No one can dispute the Murfreesboro area is growing. What’s remarkable is just how fast. According to the U.S. Census Bureau, the city has increased it population 50 percent since 2010. That’s from about 110,000 to an estimated 163,274 this year. And everyone in town is aware that number will continue to go up.
That sort of demand creates a steep housing shortage. You can hardly drive down a main road and not see all the building that is going on. This has been great for the home equity of those who already own. But a lot of residents aren’t selling. Even with all the new construction, there is still a need for more.
One man who is trying to supply that shortage is Larry Ray Gilliland. When it comes to homes, Gilliland has just about done it all; real estate sales, real estate brokerage, home builder, and now as a developer of subdivisions. He has a couple of large projects in the works with more to come. Right now, he has the Village at Regal Square on the north side of town and Rucker Landing in the south.
Realty is a mission for Gilliland.
“I’m a real estate guy. I love people, and in taking care of people, real estate is a natural fit for that,” he says. “In 2006, I launched Red Dot Realty, which was a small brokerage. Then I was approached by a new partner to form Red Realty.”
But three years ago, he sold his portion of that company to begin developing.
But what exactly does that mean?
“We take a raw piece of land and determine what its highest and best use is,” Gilliland says. “We do that through planning, engineering, construction in addition to determining who our end user will be. We also design it and get the final plans approved by local government.”
So many keys, so many homes
There is a lot involved: paperwork, public hearings, and waiting. From concept to build-out, it takes about four to five years to complete the first phases. Most businesspeople are not patient enough to see the fruits of their labor.
Municipal governments maintain the standards of how the land is to be developed. They may also require that a private development enterprise make improvements to public roadways as well. A case in point is the new traffic signal at Highway 231 and Rucker Road. Both Gilliland and the developer of Davenport Station were on the financial hook for having it and the road improvements installed.
“The state, the city, Rutherford County and three separate engineering firms were involved in that stoplight,” the developer says. But it is a win for the public, as many have thought there needed to be a light there for years. “Stoplights can save lives.”
Anyone new to real estate needs the advice of those who have gone before them. He attributes much of his own success to the mentors he has had through the years. As Larry Ray said, “I can take a look at a person’s mentors and tell where they are going to be in five to ten years.” He is also a very spiritual man who relies on his faith and states what he does for a living is a calling for his life.
The entrepreneur hopes he can be as inspirational as others have been to him.
Coming up for Gilliland, he will once again be opening a realty brokerage in Murfreesboro. Though he is still deciding what business model he will employ, he hopes to launch the new venture in a few months. So, watch for new homes and a new business with the Gilliland name on it later this year.
