Local homebuilders who want to survive in Atlanta’s real estate market must have cash, patience and an eye for opportunity.
Many builders, large and small, were forced out of business over the past couple of years as the housing market spiraled out of control. Land and housing prices tanked, leaving developers and builders with liabilities, instead of assets.
As financial institutions took back thousands of lots and homes, some local industry experts began to see how the situation could work to their advantage.
“There will be new businesses and partnerships that come from this downturn,” said Rick Porter, president of Tucker-based Richport Properties, “and some of those partnerships will help create a completely new business model.”
Porter’s company and Lilburn-based Richardson Housing Group have formed such a partnership. The two companies are offering general contracting services for residential construction projects. The company, Richbuilt LLC, will be able to build homes for an individual lot owner or finish a subdivision for a financial institution, Porter said.
“We have the range of experience from raw land development to residential sales and brokerage,” he said. “That’s what people are going to need going forward.”
Patience is also going to be key, said Dale Bercher, president of Bercher Homes, based in metro Atlanta. A former executive for Traton Homes, Bercher decided he wanted to try his hand at running his own company.
“I felt that if I had enough cash and played it smart, I could make it,” he said. “There are a ton of opportunities for deals. You just have to be patient and figure out what’s a good investment and what’s not.”
Bercher started his company in January, and is building two homes in west Cobb County in the Paces Farm subdivision. He said he’s in no hurry to put up a bunch of homes, just for the sake of building.
“My goal is to build a company, not just a few houses,” he said. |
