The FORT Podcast: Jason Baxter on COR
Chris sits down with business partner and Fort Capital COO, Jason Baxter, to discuss the concept of Cost Reduction, Overhead Management & Revenue Generation (COR) and how it has given their team a voice and the ability to think like company owners. They’ll discuss how they were able to successfully implement COR within the culture of the business and avoiding the ‘revenue creep’.
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01:08 — COR: The Meaning, Defining Success and How We Implemented it at Fort Capital
05:24 — Fort Capital’s 2019 COR Challenge and What it Revealed
07:36 — How COR Became Part of Fort Capital’s Culture
09:26 — The Problem With Focusing Too Much on Revenue and ‘The Creep’
13:06 — Company Goals During COVID-19
15:18 — Rewarding the Team for Achieving Wins and How We Keep COR at the Top of Everyone’s Minds
18:08 — A Deep Dive into the Overhead Management Piece of COR
21:44 — How Fort Capital Identifies Imbalances in Processes, OKR’s, and Setting Overhead Management Goals
24:28 — The Importance of the Team Having a Voice as a Company Grows
27:52 — Setting Budgets and Fort Capital’s Re-Forecasting Tools
32:44 — Being Patient When Implementing a Process like COR
Episode Summary
Initially navigating the traditional avenues of the sector, Jason quickly discerned the untapped potential of marrying real estate with technology. With an industry traditionally resistant to swift changes, Baxter’s perspective on the gradual, yet significant, shift towards tech-driven solutions is both enlightening and promising. His anecdotes from the early years, emphasizing the moments that altered his focus to tech integrations, resonate with many in the sector witnessing this transformation.
As the conversation deepens, the technologies making waves in real estate are spotlighted. AI, for instance, is heralded by both Powers and Baxter as a game-changer, especially in predictive analytics for property valuations. Another notable mention is blockchain, projected to offer a transparent and streamlined property transaction process, reducing redundancies and enhancing efficiency.
But it’s not all smooth sailing. With the digital age ushering in a deluge of data, discerning relevant information becomes a challenge for realtors and property managers. Baxter stresses the necessity for continuous training and upskilling, ensuring professionals remain abreast of technological advancements, thereby making informed decisions.
Diving into the specifics of property management, the podcast highlights how technology is a boon. Automation and smart solutions, as Baxter points out, can dramatically cut operational costs. Furthermore, the potential of IoT devices in areas like property maintenance and security can’t be overstated.
But what’s a discussion on tech in real estate without addressing startups? Baxter’s venture, positioned at the nexus of real estate and tech, provides solutions that aid realtors and property managers in decision-making. The feedback and testimonials, as shared in the podcast, echo the industry’s positive reception to such tech-driven solutions. Moreover, with Venture Capitalists showing increased interest in prop-tech startups, the future appears bright for innovators in this space.
Yet, challenges persist, especially for startups in their nascent stages. Baxter’s personal experiences, marked by challenges and triumphs, offer a roadmap for those navigating similar waters. Adaptability, continuous learning, and an unwavering commitment to innovation emerge as key takeaways for professionals in the evolving real estate landscape.
Rounding off the conversation is the undeniable importance of community and networking in real estate. Both Chris and Jason advocate for genuine relationship-building, emphasizing that it often leads to fruitful collaborations and partnerships.
The FORT is produced by Straight Up Podcasts