The Secret to Being the No.1 Shared Office is the 'Security Uncle'

1900 Companies and 17,000 Residents Across 25 Locations... FastFive Director Kim Seoyoon

Director Kim Seoyoon

1,900 companies use 25 locations, with a total of 17,000 members. This is the current report card of FastFive, a shared office company established in 2015. Notably, the vacancy rate is around 3%, which is remarkably low compared to the industry average exceeding 20%. FastFive has surpassed WeWork, the epitome of shared offices, to become the number one in South Korea in terms of the number of locations and vacancy rates, recording an average annual sales growth of 157% until last year. The key behind this success is the 'Community Manager.' They fill in the gaps that overseas companies have overlooked in shared office operations, thereby increasing customer satisfaction.

On the 30th, Kim Seoyoon, Director of Operations at FastFive, said, "There are about 70 community managers in total, with one to five working at each location, covering 250 members per person." FastFive’s community managers serve as the link between the shared office space, its members, and the services provided. Unlike other shared offices where sales and operations staff are separate, at FastFive, community managers oversee everything from sales to operations and maintenance at each location. They are also responsible for quickly resolving various issues that tenant companies face while using the office. While other companies often experience delays due to complicated processes, FastFive’s community managers promptly address inconveniences, thereby enhancing satisfaction.

Director Kim explained, "The work of community managers is customer-oriented rather than process-oriented." For example, when a COVID-19 case was confirmed in a nearby building and tenants who could not work from home felt anxious, community managers arranged alternative spaces in other buildings so that work could continue without shutdowns. Since multiple people share the office, members’ interests sometimes conflict. It is not easy for community managers to find solutions to all problems. Kim added, "For long-term issues like protest noise, we have a separate customer satisfaction team to handle them," and "We have diversified our product lineup to minimize situations that could negatively affect other members."

Kim played a significant role in establishing the community manager system at FastFive. In the early days of the business, he personally handled minor issues with tools in hand and even printed business cards labeled 'Security Uncle.' Kim said, "At first, when repairs for chairs or air conditioners were requested and took time, I handled them immediately, which earned me the nickname 'Security Uncle' from members." He added, "The early community managers who worked with me have now become operations team leaders and are spreading the customer-centric approach in the field."

With the community manager system firmly in place, FastFive has planned to increase its number of locations from 25 to 80 by 2023. This expansion will raise the number of members to 30,000 and increase the space from the current 70,000㎡ to 260,000㎡ based on exclusive area. New growth engines include consulting-based new businesses. A representative new business item is 'Office Solution,' which builds customized office environments reflecting the needs of large corporations. Here too, the role of community managers in operating spaces and planning services is crucial. Kim said, "Since COVID-19, many companies have experienced remote work and are pushing to establish hub offices, leading to many proposals to collaborate. As changes in office spaces must be supported by culture, we will continue to introduce a diverse product lineup to meet rapidly changing market needs."