Real Estate is an industry that comprises a huge number of business organizations. With the presence of large, medium and small-scale businesses, there is a lot of competition that is witnessed in this sector. Gone are the days when hosting an open house was all that was required to sell a property. Today, real estate buyers and sellers are becoming sophisticated and companies have started riding the technology wave.
But one crucial and most significant step to enter the real estate business is to pick a perfect name for the organization. The brand name marks the first impression on the buyers and sellers and it is essential to choose the name wisely.
Keywords: The name of a real estate company shall include relevant keywords that may have a close relation with the nature of the industry. For instance, the selection of the business name as Lions Inc. will not impart the required level of understanding to the customers. The business owners may select this name as they may consider themselves the lions of the industry; however, it may fail to connect with the investors.
Advanced Research: The use of extensive research, planning and analysis make up as the key components for any business activity. The selection of the name for the real estate business must also be based on the market research to ensure that the business name is not already taken by any other group or is not copyrighted. It shall also not deteriorate any community, caste or religion and shall not have a negative meaning.
Name Generator: The use of a real estate business name generator can be a great aid for the selection of a suitable name. It will provide the business owners with the interesting variants to choose from. There are certain combinations that the sponsors and owners may consider, such as nature term & realtor term or the amalgamation of the farming term and realtor term. The combination of location, relator term and name may also be used.
Borrow from a Brand: There are hundreds and millions of real estate companies all across the globe. Some of these companies are globally known while some have an extremely limited area of operation. The business analysts and marketing team can look out for the interesting brand names from already existing businesses and may twist the same for their business organization. Borrowing the name from the companies that are large-scale or too popular in the field shall be avoided. In this manner, there will be no violation of the copyrights and the business name will be catchy and interesting.
Web Presence: There may be scenarios wherein the business owners may be successful in the selection of a good and unique name; however, the URL with the name may be already taken. It is essential to have a web presence for every business and therefore, before the selection of the name, the domain name shall also be validated. The username shall also be available on the social networking platforms, such as Facebook, Twitter, and Instagram etc.
The use of above tips may prove to be fruitful for the real estate businesses. There are also certain steps that the owners shall avoid.
The String of Letters & Numbers: The use of strings of letters, numbers or both may have a poor first impression on the customer. The customers will not wish to invest and engage with the company that did not make any efforts in the selection of the business.
Last Name: There are various real estate companies that have their names on the first or last name of the owner. However, it may not provide the due benefits to the business as the name may be difficult to remember for the customers. The use of the last name in the business name shall, therefore, be avoided.
The variants that are shortlisted by the analysts and stakeholders must run through a series of tests. Visual tests shall be carried out to analyze and validate the look & feel of the business name on the company website, business cards, social networks and likewise. Sound tests must also be executed to understand the sound of the name and the associated positive or negative impacts. The testers for this test must include the group of friends and family along with the entities from outside the real estate industry. Memory tests must be carried out as a final step to analyze whether the business name is easy to recall or not.