Does the name of a condo / project influence a potential buyer?

MITCH PARKER

NewBee

1

Does the name of a condo / project influence a potential buyer?

With everything from Glas to MYC to Charlie, condo names are all over the map when it comes to selection. The question is, how much do buyers pay attention to a name when selecting a condo? Could a bad name sway potential clients to other builders / projects? Thoughts?

12

Canada / General Chit-Chat

AUDREY B

Buzzer

11

I really don't think it may discourage someone from buying. But i think fewer people would be interested in going and see what it looks like.

MARCO DIFOTI

BabbleBee

476

12

Maybe it would influence a stupid purchaser. It all comes down to location and cost. You must ignore all the marketing hype.

JOSIE STERN

Buzzer

92

37

I don't think so but a catchy name branded and marketed well will bring more traffic.

JAVED AHMED

NewBee

1

name doesnt matter, developer does... its like buying a car.

ARA MAMOURIAN

Buzzer

71

10

Although location and cost are very important the brand shouldn't be dismissed. Everything from the name to the kitchen backsplash create a brand that buyers will connect with. Look at Showcase in Leslieville compared to The Carlaw. Showcase was as disaster from start to finish and still barely over 50% in sales in over a year while The Carlaw achieved that in a few weeks. Same location. Two very different brands. Of course the reputation of the developer plays a role too.

MARCO DIFOTI

BabbleBee

476

12

Ara said:
Although location and cost are very important the brand shouldn't be dismissed. Everything from the name to the kitchen backsplash create a brand that buyers will connect with. Look at Showcase in Leslieville compared to The Carlaw. Showcase was as disaster from start to finish and still barely over 50% in sales in over a year while The Carlaw achieved that in a few weeks. Same location. Two very different brands. Of course the reputation of the developer plays a role too.

I agree with you that the features and finishes matter, and the overall brand which include that and the design, and the architecture matters.
I maintain that the name alone does not matter.
Your example of Showcase has nothing to do with the name, but an overall sub-par building with no builder reputation in Toronto.

ROY BHANDARI

BabbleBee

467

21

People like a "story" and a "brand" - it's marketing 101. Having said that, certain projects like INDX, CASA 2 or Massey Tower could have been called "Purple Ape Condos" and they still would have sold like crazy.
I agree with Marco, the name on it's own is irrelevant - it is the overall brand and what the marketing team does BEHIND the name that is important.

GIOVANNI MARSICO

Buzzer

23

2

Prior to real estate when I used to run my marketing firm I developed a concept called 'DNA' or 'Distinct Natural Advantages(TM)' of a brand - ie - what makes the product or service so unique that I would choose it over all the others, regardless of price. Part of the process was something I called "The 6 P's of DNA" - Purpose, People, Pain, Promise, Proof, and Packaging.
The last one, 'Packaging', is what we're talking about here...its not just the 'name' but the entire 'story' as Roy mentioned.
In 10 seconds or less, a developer needs to be able to convey to potential buyers why they should invest or purchase at a particular project.
The more the answer to this question is unique and not applicable to other projects, the easier it is to justify value and avoid commoditization (ie - comparisons strictly on price).
For example - Roy mentioned 'INDX'. To say 'in the heart of the financial district with PATH access' is not something 100 other projects can say.
But when the answer is 'great location'...with nothing to back it up...then its not so easy to justify.

ANGELO Z

NewBee

6

To me it does somewhat..If you purchase from a builder,who has a good reputation,and has been in this industry for some time,then you really can't go wrong..I purchased a suite in Tridel,4 years ago,and purchased another suite in another new building,that occupancy is taking place at this moment..I'm moving from one to the new one in a month or so,when my occupancy takes place....The only reason why I'm moving into this one,is that it's closer to my job:)

DEAN COWAN

NewBee

9

It has to. It may not be a key factor at the end stages of the purchase decision, but unless you know the name of every single condo in the area you're looking at (certainly I'm addressing the wrong audience here :) ) , then you must have a "short-list" of projects that you consider. I'm sure this heuristic must apply to some buyers.
The name of the project would totally impact the liking and recall of a condo, which means it has to affect which ones a buyer is torn between in the later stages of the purchase decision. Not every buyer is as savvy as frequenters of BBH! Name matters!
Relevant memorable favourite: http://www.buzzbuzzhome.com/youcube

ROY BHANDARI

BabbleBee

467

21

The name is irrelevant until the marketing company puts meaning/story behind it.
The name MERCEDES BENZ does mean anything. It's the marketing behind it that means something.
BMW is just three letters and meaningless
APPLE is the name of a fruit
The RITZ CARLTON without any context makes no sense.
The FOUR SEASONS CONDOS without a brand is irrelevant.
As long as the marketing company can put MEANING into a name, it doesn't matter what it's called. "A rose by any other name...."

GIOVANNI MARSICO

Buzzer

23

2

I also believe that great branding and packaging creates more value for the purchasers in the long-term.
ie - When a building retains its 'brand' name AFTER registration (versus being referred to by the municipal address)
Some examples are DNA 1& 2, FESTIVAL TOWER, MAPLE LEAF SQUARE, etc.
While these projects are completed (in the DNA example for many years), people still refer to them by their 'brand' names. I'm sure we can all think of a dozen buildings that are still referred to by brand name vs street address.
I remember when we were selling DNA3 - many of the inquiries we received were from people who lived at DNA1 and 2 who loved the buildings so much that they wanted to 'upgrade' to Phase 3...

Add a Reply

Login or Signup to add a reply

BuzzBuzzHome Chat

Does the name of a condo / project influence a potential buyer?

Add a Reply

Search

Check These Out

New Homes

New Condos

BuzzBuzzHome Chat

Does the name of a condo / project influence a potential buyer?

Add a Reply

Share this conversation

Does the name of a condo / project influence a potential buyer?

Does the name of a condo / project influence a potential buyer?

Success!

Search

Check These Out

New Homes

New Condos