPD)
\n<\/strong><\/h2>\nThe concept, largely a component of fintech, that consumers can control precisely what data lenders, credit agencies and other financial players are allowed to use in making credit decisions. CPD often involves APIs controlling preauthorized information specifically indicated as accessible by the consumer.<\/p>\n
9. Conversion<\/strong><\/h2>\nTurning 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 rates.<\/p>\n
\n10. CMS<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n\n\nContent 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
11. CRM<\/strong><\/h2>\nCustomer 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>\n12. CTA<\/strong><\/h2>\nCall 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<\/div>\n<\/div>\n
\n13. Digital twin<\/strong><\/h2>\n<\/div>\n\n\nA digitally created version of a physical object used to simulate actual interaction with the object. In real estate, a version of a home interpreted by a 3D capture process and enhanced graphical renderings most often associated with virtual home tours.<\/p>\n
14. Data visualization<\/strong><\/h2>\nThe translation of complex data into palatable visual aids and analyses, such as graphs, charts, color variations and heat maps.<\/p>\n
15. eNotes<\/strong><\/h2>\nElectronic 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>\n16. Exposure fusion<\/strong><\/h2>\nIncreasingly 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<\/div>\n<\/div>\n
\n17. Fintech<\/h2>\n<\/div>\n\n\nFinancial technology. Industry jargon for the branch of consumer software and underlying technology solutions that address aspects of money management, funds transfers, lending, investing and other legacy operations. Often, it involves Web3 technologies, such as blockchain, decentralization technologies and cryptocurrencies.<\/p>\n
18. Front-end<\/strong><\/h2>\nThe user-facing component of a website or software product; the collective features, buttons and interactive tools of a software product.<\/p>\n
19. Funnel<\/strong><\/h2>\nThe 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
20<\/strong>. GPT<\/h2>\nGenerative Pre-trained Transformer. A type of large language model that underlays generative artificial intelligence models used primarily in natural language processing systems and taught by large volumes of content. GPT is associated with\u00a0OpenAI\u2019s ChatGPT<\/a>\u00a0because the company was the first to create\/publish a GPT-based engine.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n21. HDR<\/strong><\/h2>\nHigh dynamic range (imaging). In photography and visual displays, a technology that combines multiple, varied exposures simultaneously to improve the 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
22. LLM<\/h2>\n
Large Language Model. A language model is a form of machine learning model used to predict and generate natural language, often defined by what subject or long-form prompt is used to get the model to respond, according to what it\u2019s been trained. An email composer (e.g. Gmail) suggesting your next word is using a language model. LLMs have emerged as computer power and data availability has increased, allowing for servers to process more input and output entire sentences, paragraphs and entire essays.<\/p>\n
20. MERS<\/strong><\/h2>\nMortgage Electronic Registration Systems, Inc<\/a>. A national database of mortgage ownership that helps create and set standards for eNotes.<\/p>\n<\/div>\n<\/div>\n\nAdvertisement<\/div>\n<\/div>\n\n\n23. MERS eRegistry
\n<\/strong><\/h2>\n
2. API<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n\n\nApplication 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>\n3. Back-office<\/strong><\/h2>\nAccounting, 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
4. Back end<\/strong><\/h2>\nThe code, databases, applications, linkages and \u201cparts\u201d that power a website or proptech. In the most traditional sense, what software developers create.<\/p>\n
5. Blockchain<\/strong><\/h2>\nAn interconnected public digital ledger that records transactions and monitors assets in a shared, peer-to-peer platform.<\/p>\n
\n6. Companion app<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n\n\nThe 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
7. Computer vision<\/h2>\n
A form of artificial intelligence that analyzes photography, video and other forms of published or physical visuals for the purpose of understanding objects and content. Used in real estate primarily to read listing photos, interior content and video for overlapping property characteristics with consumer interest, market trends and other drivers of real estate decisions.<\/p>\n
8. Consumer Permissioned Data (CPD)
\n<\/strong><\/h2>\nThe concept, largely a component of fintech, that consumers can control precisely what data lenders, credit agencies and other financial players are allowed to use in making credit decisions. CPD often involves APIs controlling preauthorized information specifically indicated as accessible by the consumer.<\/p>\n
9. Conversion<\/strong><\/h2>\nTurning 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 rates.<\/p>\n
\n10. CMS<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n\n\nContent 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
11. CRM<\/strong><\/h2>\nCustomer 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>\n12. CTA<\/strong><\/h2>\nCall 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<\/div>\n<\/div>\n
\n13. Digital twin<\/strong><\/h2>\n<\/div>\n\n\nA digitally created version of a physical object used to simulate actual interaction with the object. In real estate, a version of a home interpreted by a 3D capture process and enhanced graphical renderings most often associated with virtual home tours.<\/p>\n
14. Data visualization<\/strong><\/h2>\nThe translation of complex data into palatable visual aids and analyses, such as graphs, charts, color variations and heat maps.<\/p>\n
