Indy Wallace Realty adds commercial division, broker

Indy Wallace Realtors continues to diversify its business.

The company has added a commercial division, called IWR Commercial Group, headed by long-time broker Hubert Riebolt.

Riebolt taught appraisal courses at Drury University for 17 years and said he built his first house in 1939. Riebolt said he has been involved in many residential and commercial sales during his career, and he was instrumental in the development of several industrial parks in the area.

The company has recently added several subdivisions to its portfolio. Wilson Creek Estates in Pleasant Hope is a 90-acre tract, which is divided into five and 10 acre parcels, Wallace said. Another smaller subdivision in Pleasant Hope is Old Farm Estates, located just off Highway 215.

The company also has two developments in the Republic area. One 200- acre tract is located on Highway 115, with Bill Mace as builder, Wallace said. The other 81-acre tract will accommodate about 200 homes on larger-than-average size lots, she added.

Besides the new development phase of the business, Wallace has implemented a new program, cutting commission to assist sellers who are forced to sell and need special help.

She stated that other agencies will receive the usual split, but as listing agent her company will take a reduced commission.

"We call these the Plan B listing packages," she said.

The company has shaved its portion in a co-op sale to 1 percent and for an in-house sale, or if the seller finds his own buyer the commission is reduced to 2 percent.

Wallace credits Brian McCauley, designated Realtor, and Mary Susan Gabler, office manager, with much of the success of the company. Wallace, who entered the real estate business in 1998 with Carol Jones Realtors, said they offer extensive training for new agents, with an emphasis on financing.

"We don't just put them out there on their own," Wallace said. "We assist them with their first open house and accompany them to their first closing. We operate on a mentor system to help agents be successful."

Indy Wallace sells approximately 80 percent of its own listings, Wallace said.

The company is located at 3023 S. Fort Ave.

The business, however, is considering a new site on the southwest corner of Battlefield and Fort. Negotiations are in progress to acquire the property. The three-story structure Wallace expects to build will provide more office space, and an area will be dedicated to a workout room for the employees. The building also will house an employees' day-care center.

"We want to stay a family-oriented, locally owned business," Wallace said.