Turning an Idea Into a Solution

BACKGROUND

Innovation is turning an idea into a solution from a customer perspective.

1 It is the ability to generate novel and useful ideas, the ability to scale those ideas and the application of the ideas.

2 It is a way of staying relevant through unprecedented change to meet the needs of constituents.

3 Business organizations encourage initiatives to bring about innovations, as it improves productivity, competition, reduces costs, builds more brand value, enhances partnerships and relationships, increases turnover and improve profitability.

INTRODUCTION

Real Estate Agency is a business organization that has thrived on innovation.

A Real Estate Agency acts as an intermediary in business transactions such as sales, lease, property management, development and valuation of real property. The Real Estate Market is saddled with daily investments by individuals, corporations and government and as such it is competitive. Over 37% of people invested in the Market in 2011, it has been nine years and the interests as well as turnover has increased. There are lots of estate agencies, however, Paul Osaji and Co has been on top of the game for years, but as Michael Porter posited ”Innovation is the central issue in economic prosperity” and as Thomas Edison stated ”there is a way to do it better, find it” .

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PHOTOGRAPHY

This is imagery in art form, a record of visuals that have been easily transferrable and accessible through the advent of the internet and technology. Business Organizations all over have used this art form to further its cause, there is therefore a need to take better photographs with better views of available property and the local area or town, like familiar sites or landmark, as real estate isn’t just about selling the property but includes the whole area or locality .

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During the PropertyPro training this need was emphasized on by the developer of the site. Better photos of properties increases interest to view such properties and quality imagery of properties enhances its stated value. E.g. photos and videos of the infamous AMEN ESTATE garnered millions of likes and views even though it was at the far end of Lagos State and in a developing community. Real Estate Photojournalist’s like 360Human help Estate Agencies create breath taking photos and virtual tours however, internal resources can be utilized, and one importance of innovation is the exploration of an organization’s strength through its employees as it confines limitations and reduces possible expenditure, such resource comes in intern Uyi Israel Asibor.

Photo credit: Uyi

Photo credit: Uyi

BRANDING AND STANDARD: This is what makes an entity unique or distinct from other competitors. It is what people say about you when you are not in the room. It includes what experts call ”THE USP” (UNIQUE SELLING POINT OR PREPOSIITON). The usp is what makes a business different set through a specified and worked on standard. It consist of:

ADVERTISING

This is a method that brings products directly to intending purchasers through visuals, these various advertising options and access ways to public and/or private individuals and entities can make the Paul Osaji brand stand unique. They include:

ONLINE STRATEGY, SUCH AS

  • YOUTUBE
  • INSTAGRAM
  • TWITTER
  • FACEBOOK
  • GOOGLE ADS
  • GOOGLE MY BUSINESS ACCOUNTS
  • PINTEREST BOARDS
  • VIRTUAL TOURS
  • ANIMATED VIDEOS
  • WEBINARS

CREATE AN AWESOME WEBSITE

CREATE A SHARE SCHEDULING APP LIKE DOODLE HELPS TO CORDINATE TIME TO SHOW HOMES TO BUYERS OR TENANTS AND CUTS BACK ENDLESS BACK AND FORTH TIME SWAPPING.

CREATE A FREE E-BOOK

The creation of the above listed has made it possible for the real estate market to encompass over 1 billion people. Over 20 billion dollars is invested in the economy by the diaspora, imagine tapping into that system through these sites by providing easy means of acquiring property in Nigeria with little or no stress.

PROMOTIONAL STRATEGY, SUCH AS

The Creation of a Magazine for the organization, this could be produced in small quantity and distributed to consistent clients and verified agents at the beginning and/or quarter of the year.

Local Sponsorship, consider helping to sponsor local festivals, sport teams, marathons, health walks or school events as being a local sponsor often means getting your business on t-shirts, program pamphlets or flyers e.g. GTB FOOD FESTIVAL,LAGOS FASHION WEEK,OR SOCIAL MEDIA AWARDS.

