Reflections on Innovation: How To Keep Your Company Growing
The Summus Realty team hit the ground running in 2019 with energy and eagerness to tackle El Paso’s real estate market. And there’s a lot of ground to cover!
El Paso County was reported to have a population growth rate of .39% in just the last year. The county houses 840, 410 people, according to census data of recent years. This is a significant population and the growth is evident in much of the development we’re seeing across the city. Development in both its downtown and the extension of suburbs in areas such as the far east and northeast. So, with another prosperous year ahead, we thought we’d give you an insight into how we can stay strong.
What Summus Has Learned About Innovation
It’s one of those words that gets thrown around a lot. But the truth is that companies would stay stagnant if they didn’t at least consider how they might approach their industry in a new and exciting way.
Innovation is often associated with creativity, but that creativity is fed through a variety of channels. Creativity is fed by continuous engagement, knowledge, understanding, curiosity, courage, and a certain amount of risk-taking. Companies who are looking to innovate in their industry should break this down and address it from a variety of angles.
#1 Customer Needs are in the Soil, Keep Your Ear to the Ground
Figuratively speaking, of course. But it’s true that what customers need is found in our conversations with them, in their questions, doubts, and concerns. One of the things we’ve learned that makes our companies and our real estate agents stronger is a conscious and well-honed ear to the customer, the client, and the people of El Paso who are in the market for a new home.
A 2013 study of the most innovative companies concludes that “strong innovators listen to customers.” The views of customers will play a major role in innovation and new product programs. In our case, a homebuyer and their needs are what helps us decide how to better serve them.
So what are people looking for in a home? We learned quickly that people are often overwhelmed by the process and the various entities they must encounter before the ultimate transaction. That’s why Summus has become the largest cohort of companies in the Southwest, all working to make the home purchasing or selling process easier for our clients. It’s what we set out to do and what the Summus is all about.
#2 You Are Only As Strong as Your Team
In other words, building a community is essential for true innovation to happen and take off. People need to feel that they are in this thing together and that the work of every member is essential and indispensable to the whole operation. Our real estate agents undergo a series of training seminars and these are not only to educate on technical matters of the real estate industry but on providing them personal ammo for improving themselves, their personal lives, and consequently their work. We believe that by harnessing each employees’ strengths, creativity, and unique qualities, companies become stronger. At the same time, we provide support, advice, and backup elsewhere. We call it the Summus Pham, as we operate, function, and communicate like a family.
#3 Honesty & Integrity
Work honestly through problems, failures, and never sweep mistakes under the rug. Instead, learn from them and grow. Making mistakes is part of learning and improving. For thriving companies, staying honest when projects fail is key. A critical element in innovative companies is calling failed ideas for what they are, burying them, taking important lessons from it, and moving on.
More importantly, never forget why you do what you do. Summus Realty is here to help people claim their part of the American Dream. Your success is our success and we don’t cut corners. Homeownership is not to be taken lightly. It’s complicated. It’s involved. And it’s a big commitment. So in order to stay true to our visions and our goals, we have to stay true to yours. We try to keep this at the forefront every day.
#4 Reach for the Summit and Keep Climbing
Set goals. Big ones. It’s important to push people outside of their comfort zone. When people have a strong support system but are also being encouraged to get creative and take chances, extraordinary things will happen. We see that first hand with our real estate training and want to continue encouraging people to tap into their own potential and hidden talents.
The Opportunities Ahead
According to a comprehensive housing analysis conducted by HUD in 2017, economic conditions in the El Paso area remain strong and unemployment relatively low. There is a forecast for 8, 825 new homes in the El Paso Housing Market Area (HMA) for the upcoming three years. So whether you’re looking to purchase a half acre lot in the Upper Valley, a four-bedroom home in the Northeast, a small starter home in San Elizario, or a beautiful mid-sized home in Horizon City, we’re here to help you through it!
Summus Realty is working for El Paso and we’re ready for another wild ride in 2019.