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Rick Porter, president of Richport Properties and director of the Master of Real Estate Development program at the Georgia Institute of Technology, joins the Atlanta Real Estate Forum Radio podcast as part of the Legends of Real Estate series. Porter chats with host Carol Morgan to touch on his decades of homebuilding experience, working in the Great Recession and his role in education.
A third-generation worker in construction and development, Porter grew up in the industry and was encouraged by his Uncle and mentor to take the architecture path. Gaining a unique way of thinking about design in the real estate realm, Porter earned his degree in Architecture at the Georgia Institute of Technology. With encouragement and support from his family, the architect designed and built his first project fresh out of school – which happened to be a home for his fraternity brother. After working as a sole proprietor for several years, Porter and his wife joined forces in the early 1980s to bring Richport Properties to life.
Porter said, “I consider myself one of the lucky ones! I have no memory of not being around something under development of construction.”
Porter has experienced many changes within the home building industry over the years. As he began his career in the late 1970s, production home building and cohesiveness within communities were starting to emerge.
Spending the first seven years of his career diving deeper into design-build within residential construction, Porter was able to offer custom design and construction, which set him up for decades of success. While Porter loved working in design and architecture, he eventually wanted to move to the development side. In the mid-80s, he bought a 70-lot community that was the initial pivot into smaller builds, higher-density lots and comprehensive grading.
In the mid-90s, Richport Properties had the opportunity to work with small cities to promote new development ideas. However, as regulations changed, it became difficult to produce innovative ideas -leading to working with more suburban towns over the years. Porter and his team developed a project in Suwanee that introduced traditional neighborhood development and the first live-work-play development in Gwinnett County. Richport Properties’ first Suwanee project won a Development of Excellence Award from the Atlanta Regional Commission.
Porter said, “I have always had a passion for new and innovative ideas!”
Prioritizing personal and professional relationships with constructors, vendors and municipalities, Porter created an atmosphere that harmoniously combined good business practices, excellent communication and innovative development ideas.
Porter said, “In many ways, home building is a relationship business.”
During the Great Recession, Porter learned that development and home building are cyclical industriess. Porter’s generational background and familial mentorship ultimately got him through the struggles of the 1980 Great Recession.
Porter’s three tips for getting through any downturn in the real estate industry are:
- Communicate with lenders!
- Sell properties that still contain some value.
- Explore alternative opportunities for projects.
Porter said, “You’re going to make money and you’re going to lose money.”
Building his business and getting involved in the homebuilding community, Porter joined the Greater Atlanta Home Builders Association (GAHBA) early in his career and has been a member for nearly 25 years. For Porter, the GAHBA served as a space for learning and business development while he was growing Richport Properties. He went on to serve as a National Vice President for the National Association of Home Builders (NAHB).
Porter said, “Not only was I learning from other people within the industry, but other people were getting to know me as well.”
Porter advises young professionals wanting to work in the home building industry to build an outstanding resume, gain organizational experience, grasp the financial aspects of real estate and be curious! With the regulatory and financial infrastructures becoming increasingly tricky, Porter encourages young home builders to work under corporate organizations to build knowledge.
As an alumnus of the Georgia Institute of Technology, Porter has been the director of the Master of Real Estate Development program for the college for six years – a program he was instrumental in starting. The program boasts between 30 to 40 students and is one of the only programs at Georgia Institute of Technology that caters to working professionals with classes offered in an evening format. Approximately 70 graduates from the program are now working in the Atlanta real estate market!
Porter said, “Academia is not the solution for every profession, but the next significant stealth for the profession of real estate development is to have a place in academia.”
While Porter has received many accolades in his decades of experience, one of the accomplishments he is most proud of is putting the Master of Real Estate Development program at Georgia Tech in place. From a development standpoint, Porter is also proud of his second Development of Excellence Award from the Atlanta Regional Commission for a sustainable conversion community designed to infiltrate stormwater in the area.
Listen to the full episode above to learn more about Richport Properties, or visit www.Richport.com.