We caught up with the brilliant and insightful Monica D. Higgins a few weeks ago and have shared our conversation below.
Alright, Monica thanks for taking the time to share your stories and insights with us today. What’s the best advice you ever gave to a client? How did they benefit / what was the result?
The best advice I have ever given to clients looking to build a backyard home, formally known as an Accessory Dwelling Unit or ADU, is this timeless nugget of wisdom:
Craft a vision that not only delights you, but also harmonizes with your financial reality, to ensure your ADU dream is realized.
When it comes to financing an ADU, the process parallels that of purchasing a home. It commences with a fundamental step—understanding your ADU purchasing power, which then determines the scale of your ADU endeavor. It’s a simple equation: If your tastes surpass your means, adjustments have to be made to the project scope. The ultimate aim is to craft a budget that encompasses all project expenses, shielding you from financial shortfalls during construction. No homeowner ever wants to be in the position of running out of money during construction.
In essence, it’s about bringing your ADU vision to life while keeping your financial stability intact.
Monica, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?
My journey into the world of construction was shaped by personal experiences. Growing up, I helped my parents manage and renovate distressed income properties. The year after my father died, I witnessed my own mother fall victim to a shady contractor, an ordeal that left an indelible mark on me because no homeowner should endure such a harrowing experience. It inspired me to embark on a path that ultimately led me to become a construction manager and author of the international bestseller, ‘Remodel Success.’
For me, a home isn’t merely a structure; it’s a sanctuary. It represents more than just a roof over our heads; it embodies safety, security, comfort, peace, and the countless memories and relationships that flourish within its walls.
As a former licensed real estate agent turned construction manager, I am driven by an unwavering passion to help homeowners confidently realize their dream Accessory Dwelling Unit (ADU). I guide homeowners through the thousands of decisions and details that must be made long before construction starts. I also show them what to look for AND what to look out for to make every penny count, as well as how to manage everything that has to be managed so they can still maintain a semblance of normalcy in their lives, even during the chaos of construction.
One thing that sets me apart is that I speak “Construction” in a way consumers can understand. This empowers them with the confidence needed to make significant financial investments in their ADU projects.
My greatest source of pride lies in the impact of my work. Helping families create Accessory Dwelling Units, contributes to their financial well-being. These ADUs provide a substantial boost to their household income, alleviating the burden of high housing costs that many face (many are spending more than a third of their income on housing). By generating passive income through ADUs, my clients can reduce financial stress, increase savings, pay down debts, and invest in their future. It’s this transformative potential that fuels my dedication to what I do.
It is an honor being homeowners’ trusted guide, enabling them to turn their ADU visions into reality while building wealth and securing the future of their families.
How about pivoting – can you share the story of a time you’ve had to pivot?
When the pandemic hit, it was like déjà vu for me. The initial lockdowns triggered memories of the Great Recession, a time that was incredibly challenging. The feeling was undeniably scary. During this period, lenders stopped offering home equity lines of credit, and it seemed like the ground was shifting beneath us.
However, amid the uncertainty of the pandemic, I made a pivotal decision ultimately launching Garagify, a design-build firm specializing in Accessory Dwelling Units (ADUs), a few months later. My vision was always rooted in technology, and I believed that the next generation of construction management software would be transformative. But as I engaged with more and more homeowners, a different picture emerged.
It became evident that construction management software alone wouldn’t address what truly mattered to homeowners. What they craved was a straightforward way to determine if an ADU was right for them, a streamlined process for obtaining submission-ready architectural plans, and cost-effective solutions.
So, I made a bold pivot, shifting the focus of my business to tackle these pressing issues head-on. We secured a grant to automate our Backyard Home Investment Report, making it remarkably easy for homeowners to decide whether to proceed with an ADU project.
Shortly thereafter, I was invited to join a tech-enabled, venture capital-backed architecture and engineering firm that operated a two-sided marketplace connecting homeowners with industry professionals, including architects and engineers. The company later expanded to connecting homeowners with contractors.
This experience confirmed the wisdom of Garagify’s pivot. It was a transformative journey, one that reminded me that adaptability and staying attuned to the evolving needs of our clients are key to success in the ever-changing world of business.
How’d you build such a strong reputation within your market?
These four principles that have helped me build my reputation in the home renovation and ADU markets:
- Act with integrity – I am honest, transparent, and ethical in all my dealings and treat clients, contractors, subcontractors, and suppliers, with fairness and respect.
- Keep my word – I fulfill contractual obligations and agreements. I am also responsive and accessible to address client concerns and inquiries promptly.
- Help others reach their goals – I am a partner in my clients’ and industry colleague’s success.
- Provide more value than expected – This is my way of adding more good to the world.
My commitment to these principles will continue to serve me well in business, and in life.
Contact Info:
Image Credits
Credit for project photos is Homejab.