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INTRApreneurs in Property Management
INTRApreneurs in Property Management
What is an Intrapreneur?
We are all familiar with Entrepreneurs.
Have you heard of an Intrapreneur? You may have one or more within your organization, you may be one yourself.
Fortune Builders defines an Intraprenuer as "essentially an in-house entrepreneur" and elaborates with the following contrast… "While entrepreneurs are traditionally recognized for building the foundation of new companies, however, intrapreneurs implement revolutionary strategies and ideas to scale businesses from within the rank and file".
You can spot an intrapreneur because they…
- Are highly motivated
- Are resourceful and creative within the organization
- Find pleasure in their work and look forward to the future of the company
- Dive in and take on more than is required of them in order to help and learn
- Have a strong sense of purpose
- Research
- Are cheerleaders to their teammates
- Remain curious
- Talk about your company in terms of how it relates to competitors in the industry
- Offer suggestions on remaining competitive in the marketplace
If the list above describes someone on your team consider yourself very lucky!
Intrapreneurs in Property Management
Property Management is a great place for team members to flex their intrapreneurial muscles!
When I inquired with the Multi-Family Insiders group for other examples I heard some great ones.
Like this one from Peggy Hale:
"I've worked with many property managers who tell me they don't have any amenities. So I had come up with the idea of actually using parking lot space for things, like dog adoptions, food trucks, yoga on the grass, and creating valued events for their residents. I never accepted when anyone would tell me they have nothing to offer, because they do if they use their imagination"!
Or one, shared by Felicia Norman, about a Maintenance team member who took the initiative to create videos to assist residents in troubleshooting minor maintenance repairs.
I've, personally, observed this with onsite team members who take the reigns and organize out-of-the-box tenant engagement activities. A corporate office can offer a budget to organize such events but the onsite teams are the ones who know what the tenants want!
So you have an Intrapreneur on your team!? How can you nurture their spirit?
- Mentor them personally or invest in a coach or mentor for them
- Have brainstorming sessions with them
- Give them space to create.
- Include them in important business goals
- Take the time to discuss the status and goals of all departments not just the one they are working within.
- Since they have a tendency to take risks make sure you foster an environment where they feel safe to talk through "mistakes" in the most constructive way possible.
"My friend used to work at a place where each week they had to bring to the table one possible improvement to their process, so it was an expectation of the company. So I think a lot of this is the property manager/regional creating a framework for new ideas to flourish."
According to Harvard Business Review, Some companies avoid nurturing their intrapreneurs because "Many senior leaders, surprisingly, are actually afraid to promote out-of-the-box thinking for fear of losing their best employees to success and then to competitors". Of course this could happen- but they may leave much sooner if they don't feel nurtured. And as far as your competition…if they are coming out on top there is a good chance they have a bench of intrapreneurs on their team driving this success.
Your organization will miss opportunities by restraining your intrapreneurs. This miss is more costly than them contributing their max potential for only a temporary period before they go explore other professional opportunities. Two examples of such costs could be:
- Reduced morale when other budding Intrapreneurs witness that they are not in a flourishing environment
- Stagnation within your organization.
G-mail, Post-it Notes, and Sony Playstation are products created within the imaginations of the intrapreneurs employed by the organization that launched them! Organizations that create an environment that values employee innovation can excel in the marketplace. Recognize your intrapreneurs and encourage them. Your business, property, and residents will be better off for it.
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