How to pick a perfect name and set up your real estate business in Kenya
Your company’s name can make or break future performances because it can really help you stand out in a crowded market. A good name can help you to resonate with your audiences, stand out, and show people what’s different about your business. Your brand name will be the first impression you give off to would-be buyers and sellers.
So whether you’re starting from scratch or you have already been operating and need to rebrand yourself, here are some steps you can take to find the best real estate company names.
1. Use Keywords.
You may start by selecting a keyword that is either real estate related, one that evokes good feelings. You then add the words together to create a name. for instance:
Sunshine Real Estate.
Hazina Real Estate
2. Use your names
we have cases of successful real estate companies that uses people names. These include Pam Golding, Lloyd Masika and Knight Frank. So, you go ahead and use your name.
Ouma Real Estate Agent
3. Local area name
If you want to concentrate in one local area, you can include that area or city in your company name. However, if you run business across the whole country, the area name will restrict you. With time it may become an obstacle for expanding your real estate business.
Kitengela Real Estate
Ngong Road Property Masters
4. Use Acronyms for Longer Names
Using an acronym as a stand-in for your name can be surprisingly useful. KFC sounds better than Kentucky Fried Chicken. Just make sure the acronym does not make the name vague or uncertain.
Now that you have a good name, it’s good to do additional checks
I. Ensure its easy to spell and pronounce.
II. Keep it short
III. Make it memorable and easy to recall.
IV. Numeric characters are not allowed for registration unless itÃ¢â‚¬â„¢s the current year e.g. (2022)
Legally, you also need to ensure that the name you have selected:
Ã‚Â· Does not include ‘co-operative’, ‘society’ or ‘trade union’ or any variant or synonym of those words like Mashamba Cooperative Society.
Ã‚Â· Does not suggest an association with, or the patronage of, the national or county government. E.g, do not try to register Kenya Real Estate Ltd or Nyeri County Land Transfer Ltd.
Ã‚Â· the name is not offensive to any community or ethnic or racial group.
Decide on the Business form.
Now that you are ready to get registered, decide on the legal status of your business. Consider your future business goals so that you choose a business structure that can accommodate your real estate businesss growth and expansion.
Sole proprietorship this is the most basic business entity. A sole proprietorship means that one person is solely responsible for a business profits and debts.
Partnership a partnership is a shared responsibility between two or more people who hold personal liability for a business.
Limited Liability Company (LLC) a structure that permits owners, partners, or shareholders to limit personal liability but still includes tax and flexibility benefits associated with a partnership.
Corporation this is an entity legally considered separate from its owners. That means that corporations are permitted to own property, be held liable, pay taxes, and enter contracts.
Armed with a name, it’s now time to ensure that such a company is not already registered in Kenya. You do this by performing a company name search Using eCitizen. The process on how to conduct a business name search in Kenya is simple and straightforward.
Establish A Web Presence
Create a real estate website and start building your brand all over the internet. The website should also include a professional email address. It will look much more professional to communicate with real estate prospects and clients using an email address like [email protected] than your personal Gmail account. Additionally set up social media accounts on popular social media platforms like Facebook.
Hire an assistant and get your Taxes right
Find someone to help you stay organized, run errands and sort your taxes on time. An assistant can help you to record and organize your day-to-day business and real estate transactions, keep your bank accounts balanced, produce simple reports, and assist with keeping your financial records in order. In case you do not have ability to hire, read about Real Estate Taxes in Kenya, taxation of rental income and capital gains taxes in real estate.
In case you want these services but do not want to hire a full-time staff, we have a solution for you! We shall provide you with a trained real estate assistant to help you pay your bills, maintain filing, run your errands to the lands office, take clients for site viewing, pay your bills while freeing you up for more important tasks. Just give us a call on 0726982982
Secure Office Space
An office is not necessarily required but is good to have so that you are accessible to clients. If your capital is limited, you can get a virtual/shared office then later move to your own office.
Choosing a creative business name for real estate company is one of the most integral components of your real estate business as its difficult to change later. But then getting the name right is just one part of it. You need to set up systems as well to succeed.