Innovation Practices in Property Businesses: A Family Enterprise Case Study

Innovation is about developing new ways to improve productivity and quality of service and achieve business goalsand objectives. It is becoming critical for property enterprises to innovate and work smart to scale up and stay ahead of thecompetition. This could be achieved by utilising digitalisation and Artificial Intelligence (AI) to support management activities,streamlining investment ventures, or opening new venues for cost-effective solutions. It is becoming essential for propertySMEs to ensure that they deliver on time, meet the regulations’ requirements, and their customers’ demands, and achievetheir business goals. New innovative products or services could disrupt current property business activities and operations,and present new challenges for SMEs. Moreover, innovation can help property businesses implement smart methods andnew, more efficient procedures in their operations and add value to their products and/or services that can lead to highreturns. This paper introduces our family business innovation framework and system, which was adapted from Kashny et al.(2015). Our enterprise uses an innovation strategy to support the business teams in implementing the necessary tools andsystematisation and achieving strategic advantage while managing risk. This helps us deal with business management andfinancial challenges, market changes, and unexpected circumstances. The lack of planning and strategy could impact thebusiness, generating revenues and maintaining growth. This paper presents the entrepreneurial aspects of applyinginnovative solutions to property enterprises' business management and operations. It aims to introduce a real-life case studyabout some of the challenges property enterprises face in general and Anzar Property Group in particular. The paper willpresent ongoing entrepreneurial activities in a family-owned business that specialises in the residential property business. Itwill also show the innovation process and practices applied by Anzar Property Group in its entrepreneurial business activities,operations, and development.