For some businesses on the wrong side of fortune, the 2020 COVID-19 pandemic posed an existential crisis and the prospect of a complete shutdown. At the least, the majority had their plans for growth postponed or canceled as a result of widespread economic disruption. But two years on from the crisis, Moseley Multi-Family CEO Johnny Moseley has now expanded his company in a way thought inconceivable during the period.
The crux of the companyʼs growth is the long-term entry into six additional US states and 11 total markets in those new states. Key cities for Moseleyʼs strategy include Jacksonville, FL, Indianapolis, IND, Pittsburgh, PA, and a further planned expansion into Ohio in the coming year. The multifamily renovator had firmed up clients in those states before its CEO built a roadmap around each to ensure sustainable growth.
“We went to these states with a single client to complete their project, and now weʼre hiring salespeople to structure around those remote markets,” Moseley said. “Any market where we have a team established with good leadership and crews, we then fuel the fire by hiring salespeople. This strategy can take the area from $2m annual revenue to $20m plus for us.”
Moseley Multi-Familyʼs interstate expansion comes following global financial turmoil due to COVID-19. While the renovator, classed as an essential business, was not directly restricted by pandemic regulations, it saw a significant downturn in work as demand for renovation dwindled among families and property owners. Therefore, the expansion announcement and solid growth predictions may surprise construction entrepreneurs only just returning to their pre-pandemic prosperity.
“Our mindset from the beginning was that while everyone else contracted, we planned to expand and come out of COVID stronger,” Moseley said. “We adjusted our team to ensure 100% of employees on board were fully committed to our vision. Moreover, we implemented new software systems, hired top talent from our competitors, and expanded our sales team.”
Specifically, the companyʼs expansion plans frequently come to fruition when an existing client purchases a number of properties in a state Moseley has no history in. Once those property deals are closed, Moseley designs a renovation scope in liaison with the client and recruits a team willing to complete the project. The CEO prefers this approach as it allows the company to rely on an established base of revenue before investing time, money, and employees in a new market.
“We didnʼt know how long the COVID period would be—it lasted 18 months for us,” Moseley said. “Two years later, we have expanded into six additional states and 11 total markets.”
Photography by: Johnny Moseley