Wikipedia defines the term “innovation” as: “a ‘new idea, device, or method’” and “the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.” In the business realm, innovation is what provides competitive advantage and drives ongoing success. Those organizations that have found a way to develop an internal culture that breeds, promotes and nurtures innovation are the ones that will consistently lead the pack, both today and well into the future. If your property management firm isn’t quite achieving this level of success, here are 4 things that just might change things for the better.
A Customer-Centric Approach
Satisfied customers are the lifeblood of your property management organization. Unless you are doing enough to not just keep them happy but exceed their expectations at every turn, chances are they won’t remember your name when they are in need of your services again. In today’s highly competitive marketplace, those firms that place customer satisfaction at the center of their operation and focus on innovative and creative ways to delight them will stand out as leaders.
The Property Manager`s Guide to Creating a Corporate Vision has all the inspiration and tools you need to create an extraordinary vision for your property management company.
Change & Communication
Like it or not, we are living and working in an ever-evolving world where change is becoming more of the norm rather than the exception. A key component of innovation is the ability to identify and manage change as it occurs, come up with new ideas and adapt to the new way of working. It’s equally important that communication be a central focus of your company’s culture. Driving home the message of “what’s in it for me,” is essential to getting everyone on board with change, from front line employees to C-Suite executives.
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Patience & Persistence
It’s human nature to resist change, but without it we cannot innovate. Understand that driving new concepts to fruition will often require telling the story and selling the benefits many times over. Invite questions, encourage discussion and create an environment that is open and transparent. Above all, be patient and do not give up. It may take time for your colleagues and other key decision makers within your property management organization to be willing to climb onboard, but your persistence will pay off in the long run.
The final piece of the innovation puzzle is the ability to accept failure, pick up the pieces, go back to the drawing board and start over again. Not every idea will pan out. Still others will require a good deal of polishing before they can be developed and implemented. Take things one step at a time and if and when you fall, get up, dust yourself off and try again. And again. And again. Until you finally get things right. It’s not a battle for the faint of heart, but seeing your property management company emerge at the head of the pack when the dust settles down the road will make it well worth all the growing pains along the way.
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