LessThan6Percent is a new website targeting home sellers who do not want the hassle of negotiating with a real estate agent. Unlike other referral sites that connect consumers to agents, LessThan6Percent provides information about the seller’s home — but not his or her identity — to agents who are part of its network; and up to five agents can submit proposals featuring their asking commission rate and marketing plan. One requirement is that, true to the site’s name, asking commission rates must be 6 percent or less. Sellers then have the opportunity to contact up to two of these agents through the website. According to Keller Williams Palo Alto agent Jim Holt, who belongs to the network, “I find it useful because I can put together a listing proposal that really highlights my strengths, which then sets the precedent for the client of what to expect.” In addition to allowing sellers to register for the site on their own, LessThan6Percent uses an algorithm that scans social media sites and other information sources to identify homeowners who are likely to sell and employs printed materials, cookies, and keyword advertising to invite them to join the site. Realtors must apply to join the site’s network, with approvals based on their experience and reputation according to information available online, such as Yelp reviews and their LinkedIn history. | Read More