Question

Topic: Taglines/Names

Name: Angie's List, Salesforce, Amway For R.e. Biz

Posted by sneasham on 6/2/2014 at 10:51 PM ET 2750 Points
Please help create a name for a real estate business which identifies the best agents, lenders, attorneys, CPAs and other needed advisors for a residential or commercial real estate transaction of $1MM or greater.

Primary Customer: real estate buyer, seller, lessee.

Secondary Customer: Professionals who give and receive referrals.

The problem for primary customers: Professionals must be chosen solely based on word of mouth. Empirical data (transactions done) to identify the best "deal planners" and "deal makers" is not generally available. "Top agents" listed in a business journal are not necessarily the top specialists for the type of property the customer wishes to sell, buy, or lease.

The problem for professionals: 1. Finding the best professional to whom the client should be referred. 2. Getting reciprocation once a referral to another professional is given.

The Solution: A concierge service.

Process: Primary Customers are obtained by advertising ("Find the best broker for your specific transaction") and by referral from professionals. Using a national database of 5+ years of all closed transactions and available listings, choose RE agents based on level of activity for transactions in similar areas of specific type. (i.e. Apartment complexes of 50 - 75 units built 1970-1990. Office buildings of 30 - 50,000 sf. Oceanfront estates of $5MM+ in La Jolla.) Personally describe options, and once the customer selects the professional he desires, make introduction and thereafter oversee satisfaction as the transaction unfolds. Introduce professionals (the referred to the referring) to increase the network and relationships of each. Request a reciprocal referral of the recipient. Maintain a database of all referrals given and received; provide periodic reports.

Please provide ideas for names and taglines for this innovative business, as well as mark and overall branding,if you desire.

Thank you so much for your brainstorming assistance and advice. I will respond promptly to any questions!

Sherri
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RESPONSES

  • Posted by Jay Hamilton-Roth on 6/3/2014 at 12:19 AM Member
    Are you looking for a name only, or a name that has a matching domain name as well?

    What does "best" mean for your prospective clients? It's more than those that have done volume in the region/type of interest. How are the "best" guaranteed? If you're looking to buy in an area, why wouldn't you "ask around", rather than trust your recommendations? Can professionals pay to be included in your "best list"?
  • Posted by mgoodman on 6/3/2014 at 10:46 AM Moderator
    In thinking about a name that will communicate the positioning, there seems to be a missing piece. What's the business model? Who pays you for this service? And do you have any research that indicates this audience segment likes the idea and might be willing to pay for it?

    Until you have a solid business plan (including a marketing strategy), it's probably premature to be worrying about a name/tagline. The positioning statement needs to come first. You've obviously done a lot of thinking about this, so maybe you're already there, but you need to share what you know with us if we're to really be helpful to you.
  • Posted by sneasham on 6/3/2014 at 12:54 PM Author
    Thank you for your questions. I'll do my best to respond to both Hamilton-Roth and Goodman below.

    As to business model, payment for service occurs when a real estate transaction is closed. The broker representing the primary customer will share 25% of the commission he earns in exchange for the referral of the customer. This is common and traditional practice. A commission usually falls in the range of 4.5 - 6% of the purchase price.

    As to knowledge of the audience, the unabashed perpetrator of this business idea has been a licensed broker for many years, has invested in both residential and commercial properties, and has a network of professionals in the banking industry. The problem being addressed is one personally experienced.

    As to name requested, domain availability is best. A name is required right now in order to conduct advertising tests and to test referrals currently in the hopper. I've created a few successful businesses, and I prefer to test business plans and adjust them readily based on results experienced. The name will be used for a pilot and can be changed or adjusted as learning occurs.

    As to best-fit professional, word of mouth is valuable and is trustworthy. Unfortunately, professionals who refer may not know the most reputable brokers who also are specialist in the area the customer requires. The customer needs to choose the right match - it's best to provide three choices, and one can certainly include any names he's already been given along with research on the type of transactions that professional has represented. Best-fit may also be more than solely expertise -- is there a personality, language, and cultural match? Hence, I'm in agreement that "best" should be positioned as more than just empirical data. Thanks for bringing this to my attention.

    I appreciate also the question on payment to be on the "list". Such would constitute a violation of fiduciary duty.

    Thank you for your questions!

