Looking for a sure-shot method for success? It’s easy. Find a way to put yourself out of business. Innovation is key to your long-term growth and success. It may not feel like it, but someone, or something, will eventually come along to pass you up.
Usually people don’t innovate unless they absolutely need to. Necessity is the mother of invention, and by association, it’s the mother of innovation too. The problem is, if you wait to innovate until necessity arises, it may already be too late. Your competition will have found the gaps in your services offered and will have structured themselves to exploit that difference! You don’t want to be a Blockbuster or Toys R Us, you want to be a Netflix or Amazon.
The most valuable thing you can do is realign your perspective and realize that the time for innovation is now. Don’t wait for someone else to figure out how to beat you and do it yourself. Complacency is public enemy #1. It will completely stall any progress you may have been making. Proactivity on the other hand, will act like an adrenaline shot to your business.
Rockstar Capital didn’t wait for someone else to start experimenting with smart-home tech or virtual leasing centers. Instead, we workshopped those as viable options our competition could use to get a leg up, and we made sure we wouldn’t wait around for them to figure it out.
Not only does this help keep you at the top of the competition, but it also shows your residents and investors that you will not stop finding ways to deliver the best resident experience in the industry and, consequently, the best returns. Success is a wonderful thing to be shared and celebrated, but when it comes to innovation, there is no such thing as a finish line. Ask yourself what someone could do to put you out of business and find a way to do it first!