Step 4

Now you must analyze all of data that has been collected so far and identify difference between perfection and your current operating efficiency level. The goal is to constantly close gap between two.

Again, as stated in Step 2, staff buy-in is extremely important. If management does not show a link between "total quality improvement" and "workplace improvement," then all data collection will go to waste. The staff will not willingly take extra steps (which often require harder, more detailed work) if they are not being rewarded. Some companies use bonuses to provide incentive, other companies offer prizes for attaining goals or add employee perks based on improvement levels.

Step 5

Now is time for improvement. Changes in procedure and operations should have been in place, and more data should be collected to gauge level of overall quality improvement. Either hired consultants or an internal team of Six Sigma Black Belts should supervise data collection. Again, this step will be expensive. Gathering vast amount of data needed to accurately assess performance takes a great deal of time, resources, and capital. But without proper data and measurement, you will never know if changes are working or not.

Step 6

After improvement begins, constant chore of ongoing control must be monitored. Unforeseen variables will arise. Employees may turn over, competitors might introduce new products, your facility may undergo changes, and many other things could happen which will impact overall quality of your business. Top level Black Belts need to be constantly analyzing data to gauge impact of any future changes, spot possible trends, and formulate actions to keep on path of consistent and eternal improvement.

Escrow. A procedure in which documents or transfers of cash and property are put in care of a qualified third party, other than buyer or seller.

FHA Financing. Financing for a loan which will be insured against loss by Federal Housing Administration. Such financing allows for a lower down payment than required by most lenders.

Homeowners Insurance. Insurance that protects homeowner from casualty (losses or damage to home or personal property) and from liability (damages to other people or property). Required by lender and usually included in monthly mortgage payment.

Loan Origination Fee. A fee charged by lender for evaluating, preparing, and submitting a proposed mortgage loan.

Mortgage Insurance Premium (MIP). A charge paid by borrower (usually as part of closing costs) to obtain financing, especially when making a down payment of less than 20 percent of purchase price, for example on an FHA-insured loan.

Point. An amount equal to one percent of principal amount being borrowed. The lender may charge borrower several points in order to provide loan.

Property Taxes. Taxes (based on assessed value of home) paid by homeowner for community services such as schools, public works, and other costs of local government. Paid as a part of monthly mortgage payment.

Title Insurance. Protects lenders and homeowners against loss of their interest in property due to legal defects in title.

VA Loan. A loan guaranteed by Department of Veterans Affairs against loss to lender, and made through a private lender.

When it comes to real estate, now you can sling lingo with best of them.