I want to take this time and opportunity to congratulate my younger brother who runs the family real estate business back home. His company, started by my maternal grandfather, Marcus London, is 75 years old today. Here is the story and my baby brother. Way to go Andy. Keep up the great work! This is reprinted from today's Hattiesburg American:
London and Stetelman has been buying and selling since 1933
By EMMA JAMES
Third-generation family-owned business London and Stetelman Commercial Realtors celebrated its 75th anniversary this week - a milestone that hasn't quite sunk in for President Andy Stetelman.
"I don't think it's really hit me yet," Stetelman said. "We've been here for 75 years and we want to see the business continue to grow."
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London and Stetelman sells commercial real estate in the Pine Belt area, including office and retail spaces as well as independent properties. The real estate agency also manages residential real estate.
"The whole year after Katrina was a blur," Stetelman said. "There was growth before Katrina, and the availability of GOZone money made the growth here pretty monumental. Business owners didn't want to miss out on that opportunity."
While not moving at as frantic a pace as right after Katrina, Stetelman said that the city of Hattiesburg is continuing to grow in the commercial market.
"I think that we're going to continue to have that steady growth," he said. "It would be nice to have a crystal ball so we'll know for sure, but I think that Hattiesburg will continue growing. Nationwide, you have a soft market, but Hattiesburg has traditionally remained somewhat immune to that."
Hattiesburg's seeming immunity to the softening real estate market nationwide should be credited to primarily a strong infrastructure supported by the University of Southern Mississippi and other colleges as well as the medical community.
While a large amount of retail growth may result in the saturation of the market, Stetelman said, the market has a way of taking care of itself.
"It's a free enterprise market," he said. "If it becomes saturated, some businesses will succeed and some will fail, but what those might be, I can't really speculate."
The influences of Hattiesburg's administration and the recruiting efforts of the Area Development Partnership also play a role in the city's growth, Stetelman said.
"Their presence makes Hattiesburg as successful as it is," Stetelman said. "We rely on them to keep us in business."
London and Stetelman was founded in 1933 by Marcus London and was originally located on Front Street. Originally a full-service real estate agency that focused on residential and commercial real estate, London started the business because he was tired of the grocery business. Stetelman said.
"My grandfather owned London Grocery on Mobile Street and was tired because he never saw the family," Stetelman said. "He needed more time to take care of his personal life and real estate seemed like a good option."
Stetelman's father, Mike Stetelman, joined the agency in 1955.
"It was a one-stop shop," Stetelman said. "You could get a loan from the bank next door, take care of the real estate and get insurance at the same time. Most of the time you could get all of your business taken care of in a day - two at the most."
The decision to shift to the company's focus to commercial real estate, Stetelman said, came after the Tax Reform Act of 1986, which changed the regulations surrounding commercial real estate.
"We had to decide in what direction to take the company and we chose to specialize in commercial real estate," Stetelman said. "We've grown and haven't looked back."
Specializing in commercial real estate before most real estate companies began specializing their services also benefited London and Stetelman over the years, said Adam Watkins, president of the Hattiesburg Board of Realtors.
"They found that niche in the Hattiesburg community and by focusing on commercial real estate and property management, they're still here," he said. "It's a strategy that's worked well for them and we're very proud for them."
Stetelman joined the company as a gofer in 1975 while he was still in high school. He succeeded his father as company president in 1988.
The lack of sibling rivalry inherent in family businesses, Stetelman said, is one of the reasons he believes the company has survived.
"I was the only one of my siblings really interested in the family business," he said. "There wasn't any of that sibling rivalry that can really hurt family businesses."
London and Stetelman is extraordinary because of their longevity, Watkins said.
"Historically real estate companies that are started locally don't last long," he said. "It's amazing that they've not only been able to survive, but grow and thrive."
London and Stetelman also relocated out of downtown Hattiesburg for the first time, moving to the newly-renovated Roseberry Piano House in the University Mall off Hardy Street. The move's purpose, Stetelman said, was to give employees more space and give Oak Grove clients easier access to the company.
The biggest goals London and Stetelman has for the year, Stetelman said, include sustaining the growth of the company and the Hattiesburg area.
"Our goal is to keep focused on our mission," he said. "We've had 75 years of continuing success and we want to keep moving in that direction so we can enjoy 75 more years."
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