Test the name in real use
Ask someone to read the name aloud, then repeat it after hearing it.
Check domains, handles and similar business names before investing in branding.
Review business-name, trademark and brokerage advertising requirements for your jurisdiction.
Your business name should fit the service you provide.
A clear identity helps buyers and sellers understand who you are and what you do.
Markets and customer needs change. Build a name around a durable business identity rather than an assumed economic outcome.
While the idea of market uncertainty is concerning, there is also opportunity. From Groupon to WhatsApp, many brave entrepreneurs not only started their business in the recession but thrived. With vision and ability to respond to the needs of home buyers, it’s possible to launch a successful real estate company, even now.
As with any business, one crucial element to starting is deriving a fitting name that encompasses what you do and who you are.
A useful name is easy to recognize, say and remember
The name you create for your real estate business is your first impression on potential home buyers or sellers.
Choose a name that distinguishes your business and communicates its purpose. Naming alone does not guarantee business growth or stock-market performance.
Here is the proven process of creating a name for your real estate company that will leave a lasting impression.
Determine your identity
The first step in the process is to identify your brand.
Real estate companies can run the gamut in tone and vision. Coldwell Banker exudes tradition whereas The Agency based in Los Angeles emanates edginess. You can start by working off your original business plan and define what your company stands for.
Next, you’ll decide how you want that reflected in your marketing materials, collateral, imagery, and design. Historically, real estate companies spend a lot on advertising, so it’s important to lock down your tone and look for consistency and brand recognition.
Brainstorm
The next step in the process is to review and understand naming constructs.
Most brands and companies, despite the industry, fit into one of five styles: classic, clever, pragmatic, emotional, or modern. The naming style needs to reflect your brand’s tone and values. It should also appeal to your home buyer or seller.
Using what you cultivated after determining your real estate company’s identity, you should begin brainstorming names. You can utilize online tools such as a brand name generator to spark the conceptualizing. Squadhelp is now Atom. A naming tool can generate ideas; it does not replace your audience testing or availability checks.
Dive deeper
Successful real estate brands constantly evolve and so should your brand and name.
Creative names are what buyers and sellers respond to. It’s what will set you apart from the bland and boring. Your brand’s name should try to evoke genuine emotion.
While big-box real estate companies used to dominate the market, boutique businesses are finding more and more success.
As a new agency, you can be extra creative and innovative than older, stagnant competitors in the industry. The majority of their names and brands revolve around founder and family names. But as demonstrated with The Agency, you can dive deeper and be both imaginative and modern.
Get feedback
The IKEA effect is real, even if what we’re building is our own brand.
We have a cognitive bias in which we place a disproportionately high value on things we create. It’s easy to fall for a name relying heavily on personal preference. But that’s why audience testing is so important. Through proper audience testing, you can gauge whether your favorite name resonates with your key demographic or if there’s another name that better hits the mark.
Real estate companies, especially, must understand the buyer’s anxiety to purchase in this current economy. Businesses must be mindful of their messaging and naming of products and services. Buyers are seeking peace, not more uneasiness.
Review functionality
Before finalizing a name, you want to be sure that you’ve run through a final functionality checklist.
Does your name pass the “crowded bar test”?
There are three main parts of functionality to review when naming your real estate company:
Read to Speak – Can buyers or sellers easily say the name aloud after reading it? Do they pronounce the name correctly?
Hear to Spell – Can someone easily spell your name after hearing it? Would they be able to Google search it after hearing it once or look your business up on social media?
Speak to Hear – Does your name pass the “crowded bar test”? Meaning, would somebody be able to clearly understand your brand name even if it was spoken in a crowded bar? Would whoever heard it be able to repeat the name back in the same situation?
A highly functional name are ones that are easily remembered and often referred to in conversations.
In conclusion
A new business or a change in direction is a good time to examine your name.
Real estate businesses that are nimble, original, and cutting-edge will thrive. When we make it to the other side, your company may look different than when it started. Review the name against your actual plans and customer feedback. From previous recessions, we know that crises can spur abundance and growth.
This article was a lot of big word generic talk… I don’t see anyone relating to it or getting value from it. What service do you pay to create this? disappointing. was expecting something specific and relevant coming from real estate people.
Thanks for your feedback BJ. We don’t pay for or use writing services but we do sometimes feature contributors. The guy who wrote it works for a marketing service that specializes in name branding. Sorry if it wasn’t what you were expecting.
fantastic put up, very informative. I’m wondering why the other specialists of this sector do not realize this. You should continue your writing. I’m confident, you’ve a great readers’ base already!