STEP TWO: NAMING YOUR REAL ESTATE BUSINESS
Posted by Atty. Jojo on January 24, 2012
“What’s in a name? That which we call a rose by any other name would smell as sweet.”
– William Shakespeare
By Ernesto C. Perez II
If real estate brokerage is your passion then what is the next step on how to register your real estate business? You got to determine the name of your business.
You have to be more deliberate and circumspect when it comes to choosing a business name. Ian Gordon – the Startupdaddy – has this to say about choosing a name for your business:
“While you don’t have to factor in things like people in your past that had that name, in-laws, and what will happen to your business on the playground, with your child, once you decide that you like the name, you’re done. Not so with your business.
“With a business you need to go much further. You need to find out if there are other businesses with that name, and if so, if they are in your industry. Is the trademark available? Is the domain name available? Does it mean the same thing to others as it does to you? The list goes on.”
In short, Mr. Gordon says to choose a name with meaning. But he adds that you want to avoid anything too generic. You need to strike a balance between creative and descriptive, so when people hear the name, they remember it and they have at least a vague idea about what you do.
It is so easy to name your business using your name or the initials of your name. There is nothing striking with “Juan Dela Cruz Realty Brokerage” or “JDC Realty & Marketing Enterprise.”
Hence, I do suggest that you be more creative. You have to think of a name that will stand out to your clients but at the same time means something to you as well as what the business does.
Take the example of the business name “realttorney.” It is a marriage of two professions – licensed real estate broker and lawyer. I am both that is why I came up with such a name.
I think it’s catchy and at the same time descriptive of what I do as well as the service I provide. Moreover, in my opinion, I think it distinguishes me from my fellow licensed real estate brokers who are not lawyers.
Finally, it is very bothersome and also costly to change your business name if you don’t get it right the first time. Once, you register the name you chose with the Department of Trade and Industry (DTI) then there should be no turning back.
I promise you the time you spent on thinking things thoroughly on this step will pay off big dividends in the future as you grow and nurture your business. Try it out.