“I knew all the neighborhoods and what people were doing and I still do that like that is market knowledge is almost free. and you just have to spend the time on it. And it's invaluable. “ -Michael Barrett Welcome to a brand-new episode of the Woodpreneur Podcast. Today, your host Steve Larosiliere is joined by Michael Barrett from Barrett Homes, Michael's journey from a college student to spearheading a company that boasts approximately $200 million in sales is not just inspiring but also a masterclass in perseverance, market savvy, and the art of building not just homes, but trust. Barrett Homes was conceived in the dorm rooms of college, an idea that took physical form with the help of Michael's father. He supported Michael and his brother in forming an LLC and building their first spec homes. This early venture into the world of homebuilding, despite Michael and his brother taking different career paths initially, laid the groundwork for what Barrett Homes would become. Listen now and get the whole story! “We tried to just say a little bit ahead of what people are expecting. And, you know, the quality speaks for itself, almost every one of our homes that have resold the people have made quite a bit of money on the resells. “ -Michael Barrett Navigating Through Economic Downturns The 2008 recession was a turning point for Michael. As the housing market trembled under economic uncertainty, Barrett decided to delve back into building spec homes. This decision, risky yet calculated, paid off. Selling their first project for about $1.4 million in such turbulent times was no small feat. It was a testament to the resilience and forward-thinking that would come to define Barrett Homes. Establishing a Recognizable Brand Over the years, Barrett Homes has carved out a significant niche in the Chicago homebuilding market. Michael emphasizes the importance of being visible and accessible, contrasting the anonymity often found in the industry. With a prominent office location, Barrett Homes invites people to connect, fostering a sense of community and trust. Learning from the Ground Up Michael's Chicago roots run deep. Born and raised in a city known for its architectural marvels, he drew early inspiration from his father, an Irish builder. This hands-on learning experience, combined with formal education in construction management at Purdue and invaluable industry exposure, laid a robust foundation for Michael's career. The Art of Scaling and Differentiation Scaling Barrett Homes involved strategic decision-making and leveraging connections. Early reliance on quality subcontractors, inherited from family connections, and a keen understanding of supply and demand dynamics enabled Michael to navigate the company through its nascent stages. Differentiation came from an intimate knowledge of the market, a dedication to innovative design, and a commitment to quality that resonates with clients. The Team That Builds Dreams Barrett Homes' growth is also the story of strategic partnerships and internal growth. Michael's brother joined the business, bringing his expertise to the fore. The hiring of a seasoned project manager from their father's network was another pivotal moment, highlighting the blend of familial legacy and professional acumen that underpins the company. A Future Built on Values and Innovation Looking ahead, Barrett Homes is poised for continued success. Their approach, deeply rooted in understanding community needs, market trends, and fostering relationships, not only with clients but within the team, sets a blueprint for sustainable growth. Want to get in touch with Michael Barrett? Contact him through: Instagram: https://www.instagram.com/barretthomeschicago/