Glossary

A

ARI (Annual % Increase) The percentage by which rent increases each year in a lease calculation.

B

Broker Gross The dollar amount earned by an individual broker on a deal, calculated based on their commission percentage.

Broker Net The broker's earnings after the house split is applied — the amount paid to the broker once the deal is done.

Buyer The person purchasing a property.

Buyer Rep Deal A deal with Buyer representation type, initiated by the buyer.

C

Client A general title for the party selected as Bill To on a deal, based on the representation type.

Company The official name of an organization representing any rep type — Tenant, Landlord, Buyer, Seller, or Client.

Contact A person associated with a company, outside broker, or deal. Contacts can be managed on the Deal Profile and under the People section.

D

Deal A form representing an actual real estate transaction taking place.

H

House Gross The house's earnings per deal. May include internal broker grosses and/or outside broker grosses depending on configuration.

House Net The portion of money remaining for the House after all internal brokers and outside brokers who share commission have been paid.

I

Invoice A commercial document that itemizes and records a transaction between a buyer and a seller. Invoices correspond to receivables in the system.

L

Landlord The owner of a property (house, apartment, condominium, land, or real estate) that is rented or leased to a tenant.

Landlord Rep Deal A deal with Landlord representation type, initiated by the landlord.

Listing A visualization of all key data related to a property available for sale or rent — essentially an advertisement for a property.

O

Other Rep Deal A deal that is not a standard sale or lease transaction.

P

Payable A sum of money that is owed and must be paid to brokers, vendors, or a franchise company as agreed or required.

Payable Voucher An internal accounting control document (PDF) that ensures every payment is properly calculated and paid.

Payment The recorded action of paying money calculated as payables to a payee.

Probability A percentage value assigned to each deal status indicating the likelihood that the deal will close. Each representation type has its own set of statuses and probabilities:

Landlord Rep: Dead 0% · Prelisting 10% · Listing 50% · Showing 60% · Proposal 70% · Letter of Intent 80% · Under Contract 90% · Closed 100%

Tenant Rep: Dead 0% · Prelisting 10% · Deal Development 20% · Rep Agreement 30% · Showing 50% · Negotiating LOI 60% · Agreed LOI 70% · Negotiating Lease 80% · Under Contract 90% · Pending Close 90% · Closed 100%

Seller Rep: Dead 0% · Prelisting 10% · Listing Agreement 30% · Marketing 40% · Showing 40% · Offer Made 50% · Under Contract 60% · Due Diligence 70% · Hard Money 80% · Pending Close 90% · Closed 100%

Buyer Rep: Dead 0% · Pre-Listing 10% · Deal Development 20% · Rep Agreement 30% · Showing 40% · Offer Made 50% · Under Contract 60% · Due Diligence 60% · Hard Money 80% · Pending Close 90% · Closed 100%

Other Rep: Dead 0% · Prospect 10% · Agreement 25% · Commencement 50% · Completion 75% · Acceptance 90% · Pending Close 90% · Closed 100%

Property The real estate being transacted in a deal.

R

Receipt The recorded action of invoiced money being paid to the House.

Receivable A pre-calculated value representing the amount the House expects to receive once a deal is complete, before any payments are made.

S

Seller The person selling a property.

Seller Rep Deal A deal with Seller representation type, initiated by the seller.

T

Tenant A person who occupies land or property rented from a landlord.

Tenant Rep Deal A deal with Tenant representation type, initiated by the tenant.