Austin, Texas-based One Percent Realty, a residential brokerage firm known for its low fees, is expanding in San Antonio.
The company has purchased Austin-based First Capital Real Estate Brokerage. All First Capital real estate brokerage activities will immediately be transferred underneath the One Percent Realty banner.
Financial terms of the transaction were not disclosed.
One Percent Realty was founded in July 2002. The company recently received $1 million in capital by private investment firm JMM PHLP, and plans to expand into Houston and Dallas in the near term.
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 MLS, 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.
According to Ryan Matthews, owner of First Capital, the move to sell was motivated primarily by a change in consumer awareness. “As consumers become more aware of both the buying and selling process and the inefficient and costly methods of traditional brokerages, they’ll continue to demand lower commissions and better options,” he said.
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