If you are new to BiggerPockets and Real Estate Investing, you might feel a little lost when it comes to all the REI terms that are thrown around in the Forums. Be sure to bookmark our Glossary where you can easily look up terms and their definitions!
Thanks for the feedback Courtney! It has been added to the glossary. Look out in the next couple of months to another iteration of the glossary where we will be building out full pages for each term that go more in depth!
Thanks for recommending this! Already have used this and as a newcomer, there's a lot of value in referencing this daily to become more familiar with the common terms.
I have read much about viewing comps when researching a property. what exactly are comps and where do you go to "view" comps for an area you are researching a property in?
Hi @Todd Ayers Here is the definition from our new glossary "This is an examination of the prices of different properties within the same area as the property a buyer is considering for purchase. Real estate agents perform this analysis to determine an accurate listing price."
Essentially, your real estate agent should provide you with "comparable" properties in the same area, it basically is another way to know that you are getting a good deal but looking at similar properties.
What a great idea! I wish I had this years ago. This is a very valuable resource. Are you taking suggestions for more entries that are not currently in the glossary?
HI @Brian J. Kendrick Thank you so much. We are working on adding a submission form on the glossary page but for now you can just mention me here and i will add it to my list to add. Thanks!
@Paul Moorer Great question! There are two things you can do to make sure the glossary is easily accessible. 1. Click the "save" button on the top left of the page - this will save it on your BP profile and you can get to it by clicking your profile drop down and then click on "saved". The other option is the good old fashioned way of bookmarking it to your browser. Hope this helps!