What’s there in a name, some people say. A rose remains the same with its beauty and fragrance no matter by which name you call it. However, a name means a lot if you are involved with a business, especially the business of real estate investment. The name of a business gives a lot of information about its nature and activities. This is how it gains exposure and catches the attention of consumers. You know whether a company is expert in buying or selling, for instance. In fact, most decisions of doing business with a company are taken based upon what information it conveys to consumers through its name.
Understand the pros and cons of different business entities
There are many types of structures that can be used for setting up a business. Some of the most popular options used by companies in the business of real estate are LLC's and partnerships. There are pros and cons of using a business structure but that is not the point of discussion in this article. However, the kind of structure you choose when setting up your business in the world of real estate carries a lot of significance. Therefore, you need to be aware of its advantages and disadvantages before setting your business in a format. Let us see why it is so important to name your business entity carefully at the time of establishing it.
Choose the name wisely
There are two main reasons why the name of your business is so important for you. For one, you can tell all your prospective customers a lot with the help of the name of your business. Secondly, people usually infer several things through the name of your business. A clear name helps in getting rid of wrong inferences drawn by the people after reading your name. Let us understand this with the help of some examples.
If the name of your company is XXX Property Management, the first and foremost information you are giving is the nature of your business. People know straightaway what is done by your company. They also know what the reason behind the use of the first name is, especially if it is a name of an individual. Many companies use an adjective or a verb in their name to focus upon their virtues or services they provide. For example, names like provident or reliable clearly covey the kind of services people can expect by doing business with the company.
However, there is a drawback of using a generic name like property management as suffix with the name of the company. It does not tell whether you specialize in repairs and maintenance or fixing and flipping. Nevertheless, property management is a quiet comprehensive phrase that enables most of your potential customers to know the overall nature of your business. You need to be creative to take the information about the focus of your business to your customers.
Using a name like KKK investments or KKK LLC has potential drawbacks as it does not clarify the specialization of your business. It is difficult for a buyer or renter to know whether you specialize in home buying or rental properties if you choose such a name. Using a grand name can also make a tenant think that your company is very rich, and it can afford damages caused by him.
It is worthwhile to choose a name that conveys authentic information about your business. Highlighting the most important quality of your business is a good idea if your goal is to gain exposure among large number of target group of customers.
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