    Sherri
  • Posted by Veslebert on 6/3/2014 at 4:36 PM Member
    Hi
    Some ideas:
    - Top Realstaters (domain available)
    - Estate Chefs (domain available)
    - House Profs (domain available), inspired by MarketingProfs)

    Good luck!
    Alberto
    Spain
  • Posted by mgoodman on 6/3/2014 at 6:10 PM Moderator
    Where would you offer this service? Maybe including some reference to the geographic target would communicate that you know the area and the providers in the area very well.

    I think I might still try the concept out on a few folks in the target audience to see how they react. You could spend a lot of time, effort and money to launch this, and then you could be surprised if nobody thinks it's a good idea.
  • Posted by sneasham on 6/3/2014 at 7:05 PM Author
    The current pilot is in southern CA, MGoodman.

    Thank you.
  • Posted by mgoodman on 6/3/2014 at 7:44 PM Accepted
    Then I would definitely make reference to SoCal in the name. You want people to understand that you are expert in the area.

    SoCal Real Estate Team
    Real Estate SoCal
    SoCal Real Estate Masters
    SoCal Real Estate Support
    Etc.

  • Posted by sneasham on 6/3/2014 at 8:24 PM Author
    KSA: Good ideas and great question. No payment is received for referring to a CPA, etc. Instead, good will and potential referrals for linked professionals is created.
  • Posted by sneasham on 6/3/2014 at 8:52 PM Author
    What do you each think of these:

    Real ProFinder
    RealPro Concierge
    RealPro Advisors
    RealPro Link

    Realty Concierge

    (The locality could be added, such as SoCal)

  • Posted by SteveByrneMarketing on 6/3/2014 at 10:55 PM Accepted
    Seems like a finder/referral service plus an aggregation-model website (Think Priceline mash-up with Angie's List). Also, since all of these professionals will be licensed by California, why not just use "California" as your geographic differentiation. Eventually this service will migrate north of SoCal anyway.

    Name:
    (The) Closer's List

    Tagline:
    Professional Services Aggregators of California
  • Posted by sneasham on 6/3/2014 at 11:16 PM Author
    This is great, Folks.

    Given more web searching and some feedback from a few RE investors, I have a couple more riffs:

    RealPro Connect
    RealPro Finder
    RealPro Link
  • Posted by Jay Hamilton-Roth on 6/4/2014 at 1:10 AM Member
    I'm personally not wow'ed by "RealPro", since it doesn't match the concierge-like feel you're trying to convey. You could pick a male or female name and add the proper suffix - like Angie's List (for example, Jane's Elite Realtors). Or, with an appropriate superlative, such as Elite Estate Realtors. Or, tie in to a region (as Michael Goodman suggests): SoCal Elite Realtors.
  • Posted by Mike Steffes on 6/4/2014 at 8:20 AM Accepted
    Concierge Real Estate
    "Connected To The Best"
  • Posted by sneasham on 6/4/2014 at 10:32 AM Author
    How about taking a domain that is not available and adding the location or a different domain suffix?

    REconnect San Diego REconnectSD.com

    RealPro San Diego RealProsandiego.com realprosd.com

    Real Connect San Diego RealConnectSanDiego.com

    RealPro Connect realproconnect.us

    RealPro Connect San Diego (or Los Angeles, etc.) realproconnectsd.com

    Transaction Concierge San Diego transactionconcierge.com

    BTW, Finder and Link and Match are generally available.

    Thoughts?
  • Posted by sneasham on 6/4/2014 at 2:22 PM Author
    Agreed KSA.

    Refined options:

    Under the umbrella of RealConnect.info:
    Real Connect San Diego (or other geo area) realconnectsandiego.com (or realconnectsd.com)

    Under the umbrella of RealProConnect.us:

    RealPro Connect San Diego (or California, etc.) realproconnectsandiego.com

    Under the umbrella of RealProLink.com

    Same as above.

    A few comments:

    I have concerns over the ubiquity of RealPro, especially in the pilot region of southern Cal.

    RealConnect.com is held and used by an internet service provider who's been in business since 1996. Hence, I would assume that any search would pull up realconnect.info, and users would find the business. Such would also occur due to the geo version, I would assume.

    Thoughts? Completely different ideas? I'll be moving on this today, and I very much appreciate your input. Currently, Real Connect seems to meet criteria.

    Sherri


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