The couple rethought their product and redesigned their product to reflect price-points that could be affordable in the dire conditions.
“We took out included features and got the price down where we could go after the rental market,” he says. “We had to reorganize the company. We became much more value driven and we shifted much faster than the competition.”
Mayberry Homes was able to push a product out into the recession-struck market with a $130,000 price tag to capture renters and closed on 69 homes in 2009. ​The company also designed a $200,000 home that was considered top-end.
“We didn’t take the quality out,” Karen Schroeder says. “We just pared down the fluff.”
And it seemed to work as sales for the company held steady throughout the downturn.
“We fell so hard,” Karen Schroeder says. “Just to get back to normal was quite a feat. It seems like I don’t believe it’s completely over yet. We’re still climbing out but it’s so nice when I walk through my office and I see customers in conference rooms with sales people. But, I’ll never be that confident again.”
Today, Mayberry is selling homes in the mid-$200,000 range up to $500,000 and has expanded into other parts of Michigan – including Grand Rapids to the west and Detroit to the east. ​Last year, the company closed on 159 homes and projects 181 closings this year.
Despite a resurgent market, Bob Schroeder fears things will never be like the early days. ​
“When we started it was very easy – it was fun,” he says. “But now I still feel that threat hanging over my head and we have to shake that off. We have to quit living in the fear of what we’ve been through. We have to get back to pushing new ideas and taking some measured risks with a positive attitude.”
