What Makes An Ideal GM in The Startup World

How it all got started

I joined Blueground about three and a half years ago in the Spring of 2016. At the time, we were just 30 people consumed by the excitement of having just launched Istanbul (our second market) and getting ready for Dubai. Fast forward to today and we are now 180 in Athens and 400 worldwide. Currently, we are getting ready to launch our tenth, eleventh and twelfth cities by the end of the year. That means we’re recruiting with great urgency in those new markets but also about 25 positions in Athens.

I was formerly the GM for Greece, Cyprus and Malta at Mastercard. Despite coming from a different industry, this experience set the course for a smooth transition. What was similar was the approach to leadership, where I needed to execute a specific plan. At Blueground, I quickly had to understand the levers and drivers of growth. When it comes to launching a new city, you’ll be looking at growth, and for the more mature markets, you’ll be also investigating profitability.

Steering the speedboat

What is different in a startup, compared to a long-established company, is the need for flexibility. You may not have all the checks and committees of a large corporation, however, you still have the obligation to set up procedures and norms for a budding team. New members should be able to grow together within their organization.

In a startup, you are not an oil tanker with one direction and a set course. Here you are a speedboat. Meaning, you need to react and steer towards a new direction at a moment’s notice. You need to stay nimble at all points and further, there are lessons waiting around all corners.

From 30 team members to 180

My role as GM continues to change as the city grows. In the beginning, you know every person by their first and last name and you have an eye on every happening. In a small chain of command and when you’re a small team, your success rests on the quality of your teammates. You have the pressure to deliver but also the pressure to hire quickly. As I mentioned earlier, we were just 30 people in one office and now we’re 180 spread between an office in Kifisia and another in Marousi — you’re always learning new faces and we gain new perspectives as an organization.

Imagine the difference also in managing the execution of 160 apartments to now over 600. In the beginning, you know every apartment by heart down to its location, characteristics, etc.

Then comes the tipping point around 200 apartments when you need to start working in a different mode.

From early on you should understand the process and how to make your city scalable. Ask yourself, ‘how is this going to work when I’m dealing with 500 apartments?’. GMs set up a system so that their teams can quickly adapt to a bigger portfolio.

Growing Athens along with its guests and landlords

When we first launched Athens and up until two years ago, both the quality and quantity of properties that form our supply side was weak. The construction sector had collapsed, with no new buildings nor money to renovate apartments up to our standards. The initial work was to build up our brand and establish trust with homeowners. We relied heavily on referrals.

Now in 2019, we’ve done well on that initial plan. People in the real estate space know about Blueground and we have earned their trust. We have a proven track record with hundreds of owners paid on time, even during the crisis and capital controls. That’s how one-third of the new properties we onboard today come from referrals.

What has also changed is the guest-facing side of the business, Athens started with corporate clients. Whether major multinationals or embassies, we have a large share of business guests.

Blueground has a very promising position in Athens, whereby we are growing our portfolio and retaining clients. We address exciting segments in Greece’s rental market: moving in with a partner, having a first child, or simply being uninterested in owning furniture. What’s also unique to the Athens market are part-time residents of the city who work the ‘summer season’ on the islands. Effectively, we have reverse seasonality where we have new demand in the winter.

On team dynamics and cross-city collaboration

As COO and GM for Athens, a large majority of my team was promoted internally. So, we’re hiring the right people at the junior level. We have a plan for them in terms of coaching and mentoring to be sure they realize their potential. For me, it’s sometimes easier because they know the organization very well. The fact that we know how to work with each other effectively makes it a natural transition as they’ve proven themselves already. That’s not to say we don’t hire externally though.

While Athens is Blueground’s maturest market, how we operate and scale here is not the sole model to follow. Other markets can’t necessarily copy and paste from Athens, but instead, use our tools and questions to analyze their own market. There is lots of sharing between cities, and my team in Athens is learning as well.

Being a GM at Blueground means that you get to work across departments and with other GMs. There is a lot of learning to be taken from your peers and from the Leadership Team.

What makes a standout GM

The ideal GM for Blueground and all startups, in general, is someone with a balance of hard and soft skills. On one hand, they need to have business acumen and understand the drivers of supply or demand.

That doesn’t necessarily mean someone who has worked in real estate, however. Acumen means understanding how to bring yourself up to speed, and understand your environment and market. You need to understand profit, pricing, discounts, duration of stay, etc. How they come together is an art and science. Lastly, they must be strong in operations management. Managing a team of five is easy, a team of fifteen is a different story.

Naturally, the individual also needs to have a well-rounded personality. A General Manager should be part of their team’s inspiration to keep charging forward.

Thanos Geramanis is currently the COO of Blueground and acting General Manager of Blueground Greece. Prior to his current role, he was the Country Manager of MasterCard Europe for Greece, Cyprus & Malta. Thanos also worked as a strategy consultant for McKinsey & Company for six years. He holds an MBA from ALBA Graduate Business School.

Apply to Blueground and join Thanos and his growing team in Athens