Industry News

Low-fee real estate company expands

One Percent Realty enters Arizona

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Austin, Texas-based One Percent Realty Inc., a residential real estate brokerage built around 1 percent commissions, has expanded into the Phoenix marketplace. Operating under the brokerage name OPRAZ LLC, all services and products of the company will be made available to home buyers and sellers in Arizona's greater Phoenix and Scottsdale areas. A 2004 capital infusion by the private investment firm JMM PHLP Ltd. is fueling One Percent Realty's expansion into major southwestern cities, including near-term plans for operations in Tucson, Dallas and Fort Worth, according to a company statement. 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 ...