What is this service?
Technology is rapidly changing the way small and medium sized real estate companies operate their business. While most of these companies probably do not need a full time C suite executive focusing primarily on operations, technology and innovation, they do need this type of talent and influence in their company in some amount to improve efficiency and support growth. The COO-as-a-Service solution provides the opportunity for smaller real estate companies to have this capacity and expertise at a fraction of the cost.
Why should you sign up?
This service is significantly cheaper than hiring a full time C suite executive: Average Salary according to Salary.com is $250,000 per year, not including benefits, bonuses, executive search cost and training.
Business process planning helps deliver better, more efficient processes. When supported by high quality technology, operations are optimized.
Free up time
Better processes will save you time. You can use this to focus more on quality and growth or get out of the office sooner.
Enhance service quality
Better operations lead to better service quality, and happier customers. This leads to more referrals and fewer rent increase refusals.
Data drawn from modern platforms can be analyzed to identify trends, generate new business insights and create new opportunities.
Stay ahead of your competition by operating better than them and profit from this excellence.
Create new products
Additional time, new insights and other benefits from this service will help you find new opportunities and even make new products possible.
Attract and retain the best talent by showing you are a modern company that is well planned and organized, and always pushing forward to be the best you can be.
How does it work?
The following is a description of the pathway we will go through. The timeline is approximate and will vary depending on the size of the client organization and the nature of the findings, although the sequence of activities will be fairly consistent.
Before we start
Free Exploratory discussion
We will begin with a brief chat about your business. We need to establish what your goals are, what your expectations are, and how your business generally operates to see if there is a good fit. We will discuss how the service works, what the contract and cost will look like, and find out if you are interested in subscribing. If the answer is yes, we will book a second meeting to sign a contract.
During this meeting, we will review the contract and establish goals and parameters as well as the potential schedule. You will have the opportunity to address any concerns you may have and any other topics of interest. Once we have completed this and agreed on the framework, we will proceed to sign a contract.
Once the contract is signed, we will have a kickoff meeting with key executives to introduce them to the service. We will go over high-level topics and identify some general goals for the first year. We will lay out an initial work plan for the first couple of months so everyone knows what to expect and is comfortable with the program.
The first major activity will be a series of interviews of some or all of your staff. This is a critical activity that helps build a detailed understanding of the status quo within your organization. Topics of discussion will include corporate culture, business operations, pain points and other frustrations, technology stack awareness and technology competency. From this, we will be able to draw out some key challenges the company is facing as well as other themes that merit attention. All interviews will be documented and reported on to establish a baseline from which to build upon.
Summary of challenges and opportunities
The findings from interviews will be summarized in order to itemize and classify common themes, trends, challenges and related opportunities. This report will also eventually be inverted to see which solutions provide the broadest links to the challenges identified in interviews, and contribute to strategic planning and prioritization of projects to be completed in the execution phase.
Technology stack mapping and access to key systems
The interview findings will also help build a profile about the various tools that are used to conduct business. We will aim to develop a deep understanding of how they are used, by whom, and for what purpose. The reports from this will help us visualize how technology supports the organization as well as show what gaps exist. In addition, direct access to key systems will allow for further assessment of what is in place, how it is used, and what improvements we could make.
1st formal report: Preliminary assessment of identified solutions
Once we have completed all of the work listed above, we will review the findings and assess where we have found opportunities for improvement. We will then turn it into a prioritized action plan for the balance of the first year.
Execution and recurring reporting
Once the action plan is complete, we will move ahead with the projects we have selected. Formal reporting will be done quarterly or on another agreed upon cycle, although projects will be managed in a highly collaborative manner, providing easy access to information about progress on a continuous basis.
Business process mapping sessions
As part of the execution process, we will engage in the ever-important task of documenting processes. We will use templates and best practices for doing this to facilitate the activity and provide clear and consistent layouts that are easy to understand.
Pre-renewal review ~45 days before end of first year
Approximately forty-five days before the end of the first year, we will meet to see what we have accomplished, and how we have progressed in relation to the goals established at the beginning of the year. We will look at the status of ongoing projects and which ones we would aim to tackle in the future. We will also review what we have learned to set a plan for the future and determine if there is mutual interest to continue for another year.
What is the commitment?
As you can see, this is a comprehensive solution. We need time to build an in-depth assessment of your business’ status quo and turn that into actionable insights and eventually results. Therefore, anyone looking to take advantage of this must be ready to commit to collaborating for at least one full year.