The real estate industry is definitely one of the most competitive. Your company name is the first thing potential customers and investors notice, so it shapes their initial impression of your business. It’s the foundation of your brand’s initiatives and growth. So naming is not a decision that should be taken lightly.
Three Essential Steps for Naming Your Real Estate Business
Let’s start with three inevitable steps each new company has to take to generate a catchy name.
Step 1: Brainstorm
The first step of generating great business ideas is brainstorming. To make this session as effective as possible, you should get prepared for it. Think of the solutions individually and make a list of ideas that you will introduce to others.
Secondly, define your target customers. For an agency dealing with elite, expensive housing, “affordable housing” doesn’t fit. On the contrary, if you are engaged in selling simple apartments, it’s silly to use the word “elite” in the name of the firm.
Next, think of your company’s competitive advantage. It will help you reflect it in real estate name ideas. If you work with both commercial and residential real estate, then the name should be general. If you work with only one kind, it is desirable to outline the range of services you provide.
Keep in mind the geographical coverage. If you are going global, take into account that the same word or phrase can have different meanings throughout the world. You can also watch this video to know our insight on creating a competitive app name and description.
Step 2: Research
Once you have a list of potential catchy real estate names, it’s time to make a shortlist. You should study your competition to single out your brand’s distinction and play on it. Then make a Keywords Analysis and comply with a domain name.
Step 3: Evaluate
Think about your customers. Will it be easy for them to operate with the name you’re thinking about? Besides your customers’ convenience, think of your business growth and development. It will be grounded on the brand name you’re creating right now.
When you go through these steps, you can be certain that the name you’ve chosen will serve your business well.
Using Online Name Generators
There is another way, however. You can use online real estate company name generators. There are tons of such services available on the Internet. You can even choose a suitable one for your approach.
No matter which way you acquire the ideas, this process is rather tricky. You may make mistakes that can negatively affect your company brand and reputation in the future.
Common Mistakes to Avoid When Naming Your Real Estate Agency
So here are common mistakes you’d better try to avoid when choosing a real estate agency name:
- Involving too many people in the decision-making process: Of course, brainstorming implies the collective discussion of all possible ideas. However, this isn’t true about making the actual decision.
- Complicated names that require decoding or plain boring names aren’t good for your business.
- Following clichés and misspelling words are also not the best strategies for naming.
There are a lot more mistakes you have to avoid when naming your real estate agency.
Is It Okay to Change Your Real Estate Company Name?
What if you discover that you’ve made a crucial mistake when your business is long underway? The truth is, it’s much worse not to change the name if it misleads your company. The name change can be a part of your business rebranding campaign in case you’re afraid to lose customers. The threat can be minimized by applying some well-proven techniques, like mirror changes and enlarged transition periods.
