CONDOMINIUM NAMES : BRANDING AND IMPACT

Abstract

The rapid mushrooming of condominium developments in the past decades has made condominium naming highly competitive and developers have been spending much time and money on giving their developments more unique and interesting names. This study is undertaken to understand the rationale of developers spending so much on naming condominiums despite the perception of condominium names having little influence on the buyers’ purchase decisions. Analysis of the condominium names from 1970 to 2007 is conducted to first explore the trends in the names, thus determine if developers follow certain trends in naming condominiums. Indeed, it was found out that certain trends were followed by many developers. Interviews and surveys were conducted to examine the perceptions of real estate practitioners and homebuyers on importance of condominium names so as to understand the developers’ rationale of naming condominiums. It was discovered that both views were synonymous, that is real estate practitioners do recognize buyers do not take name into consideration when purchase condominiums and will not pay premium for their preferred names. Yet, both parties are aware of the importance of condominium names in terms of increasing marketability of condominiums and branding the developments. This study presents significant implications to the developers. Firstly, most developers follow the trends in naming their developments, causing any new unique names become common very soon. Secondly, since having a good name can aid in marketing the development, therefore, it is essential for developers to take the lead, come up with new good names to enjoy first-mover advantage.