Host free seminars for home buyers and/or tenants.

Partner with local businesses, getting local restaurants food shacks by buying a few mugs with your logo on them or buying a place on their paper placement setting.

Photo credit: Pwan Homes Mag

ESTATE AGENCY AND PROPERTY MANAGEMENT SOFTWARE APPS

The advent of technology and the internet became revolutionary in individual and business transactions. There are software applications that will enhance real estate or property management,

Aspect Systems Ltd, provides a property manager that records the receipt of tenant rent and other miscellaneous receipts, payments made to landlords, suppliers and other miscellaneous payment and property transactions.

Acquaint CRM (Customer Relationship Management) provides software to handle residential sales, lettings, property management and contact package management.

INSURANCE

A case for home insurance is swept under the rug, as such properties and homes are grossly under insured in Nigeria. There has been a prevalence of building collapse, fire outbreaks, flooding running into millions of naira and lost properties with no prospect of re-couping because it was not insured. Although a lot of people seem to be averse to the concept of insurance cause of the Byzantine Bureaucracy. The Agency could advise the client on what insurance company serves best due to personal shopping or knowledge.

STAFF MOTIVATION LEVELS

In most establishments, the desire to achieve optimal level of productivity is very central to managerial objectives. To attain this level, management of any organisation needs to look in wards as to how best the staffs’ morale can be boosted through a number of incentives.

According to Aima Odion, ensuring staff have enough motivation to stay focused and complete their jobs is essential. This can be done through various means one of which is providing incentives for staffs who go the extra mile or creating an avenue to award an employee of the month or year.

SOCIAL RELAXATION

”ALL WORK AND NO PLAY MAKES?” We sometimes need to break away and relax from work, according to science daily, stress can affect our ability to think clearly changing how we weigh risk and reward, and there are ways to fix relaxation into busy schedules. Oyinda Ashade and Michael Bassi posit two paths

GAMES OF THOUGHT,LOGIC,VALUE AND REASON SUCH AS SCRABBLE,MONOPOLY,POKER,ETC

FITNESS ROUTINES SUCH AS HEALTH WALKS OR EXERCISE

LEGAL DEPARTMENT

” A personnel wearing the hat of legal personnel at certain corporate structures without internal legal departments nor alliance with legal professionals, tend to decide issues on labour law deviations sans legal interpretation skills, thus snowballing a spark conflict to a raging dispute compellingly to be referred to an adjudicatory mechanism”- Henrietta Newton Martins- Legal Consultant.

The Legal Department oversees all legal matters which includes litigations, investigations, compliance, contract matters and regulatory advice that enable the Agency to implement decisions and prevent legal challenges.

ROLES AND RESPONSIBILITIES

  • To provide excellent legal opinions and advice in a timely manner and protect the legal interest of POC.
  • Negotiate contract terms and conditions, draft, review and approve legal documents and agreements on behalf of the Agency.
  • To file suits on behalf of POC and provide effective and efficient representations.
  • Enforce compliance with laws relating to ownership, possession, occupation of real properties and rules that govern the transactions and practices of Estate Agencies, Agents, Surveyors and Valuers.
  • Maintain up to date records on legal matters by ensuring a reliable and accurate legal record.
  • To oversee all board matters and management meetings.
  • To represent and work jointly with other agencies on collaborative relationships on behalf of POC.
  • In addition to the above below are FORBES Five Benefits of Hiring an In-House Counsel:
  • They support your growth.
  • They communicate with an outside counsel when necessary.
  • They give you peace of mind.
  • Their knowledge is priceless
  • They are emotionally intelligent.

CONCLUSION

Innovation evolves with time, as the market needs of people increases or decreases in accordance with the concerns and issues in place. Business Organisations has to satisfy these needs by encouraging employee/employer initiatives for market strength and increased return on investments.

Cite this page

Turning an Idea Into a Solution. (2019, Nov 18). Retrieved from https://studymoose.com/turning-an-idea-into-a-solution-essay

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