BrokerageIndustry News

A new low in real estate commissions

IPayOne goes to bat for 1%

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IPayOne Inc., a discount brokerage based in Carlsbad, Calif., is bringing real estate commissions to a new low: 1 percent. Launched in March by a group of mortgage and real estate companies, iPayOne has made some major marketing moves in its home region, securing an exclusive real estate advertising contract with the San Diego Padres baseball team. The company's primary business is in San Diego, Orange and Riverside counties, and there are plans to expand to Los Angeles within the next six months and eventually to go statewide, said Burke Smith, president and founder. "The concept was simply to create a one-stop-shop real estate company," Smith said. IPayOne offers escrow, mortgage, title and real estate services under one roof. It's not mandatory for home buyers and home sellers to use the ancillary services, but they are available to customers, he said. "We are a mortgage bank. We have the ability to broker out or fund directly," he said. Owners of Loanisland, a Carlsbad-based mort...