GLOSSARY

This glossary provides clear definitions of key terms used across PHB’s SOPs to ensure consistency and understanding among all team members.

Acquisition Agent:

A team member responsible for identifying, evaluating, and securing properties for purchase.

After Repair Value (ARV):

The estimated value of a property after renovations or repairs are completed, used to assess potential profitability.

Assignment Contract:

A legal agreement that transfers the rights and obligations of a property purchase contract from one party (assignor) to another (assignee).

Assignee:

The party receiving the rights and obligations under an assignment contract.

Assignor:

The party transferring their contractual rights to another party through an assignment contract.

Comparative Market Analysis (CMA):

A report that compares similar properties in the same area to determine a property’s fair market value.

Closing:

The final step in a real estate transaction where ownership is officially transferred, and all contractual obligations are fulfilled.

CRM (Customer Relationship Management):

Software used to manage interactions with current and potential clients, such as REI, Rocketly, and Follow Up Boss (FUB).

Disposition Agent (Dispo Agent):

A team member responsible for managing the sale or assignment of properties to end buyers or investors.

Due Diligence:

The process of thoroughly investigating a property’s condition, legal status, and financial viability before finalizing a purchase.

Earnest Money Deposit (EMD):

A deposit made by a buyer to demonstrate their serious intent to purchase a property, often held in escrow.

Escrow Agent:

A neutral third party responsible for holding funds and documents during a real estate transaction until all conditions are met.

Follow Up Boss (FUB):

A CRM platform used to manage leads, clients, and communication throughout the sales process.

Google Drive:

A cloud-based storage platform used to organize and share documents related to property transactions.

HUD (Housing and Urban Development Statement):

A standardized settlement statement used to itemize fees, charges, and credits during a real estate transaction.

Inside Sales Agent (ISA):

A team member responsible for managing incoming leads, conducting follow-ups, and scheduling appointments.

Key Performance Indicators (KPIs):

Metrics used to measure performance and track progress toward specific business goals.

Lamassu:

A lead management system used to track and manage new property leads.

Lead:

A potential client or property opportunity generated through marketing, networking, or other channels.

Lead Generation:

The process of identifying and attracting potential clients or property opportunities.

Management:

The leadership team responsible for reviewing acquisition proposals, approving offers, and overseeing operational processes.

Offer:

A formal proposal made to purchase a property, including terms such as price, contingencies, and settlement dates.

Personal Property:

Movable items not included in a real estate sale, such as cars, boats, or furniture.

Plat:

A map that shows the boundaries, dimensions, and layout of a parcel of land.

Proof of Funds (POF):

Documentation provided by a buyer to verify their financial ability to complete a real estate transaction.

Settlement:

The process where the property ownership is officially transferred from the seller to the buyer, and all financial transactions are finalized.

Speed to Lead:

A performance metric that measures how quickly new leads are contacted after being received.

Spread:

The difference between the acquisition cost of a property and its resale price, representing potential profit.

Transaction Coordinator (TC):

A team member responsible for managing contracts, documentation, and communication throughout the transaction process.

Virtual Assistant (VA):

A remote team member who supports administrative tasks, marketing, and document management.

Wholetail:

A real estate strategy where a property is purchased, minimally cleaned or repaired, and then quickly resold for profit.

Wholesale:

A real estate strategy where a property contract is assigned to another buyer without the wholesaler purchasing the property themselves.