Industry News

Discount real estate broker gets $1 million

Private investor finances One Percent Realty expansion in Texas

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A cut-rate commission realty brokerage in Austin, Texas, closed funding this week on a $1 million private placement offering. One Percent Realty announced that JMM PHLP Ltd., an Austin-based private investment partnership, provided the equity investment capital. The principal investor in JMM PHLP is James Mansour, a director of Grande Communications and ATX Technologies in the telecommunication and technology sector. "We have always been interested in industry-changing business models and are confident that One Percent Realty will make substantial progress toward revolutionizing a real estate industry that largely exists through overcharging the public for transaction services," Mansour said in a statement. One Percent Realty opened for business in July 2002. The company provides full-service residential real estate brokerage services at commission rates as low as 1 percent. One Percent Realty places seller's homes in the local MLS, markets them on the Internet and provides "professio...