Dr. Larry Wofford is a beloved faculty member in the Collins College of Business and an alumnus of the University of Tulsa. Throughout his two stints as a faculty member in the business school as well as his time in between in private business, Dr. Wofford has amassed immeasurable insights that our students benefit from immensely.
TU Real Estate/Energy Studies Graduate Assistant and MSBA Candidate Farid Babayev interviewed Dr. Wofford for this profile.
Will you please tell us about your background?
I was born in Arkansas but lived in Oklahoma all my life except for 4 years, when I went to the University of Texas. I grew up in Tulsa, went to high school here. My undergraduate degree is from the University of Tulsa with a Bachelor of Science (B.S.) and a Bachelor of Arts (B.A.) in Economics. I also obtained an MBA here. Then I went to the University of Texas at Austin and earned a PhD in Finance and Real Estate. I returned to TU in 1974 as a faculty member in Finance and Real Estate, primarily focusing on real estate. At that time, I developed a real estate program. I stayed here until 1986 and then ventured into business. I operated automobile distribution facilities for railroads, managing 11 of those for different railroads at one point. I also became a Harley-Davidson dealer in and rebranded it Route 66. Eventually, I returned to the university, focusing on innovation and entrepreneurship. I still teach some real estate development.
What was it about TU that attracted you?
It attracted me as a student because I went to the University of Oklahoma, and I didn’t feel like I was going to get what I wanted there. So, I came back to TU, and it fit me perfectly. I stayed here for my undergraduate and MBA, and then coming back here as a faculty member, I liked the idea because I enjoyed the university. It’s a unique place—not too small, but still small enough. It’s just the right size, with great people, great students, and great faculty.
Could you please talk more about your experience or previous or expected research regarding Real Estate Development?
So, from a research perspective, I’ve published numerous papers in real estate and real estate-related topics. I authored two textbooks: one on real estate principles and another on real estate investments. I co-authored the real estate investments text. I’ve always had a passion for the field. I’m fascinated by cities, urban development, and how they evolve and function. Real estate is pivotal in shaping the built environment, and that’s what drew me to it. Over the years, I’ve taught various real estate courses covering principles, valuation, investment, and development, and I’ve always found it rewarding.
In terms of business experience, while it wasn’t directly in real estate, it involved real estate. For instance, I developed the first non-railroad-owned automobile distribution facility in Memphis, Tennessee, which I owned and operated. It served two railroads. Additionally, my dealership venture involved real estate development efforts. I’ve also been involved in various other real estate transactions, buying and selling properties. So, while my business ventures weren’t solely focused on real estate, they certainly provided valuable experience in the field.
Your thoughts about the newly established Real Estate Center of TU are invaluable. How does this center contribute to the future of real estate in Tulsa?
I think the newly established real estate center could have a significant role to play in Tulsa’s development. There’s always a demand for resources in the real estate community—whether it’s access to data, research findings, or innovative thinking. The real estate center can serve as a bridge between academia and real-world practice. It can facilitate knowledge exchange and collaboration between researchers, professionals, and practitioners in the field.
What do you like to do in your spare time?
I enjoy a lot of things, as you might imagine. I’m passionate about motorcycles. I’ve ridden thousands and thousands of miles. I also enjoy flying—I’m a private pilot, so I love being up in the air. Over my life I’ve been into snow skiing, surfing, racquetball, basketball, photography, and cooking. I was a cook in the Army, and I’ve continued to enjoy cooking for others. Reading is another favorite pastime of mine, along with enjoying great architecture. I’ve also taken up golf later in life, although I’m still not very good. Growing up, I was into sports like basketball.
Do you have any advice for students?
Yes, number one, understand that real estate is quite diverse. It encompasses various areas such as equity investment, development, brokerage, finance, investment banking, mortgage banking, and on and on. My advice would be not to limit yourself in imagining what a real estate career can entail. Once you are in the field, there are numerous avenues for growth and development. Whether you’re passionate about finance, the physical aspects of buildings, or anything else, there’s a place for you in real estate. So, don’t worry too much about the path you take to enter the industry. What matters is that once you’re in, the opportunities for fulfillment are vast and rewarding.