Careers at PulteGroup
PulteGroup’s mission is to provide homes for American families.
PulteGroup is a company that builds homes. The firm operates six reportable business segments based on geography:
- Northeast - Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, and Virginia
- Southeast - Georgia, North Carolina, South Carolina, and Tennessee
- Florida - Florida
- Midwest - Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, and Ohio
- Texas - Texas
- West - Arizona, California, Nevada, New Mexico, and Washington
In 1950 18-year-old William J. Pulte partnered with five of his high school friends to build a five-room bungalow in their hometown of Detroit, Michigan. They relied on a floor plan printed in the “Home of the Week” portion of the Detroit Times newspaper, and put the structure up near Detroit City Airport. The project turned out well, and positive response enabled him to sell it for $10,000.
Over the next few years the group built more custom homes in the city. In 1956 they incorporated their operation as William J. Pulte, Inc. Three years later they introduced its first subdivision in Bloomsfield Township, Michigan, called Concord Green. The firm’s homes began selling for $29,000, and in the 1960s it expanded to Washington, D.C., Chicago, and Atlanta, broadening its presence.
In 1969 the company went public as Pulte Home Corporation, and in 1972 it began trading on the American Stock Exchange. During that decade it introduced several innovative, cost-efficient designs with appeal to the baby boomer category and launched operations in many more markets. In 2001, it changed its name to Pulte Homes and in 2010 it was renamed again as PulteGroup.
Business model of PulteGroup
PulteGroup has a mass market business model, with no significant differentiation between customer groups. The company targets its offerings at all types of consumers who want custom-built homes.
PulteGroup offers four primary value propositions: customization, accessibility, performance, and brand/status.
The company enables customization by designing different types of homes for different customer groups. Its Centex brand builds homes for entry-level buyers, its Pulte Homes brand is marketed at consumers seeking to trade up, and its Del Webb brand is targeted at buyers in the 55-plus age range. It also collects information from customers regarding their preferences for different aspects of their homes in order to tailor it further.
The company creates accessibility by providing a wide variety of options. Its building formats include single-family houses, duplexes, townhouses, and condominiums. It offers a broad range of countertop, appliance, and flooring options, and provides different upgrade packages.
The company has demonstrated strong performance through tangible results. It established its Value Creation strategy in 2011. This plan enabled it to obtain significant gains in pretax income and higher returns on invested capital (ROIC) over the housing cycle. It has also made eco-consciousness an important part of its home designs, with low emissivity windows, high efficiency HVAC systems and insulation, and solar power. As a result, its Pulte Energy Advantage homes are up to 30% more efficient than average homes.
The company has established a strong brand due to its success. It is the top homebuilder in the United States, a status it attained when it merged with competitor Centex in 2009. It operates in 70 major metropolitan markets in 30 states across the U.S. It has built more than 655,000 homes and has land pipeline exceeding 100,000 lots. Lastly, it has won many honors, including recognition as one of the “World’s Most Admired Companies” by Fortune and for outstanding achievement in the DOE Builders Challenge program by the U.S. Department of Energy and BASF.
PulteGroup’s main channel is its direct sales team, which sometimes works with outside sales brokers. The company promotes its offering through its website, social media pages, brochures, advertising, and mobile apps.
PulteGroup’s customer relationship is primarily of a dedicated personal assistance nature. The company’s employees work with clients to build their homes and offer related services.
It operates Pulte Mortgage, a subsidiary that provides lending services. Customers receive guidance from personal loan consultants and a personal mortgage advisor on borrowing.
PulteGroup’s business model entails designing, developing, and building homes for customers and providing associated services.
PulteGroup’s key partners are the independent subcontractors working under contract to construct its homes for customers and the suppliers who provide necessary equipment and materials.
PulteGroup’s main resources are its human resources, who include the architectural services teams that create the plans for its homes, the on-site construction field managers that supervise home construction, and the advisors that provide guidance on usage of its lending services.
PulteGroup has a value-driven structure, aiming to provide a premium value proposition through enhanced personal service and frequent product improvements. Its biggest cost driver is cost of revenues, a variable expense. Other major drivers are in the areas of sales/marketing and administration, both fixed costs.
PulteGroup has two revenue streams:
- Homebuilding Revenues – Revenues generated from the sale of custom-built homes to customers.
- Financial Services Revenues – Revenues generated from various types of fees. One is mortgage servicing fees, fees earned for servicing loans for various investors. They are based on a contractual percentage of the outstanding principal balance, or a contracted set fee in the case of certain sub-servicing arrangements, and are credited to income when related. Other types are loan origination fees and commitment fees.
info: Ryan R. Marshall earned a Bachelor of Arts in Accounting at the University of Utah and an MBA at Arizona State University. He previously held a number of leadership roles at PulteGroup, including President and Executive VP of Homebuilding Operations.
info: Robert Shaughnessy earned a B.S. in Accounting at Lehigh University. He previously served as Controller of PulteGroup, as Executive Vice President and Chief Financial Officer of Penske Automotive Group, and as an employee at Ernst & Young.
info: Harmon D. Smith earned a BBA in Accounting at Stephen F. Austin State University and an MBA at The University of Texas at Austin. He previously served as Executive Vice President of Field Operations and Area President of PulteGroup’s Great Lakes Area.
info: Steven M. Cook earned a Bachelor of Arts degree in Political Science at Northern Illinois University and a JD at the University of Illinois. He previously served as VP and Deputy General Counsel – Corporate at Sears, Roebuck and Co.
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