Innovation is a must have characteristic for being successful in any field of business. It’s what sets you apart from your competitors. It is particularly important in Minnesota property management. In the article “Innovation in property management,” published by the Journal of Property Investment and Finance, one of their findings was “innovative firms out-perform non-innovative companies in productivity and economic growth.” This means innovation can allow you to expand and profit.
See here for a general definition of Innovation. In business it’s a broad term. Search the internet for how to innovate and you will come across business model after business model. But innovation in industry A is not the same as innovation in industry B. So how does this relate to property leasing?
One that innovates of course! An innovative model can only be invented by innovative minds; in other words, think outside the box. And by that we mean look at what you’re already doing. Identify your unfulfilled needs… do you have a smooth process for determining if a Twin Cities rental property will be profitable? If not, implement ways to achieve that. Innovation doesn’t mean invention – why reinvent the wheel when you can use our Rent vs Sell Calculator?
Sometimes, a solution for a problem only benefits one party and can potentially harm the other. The key is to find a solution that benefits everyone – landlord and tenants. Understanding the importance of Management Skills is essential for finding solutions when it comes to managing properties, go figure!
Remember, we are always here to help you innovate. We’ve perfected our own model by providing our customers with their personal Rental Rep who manages all communication. This saves our customers the hassle of catching other departments up on the status of their property. Let us show you why we’re the highest rated residential property management company in Minnesota! Home of The Rental Reps
References: Thompson, B. (2015). Innovation in property management. Journal of Property Investment & Finance, 33(5), 436-445.