-By Chiara Lawrance, Account Manager at Property House Marketing
As a relative newbie to the property world, the abundance of industry jargon can seem like a minefield. In my first month here at Property House Marketing, I have come across a number of buzzwords in the media and in conversations with others in the industry. In most cases, these words are just an easy way of explaining very common situations for buyers, sellers and estate agents. Here is a list of my top five favourites so far:
- Flipper – Surprisingly, not the dolphin from the 1960s/1990s children’s film. It is a term referring to an investor who will buy a property and then sell it on quickly for a profit. There are two ways of doing this, either the investor will spend time renovating the property, or will leave it as it is and hope the market value increases.
- Tyre Kicker – Much to the annoyance of many an estate agent, this is someone who views properties without any intention to buy.
- Gazumping – In the current property climate there are often a number of eager potential buyers for one house. Gazumping occurs when a buyer accepts a higher price offer when they have an offer accepted on their property.
- Gazanging – A term used when a buyer takes their home off the market and decides to stay put, even though an offer has already been accepted.
- Gazundering – This occurs when a buyer reduces their offer just before contracts are exchanged. This leaves the seller in a difficult position and is intended to make them accept the lower offer in order to not prolong the process.
I’m not sure how many more words can follow on the ‘gaz’ theme, but it’ll be interesting to see what new phrases are coined over the next few months/ years. Of course, property isn’t the only industry to use its own jargon, but it certainly has the most intriguing names.
Get in touch with Property House Marketing for PR without the jargon. Call 01483 561119 or email email@example.com