Culture – The New Measure of Innovation

Culture IS Innovation

I take a lot of pride in the company that I work for.  It’s a little company called @properties out of Chicago, IL that has some pretty sweet stats for only being in business for 8 years.

• $1.9 Billion closed for 2008
• 1st in market share for the city year to date
• Highest Sales price to List Price of any major Chicago Brokerage
• Lowest Days on Market of any major Chicago Brokerage
• 4th in market share for all of Northern Illinois
• 750 agents, 5 offices, and only 20K square feet of office space

Most importantly though, we have a 99% retention rate of agents.  This statistic is almost unheard of in the real estate industry today.  We do little or no active recruitment other than our current agent population referring agents that they think would like to work here.  It’s a great place to work where people feel supported, appreciated, wanted, and that we are invested in their success.  How is this all possible?  I’ve boiled it down to one word… CULTURE.

Culture (as defined by Wikipedia) refers to the set of shared attitudes, values, goals, and practices that characterizes an institution, organization or group.

Innovation (as defined by Wikipedia) means a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations

In essence, we at @properties are Innovating through Culture.

Why am I making this parallel?  Because we are very proud to say that today it was announced that we are a Top 5 Finalist for Most Innovative Brokerage and Franchise. And what does this “Innovation” award mean to me? (disclaimer: I am speaking for myself and not for @properties)

It means that the industry might actually look past bells and whistles when discussing innovation. That the  Culture of a company might finally fit into the, “means of radically doing something different” and take it’s rightful place at the forefront of importance for success.  It means that our agent population logged into the Inman site and told them, (in their own words on their own time), that they LOVED the company they worked for and believed that our methods and “culture” of doing things inspired their success.

To me… this is well deserved.  Not for me.  Not for the PR.  But for everyone involved in our company organization.  From the people at the front desk that stay late to help an agent finish a CMA, to the incredible IT staff that bleeds patience setting up an iPhone with our Microsoft Exchange Server, and everyone in between.

It says that our Holiday party at a time when companies were cancelling theirs was the right decision.  It says that our softball/volleyball tournament every summer builds friendship and brand.  It says that having 2 full-time coaches to support agents builds more than just friendships.  It says that not only providing cutting edge tools, but taking the time to educate and show agents how to use them makes all the difference.

Long story short… It says to me that a company culture can be revolutionary, radical, and yes… innovative.

Below is a video I  shot of Thad Wong, (one of our owners/founders along with his partner Mike Golden), at the Northwestern University’s Kellogg School of Management where he and I spoke to a group of MBA Leadership students.  Watch this video and you’ll understand how culture can not only change a company, but radically alter and industry.

If you would like to hear more or learn more about our company culture and what we’re doing differently… drop me a line.

Matt Dollinger