Why should I commit my leasing team to touring customers virtually instead of building model suites...
What's in a Name? 4 simple strategies to name your real estate project
Historical or Regionally Significant
Historical names are given to properties to memorialize the past or engage the local community with part of their story. These kinds of names promote civic pride and are often used for more institutional buildings.
Historical names can be tricky. They can sometimes evoke memories or images that are out of touch with modern sensitivities. They can also end up being irrelevant to your product’s target market personas and squander an opportunity to engage with them. Sometimes a historical name can evoke thoughts about quality, luxury, class, and station. However, watch out for clichés.
Example: Sussex House
Sentimental names are relatively simple to come up with. Personal family names often feature in this category. These kinds of names are usually irrelevant to the property type or target market. However, they can gain equity over time and will eventually embody the experience of living at the property.
Example: Terrasses Gabrielle (named after a family member)
Destination (address-focused) names are simple but can have a significant impact. If the location is a strength, use it! Think of 24 Sussex. This kind of name kills two birds with one stone: it gives the property a name and informs people of its location. Like sentimental names, a location-based name can gain brand equity over time and eventually embody the experience of living at the property.
Example: 90 George Street
Branded (A series of properties with similar experiences)
Branded names are meant to be unique. They seek to differentiate a product or service in a crowded marketplace. Branded names strategically support a longer-term business plan with a goal to extend the brand to other market areas. Companies embark on building a brand once they have a very clear vision of what they want the future to look like and how their product is going to bring that future closer to reality.
Example: Lépine Apartments