Naming: a key ingredient in launching a successful real estate project
Giving the right name to a real estate project can ensure its success
The success of a real estate project can depend on the name given to the project; therefore, investing in the research of an original name can be a decisive factor to scoop the competition. Product naming is a critical part of the branding process as it affects the image of the product and its positioning.
Developments that are implemented in peripheral areas usually take their name from bucolic elements –pines, oaks or other trees – and slogans end up being always the same. A new idea, deriving from a research on the history of the area may be enough to be different from competitors. That kind of study may also help discovering new facts and enhancing local traditions. An ancient coin was found in the subsoil during the excavations in a building yard in Bari - in Italy – and it gave the name – “La Chiglia Apula” – to the project.
Real estate developers are still less creative when they are building a new residential complex in the city centre. Projects, here, usually take their name from the streets where they are being implemented. The architecture of the building can also help giving a peculiar identity to the building. The name of a building project can also be chosen by involving the local community, which would also make locals know about the construction of the new building. The name of the seat of the regional government of Lombardy, in Italy, was chosen by more than 49 thousand citizens who voted what they thought was the best option through an on-line opinion poll.
The success of a building development depends also on the marketing made before the construction. Market searches, demographic analysis and the study of a target audience help designing a tailor-made real estate project and make the sale of the units easier. A marketing strategy aiming at identifying the needs of an area is important before the purchase of a building plot of land to motivate customers to buy a newly-built home there.
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