Lynchburg Business

John Stewart Walker: Those Who Can, Do

Issue: April 2010 by Mark A. Davis in Business Profiles, Inside The Magazine

In the year 1890, Lynchburg’s demographic was rapidly changing due to the fortunes made in the tobacco and shoe industries. The primary mode of travel around the city was by horse and buggy, but the first trolley car went from the city across the Rivermont Bridge linking downtown Lynchburg to the suburb of Rivermont. The beautiful and large Union Railroad Station was under construction as rail traffic increased dramatically. Bateau boats used for shipping tobacco and freight to and from Richmond were replaced with larger Packet boats. Methods of transportation were changing for many people and the city was growing fast. The population was just 16,000, of which 53 percent were African-Americans who sought job opportunities after emancipation. The free men flocked to the city looking for work and a place to live and there was plenty of work to be had. Downtown Lynchburg’s Main Street was a bustling road of shoppers and newcomers. New houses were being built and older homes were being sold.

It was also 1890 when John Stewart Walker opened his real estate company, serving all of Central Virginia. He didn’t realize it then, but 120 years later, his company would become the oldest, continuously family-owned business in Central Virginia and the fourth oldest real estate firm in the United States. Over a century later, Buster Walker, grandson of John Stewart Walker said, “The business of real estate is something that I was exposed to by both my father and my grandfather at a very young age. Over the years, I discovered how truly fascinating, ever-changing and rewarding, both financially and emotionally, that it is.”

The firm originally opened at 817 Main Street when John Stewart Walker, along with Peter Otey and Robert Boyer, founded the firm Otey, Walker & Boyer. They soon expanded to include offices in Bedford, Culpeper and Charlottesville. Upon Otey’s death, the firm changed the name to John Stewart Walker & Co. The business eventually moved to 215 Ninth Street and was passed down to Walker’s son, George C. Walker, and later to his sons, Buster and Billy Walker. The agency moved out of downtown to what was then Campbell County, only to be annexed in the mid-70s by the city, which placed the company back into the city of Lynchburg.

“We were one of the first companies to move out of downtown,” Billy Walker said. “We knew that moving from downtown was going to make the difference between whether the company grew or stayed the same.”

These days, real estate is a very popular subject. Television shows about buying and selling homes have become some of the top-rated TV shows on cable and satellite. It seems like today’s audience is fascinated with the industry. Over the decades, real estate has had its ups and downs, from double-digit mortgage rates as high as 20 percent in the 70s to slumped economies with little money available for loans. Through it all, John Stewart Walker has weathered the industry storms. Today, the firm has 45 full-time agents. The adage, “Those who can, do; those who can’t, sell real estate,” is a saying that Billy Walker does not subscribe to.

“Our agents are full-time agents and are dedicated to both their clients and to their careers. In today’s difficult times, I routinely hold classes to help our agents deal with current issues; it’s more like coaching a team than just moral support,” he said. “The process has become more and more difficult. What was once one sheet of paper to sell a house is now a realm of forms and applications. It’s all in the best interest of the buyer and seller, but it makes our work more difficult and requires constant training and education, which is why we hold routine training classes for our agents.”

Over the years, there have been many notable real estate transactions handled by John Stewart Walker, from the sale of the Donald Duck Bottling plant to Jerry Falwell to the sale of Natural Bridge to a conservation group. There have also been opportunities for the company to sell out to real estate chains, but the Walkers always held out.

“We never felt the need to be a part of a chain like Coldwell Banker or Century 21,” Billy said. “We believe we know the community better than anyone outside the area. I’m part of a family that stands for integrity, fairness and trust. Helping people sell their homes and find new ones is a responsibility I take seriously, like my father and grandfather before me. Lynchburg is home to me and I enjoy helping to make it home to others.”

Now in their 12^th decade, a fourth generation has come onto the scene as potential heirs to the family business. Buster’s son, Stewart, is an appraiser for the company while Billy’s daughter, Kensie Johnson, is an agent with the firm. As for what the future holds, Billy is cautiously optimistic.

“I think it will be four to five more years before we fully recover, especially in the commercial real estate market,” he said. “But we hope to be around for another century as Lynchburg and surrounding areas continue to prosper and grow.”