15. eNotes<\/strong><\/h2>\nElectronic 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>\n16. Exposure fusion<\/strong><\/h2>\nIncreasingly 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<\/div>\n<\/div>\n
\n17. Fintech<\/h2>\n<\/div>\n\n\nFinancial technology. Industry jargon for the branch of consumer software and underlying technology solutions that address aspects of money management, funds transfers, lending, investing and other legacy operations. Often, it involves Web3 technologies, such as blockchain, decentralization technologies and cryptocurrencies.<\/p>\n
18. Front-end<\/strong><\/h2>\nThe user-facing component of a website or software product; the collective features, buttons and interactive tools of a software product.<\/p>\n
19. Funnel<\/strong><\/h2>\nThe 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
20<\/strong>. GPT<\/h2>\nGenerative Pre-trained Transformer. A type of large language model that underlays generative artificial intelligence models used primarily in natural language processing systems and taught by large volumes of content. GPT is associated with\u00a0OpenAI\u2019s ChatGPT<\/a>\u00a0because the company was the first to create\/publish a GPT-based engine.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n21. HDR<\/strong><\/h2>\nHigh dynamic range (imaging). In photography and visual displays, a technology that combines multiple, varied exposures simultaneously to improve the 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
22. LLM<\/h2>\n
Large Language Model. A language model is a form of machine learning model used to predict and generate natural language, often defined by what subject or long-form prompt is used to get the model to respond, according to what it\u2019s been trained. An email composer (e.g. Gmail) suggesting your next word is using a language model. LLMs have emerged as computer power and data availability has increased, allowing for servers to process more input and output entire sentences, paragraphs and entire essays.<\/p>\n
20. MERS<\/strong><\/h2>\nMortgage Electronic Registration Systems, Inc<\/a>. A national database of mortgage ownership that helps create and set standards for eNotes.<\/p>\n<\/div>\n<\/div>\n\nAdvertisement<\/div>\n<\/div>\n\n\n23. MERS eRegistry
\n<\/strong><\/h2>\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 An interconnected public digital ledger that records transactions and monitors assets in a shared, peer-to-peer platform.<\/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 A form of artificial intelligence that analyzes photography, video and other forms of published or physical visuals for the purpose of understanding objects and content. Used in real estate primarily to read listing photos, interior content and video for overlapping property characteristics with consumer interest, market trends and other drivers of real estate decisions.<\/p>\n The concept, largely a component of fintech, that consumers can control precisely what data lenders, credit agencies and other financial players are allowed to use in making credit decisions. CPD often involves APIs controlling preauthorized information specifically indicated as accessible by the consumer.<\/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 rates.<\/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<\/div>\n<\/div>\n A digitally created version of a physical object used to simulate actual interaction with the object. In real estate, a version of a home interpreted by a 3D capture process and enhanced graphical renderings most often associated with virtual home tours.<\/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<\/div>\n<\/div>\n Financial technology. Industry jargon for the branch of consumer software and underlying technology solutions that address aspects of money management, funds transfers, lending, investing and other legacy operations. Often, it involves Web3 technologies, such as blockchain, decentralization technologies and cryptocurrencies.<\/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 Generative Pre-trained Transformer. A type of large language model that underlays generative artificial intelligence models used primarily in natural language processing systems and taught by large volumes of content. GPT is associated with\u00a0OpenAI\u2019s ChatGPT<\/a>\u00a0because the company was the first to create\/publish a GPT-based engine.<\/p>\n<\/div>\n<\/div>\n High dynamic range (imaging). In photography and visual displays, a technology that combines multiple, varied exposures simultaneously to improve the 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 Large Language Model. A language model is a form of machine learning model used to predict and generate natural language, often defined by what subject or long-form prompt is used to get the model to respond, according to what it\u2019s been trained. An email composer (e.g. Gmail) suggesting your next word is using a language model. LLMs have emerged as computer power and data availability has increased, allowing for servers to process more input and output entire sentences, paragraphs and entire essays.<\/p>\n Mortgage Electronic Registration Systems, Inc<\/a>. A national database of mortgage ownership that helps create and set standards for eNotes.<\/p>\n<\/div>\n<\/div>\n3. Back-office<\/strong><\/h2>\n
4. Back end<\/strong><\/h2>\n
5. Blockchain<\/strong><\/h2>\n
6. Companion app<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n
7. Computer vision<\/h2>\n
8. Consumer Permissioned Data (CPD)
\n<\/strong><\/h2>\n9. Conversion<\/strong><\/h2>\n
10. CMS<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n
11. CRM<\/strong><\/h2>\n
12. CTA<\/strong><\/h2>\n
13. Digital twin<\/strong><\/h2>\n<\/div>\n
14. Data visualization<\/strong><\/h2>\n
15. eNotes<\/strong><\/h2>\n
16. Exposure fusion<\/strong><\/h2>\n
17. Fintech<\/h2>\n<\/div>\n
18. Front-end<\/strong><\/h2>\n
19. Funnel<\/strong><\/h2>\n
20<\/strong>. GPT<\/h2>\n
21. HDR<\/strong><\/h2>\n
22. LLM<\/h2>\n
20. MERS<\/strong><\/h2>\n
23. MERS eRegistry
\n<\/strong><\/h2>\n