Learn all of the terms we use in Invelo
As a user of Invelo, you may come across some terms that you may not readily know, so we have created this article to help you with that!
Audience: A list (based on the sales stage: prospects or leads) created for marketing purposes. The minimum number of records for each list for a prospect campaign has to be 100. For leads campaigns, the audience can be less than 100.
Batch delay: Time frame between batches in a marketing campaign. Each batch goes through a sequence simultaneously; i.e, when batch 1 goes through sequence 1, there is a batch delay (time frame you selected) and then batch 2 goes through sequence 1, etc.
Batches: Groups of contacts that are added to a marketing campaign. For prospect marketing, a batch has to be a minimum of 100 contacts.
BRRRR: BRRRR stands for Buy, Rehab, Rent, Refinance, Repeat. This investment strategy is a systematic approach to acquiring and leveraging properties to generate cash flow and build wealth. This strategy allows investors to leverage their capital, generate cash flow from rental income, and build equity through property appreciation and forced appreciation through renovations.
Contact: A contact is a unique person identifier within an Invelo account. The primary contact is the main contact of a property record, usually the owner of a property. A record can have many contacts, but a contact does not have to be associated with a property record. Each contact has a source: Invelo, User Defined, or Skip Traced.
Contact Type: Contact types help users identify and organize contacts within their Invelo account. Contact types include: Accountant, Agent, Architect, Attorney, Banker, Broker, Buyer, Carpenter, Electrician, General Contractor, HVAC, Investor, Lender, Other Contractor, Owner, Plumber, Property Manager, Renter, Roofter, and Title.
Deal: Stage 3 of a property. An agreement has been made, or about to be made to purchase a property.
Farm Area: A farm area is a focused geographical region that an investor targets for prospecting and acquiring property. This may be determined by the place they live, where they have another property, up and coming property development opportunities, low property value and cost of living, and more.
Lead: Stage 2 of a property record. When you have had some sort of interaction with a contact about a property.
List: Lists are a grouping of property records organized by user defined criteria. Every list is assigned a Quality indicator of High, Medium, or Low by the user. Lists can be created in System Settings, during an import, within an individual property record, and from the ‘Assign Lists’ modal. There are general lists and niche lists. Examples of lists: Absentee, Code Violations, Driving for Dollars, High Equity, Probate, Related Party, Vacant. We recommend users create lists based on seller motivation.
List Builder: Invelo tool used to search for and pull in properties all over the country based on user-defined filter criteria.
Marketing delay: The time frame between marketing campaigns. This prevents a record from entering another campaign prematurely or at the same time it may be in another campaign.
Motivation: This refers to the element or situation that would influence a prospect to want to sell their property.
Multiple Listing Service (MLS): The Multiple Listing Service is a comprehensive database used by real estate agents or brokers to share or “list” information about properties for sale or rent in a given area. The MLS property information includes: property details, listing price and terms, photos and virtual tours, property features and amenities, property history, listing agent or broker, property status, location and neighborhood information, property tax information, and additional disclosures and documents. Not all information on the MLS is public and may be restricted to licensed real estate agents and brokers that are members of the MLS.
Pocket Listing: An industry term that indicates a property that is for sale, but is not advertised on the MLS.
Prospect: Stage 1 of a property record. A property you are interested in purchasing, but have had no communication with the individual or corporation that owns it.
Prospecting: Prospecting is the first step in a sales cycle for investors and is the process of identifying and seeking out potential investment opportunities. This can include networking, list building, marketing, driving for dollars, cold calling, door knocking, searching public records, and more. In Invelo, the List Builder, CRM and Marketing tools are all crucial for effective prospecting.
Record: A record is based on a unique property address and includes data on the property’s details, characteristics, land info, estimated value, tax info, MLS details, last sale info, owner and any activity that occurs in Invelo like marketing, communications, notes, tasks, and more.
Removed Stage: The location where property records are stored when you do not want to contact them or include them in any marketing. Some cases for this includes: when a property is sold or when an owner wishes to not be contacted.
Ringless Voicemail (RVM): Ringless Voicemail (RVM) is a technology that allows the delivery of a voicemail message directly to a recipient's voicemail inbox without the phone ringing. Invelo offers RVM marketing actions for users.
Sequences: This refers to the different marketing touches/types (direct mail, ringless voicemail, etc.) that a record goes through in a campaign.
Skip Tracing: Skip tracing is the process of locating an individual whose contact information is not readily available. In real estate, this process is typically used to find contact information of the property owner.
Stage: A record’s stage can be Prospect, Lead, Deal, or Removed. Records can be moved from one to the other in any direction (backward or forward), but a stage cannot be skipped.
Status: Created and assigned by users to organize records within Leads and Deals. Can be viewed in List or Card view. Some statuses cannot be deleted.
Tag: Another user defined way to organize property records. These are assigned to contacts, not lists. However, lists can have contacts with different tags in them.
Touches: Another name for marketing sequences.