Low-fee real estate company expands

Austin, Texas-based One Percent Realty, a residential brokerage firm known for its low fees, has expanded into the Houston marketplace.

The company, founded in July 2002, previously was available to Austin and San Antonio consumers.

A recent capital infusion of $1 million by the private investment firm JMM PHLP Ltd. is fueling One Percent Realty's expansion into major Texas cities. The company recently expanded in Austin with the purchase of First Capital Real Estate Brokerage, and has plans for operations in Dallas and Fort Worth.

One Percent Realty provides full-service residential real estate brokerage services at commission rates as low as 1 percent. The company places seller's homes in the local multiple listing service, markets them on the Internet and provides "professional guidance from a licensed agent to assist with negotiating offers and coordinating the transaction," according to the company. The brokerage helps buyers locate suitable properties, provides them with an opinion of value, assists them in developing offers and represents them during contract negotiations for a total fee as low as 1 percent of the sales price. Buyers can receive up to 2 percent of the home's price as a rebate at closing, the company said.

Mary Clark, former client account manager and agent for eRealty, will serve as the company's first agent in Houston and will oversee the hiring of up to a dozen new agents over the coming year.

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