Metro 50 profile: Monterey Construction
In 2017, Monterey Construction of Norman was struggling with growing pains. From 2014 to 2016, the company had an 800 percent growth in home construction, and President and CEO Chris Edwards knew he had to get a handle on the astronomical growth.
This year, Edwards said he feels the company has finally found its stride.
“One of our goals last year was to curtail the rapid growth and have some stability,” Edwards said. “In 2017 and the first part of 2018, I felt we were going gangbusters, but now we have a sense of control on being able to get a handle on our growth. For the first time, we can see the light at the end of the tunnel.”
A larger office has helped Monterey get a solid grip on the success, and the future goals continue to be to set a steady growth pace.
Edwards graduated from the University of Oklahoma with an aerospace engineering degree, but he and his wife were fascinated with construction and real estate. In 2012, they “flipped” their first house, and after a few rough lessons, they began flipping houses on a regular basis.
Because of their success, they looked at the field of new construction.
“We built a half-million-dollar home, and we were able to do it for $100,000 less than expected,” he said. “We came up with a unique business model, a hybrid model.”
Monterey’s hybrid model uses a flat fee so customers are never surprised with additional costs. The company specializes in working and educating customers about home construction, helping them make decisions based on wants and costs.
Usually a homeowner is expected to pay for builder markups that Edwards said comes from ineffective project management, disorganization and lack of communication, and ineffective project management. Edwards uses his skills in engineering to create optimal execution with every home built, resulting in saved time, effort and costs. Monterey, he said, is able to build a top-quality home at a lower cost than its competition.
That model was what made Monterey Construction really take off. Soon, the budding construction company had more work than it expected, and Edwards said keeping up with the day-to-day work while building upon the company’s infrastructure was the biggest challenge.
Monterey today has 10 employees and hundreds of subcontractors to keep up with demand.
“Our goals are to continue to find our stride at the level we are at now,” Edwards said. “We don’t want success to own us; instead, we remain intent on who we want to do business with. We are looking for quality over quantity. Our quality, of course, remains the best, but we want our team to be able to enjoy the success we’ve had. That means finding that steady stride.”