Posted by netintegrity

5 Characteristics of a Culture That Breeds Innovation

A group of businesspeople working together on a laptop in a large office building.

The property management industry is highly competitive, with tons of businesses laser-focused on growing their portfolios and taking their operations to the next level. 

Although the industry is long established, innovative property managers are continuously coming up with new ideas they can use to differentiate their businesses from the rest of the pack and land more business.

In the property management space, competition breeds innovation. As you look around to see what your counterparts are doing, you get ideas about how to do the same.

But rather than wait for your competitors to act first, wouldn’t it be better to create a culture that lives and breathes innovation? In doing so, you can bring new offerings to market before anyone else, delighting residents and owners and impressing prospects.

With that in mind, let’s look at five key characteristics of cultures that encourage businesses to bring incredible new offerings to their customers before anyone else.

1. Be receptive to employee feedback.

Every company is only as strong as the people who power it. Instead of operating as though all key decisions must come from the top, solicit employee feedback regularly. The more you encourage team members to think about the business and how to improve it, the better the chances that an employee will come up with the next game-changing idea. For the best results, let employees share feedback however they prefer—anonymously, over email, or during in-person meetings.

2. Embrace diversity.

Diverse companies are more effective than their homogenous counterparts. In fact, one study found that diverse companies have 2.5x better cash flow per employee. On top of this, 75 percent of job seekers prefer to work for diverse companies. 

In today’s challenging labor market, businesses should embrace diversity to ensure adequate staffing. To become truly innovative, you need employees to bring different experiences and perspectives to the table. When everyone has the same background, they may see things the same way, preventing them from thinking outside the box and coming up with new ideas.

3. Become customer-obsessed.

In addition to soliciting employee feedback, you should also engage with residents, owners, and tenants to see what’s on their minds. More than that, your property management company should consider becoming customer-obsessed—or committed to delivering optimal customer experiences across all touchpoints. 

According to data from Forrester, companies that commit to customer obsession will generate at least a 700 percent ROI over 12 years. That’s because when you become customer-obsessed, your customers are much likelier to become loyal to your business.

4. Invest in technology.

You can’t expect to innovate if you’re forcing your team to use old-fashioned tools to do their jobs. After all, when employees are required to do manual, repetitive tasks every day, it’s only a matter of time before they burn out. Investing in purpose-built property management software makes it easier to cultivate a culture of innovation. Employees will have the tools they need to do their best work and can spend more time focusing on the bigger picture.

5. Encourage disagreements.

You don’t want your team members to yell at each other all day long, but you should encourage healthy debate—a good kind of conflict. Remember, competition breeds innovation, even if that competition is between employees. By enabling employees to openly discuss what’s on their minds and share constructive criticism about one another’s ideas, you can create an environment in which employees are comfortable sharing their suggestions, therefore increasing the level of service you can provide customers.

Build a culture of continuous innovation with Netintegrity!

If you’re looking to take your property management business to the next level in 2023 and beyond, NetIntegrity can help.

Want to learn more about how our powerful property management software solutions can help your business operate more efficiently and productively than ever before? Request a demo today.

Book A Demo Call to action Banner

Attracting and Retaining Talent to Grow Your Property Management Company

Recent Posts

Subscribe to blog updates