ZipRealty has entered the Miami-Fort Lauderdale market, marking the 15th metropolitan area for the real estate brokerage company and its first in Florida, according to an announcement today.
Luis Portillo, a local resident for six years and fluent in both English and Spanish, will serve as district director of the region.
ZipRealty most recently expanded into the Las Vegas and Houston markets. Next year, the company expects to enter an additional four to six markets. ZipRealty offers rebates to buyers who work with its agents and discounts to sellers, and the company relies heavily on its technology platform to generate new business.
A number of new features including a Spanish language version of the Web site, live online chat with Zip agents, satellite images, and enhanced search criteria have been added to the ZipRealty Web site. Clients can search for homes by proximity to a specified address or even by drawing a search area directly on a map.
“Miami is an important market for ZipRealty, and we’re confident our unique model will resonate well in South Florida,” said Eric Danziger, president and CEO of ZipRealty. “We have already started opening transactions in Miami and continue to add experienced agents to our growing team.”
ZipRealty (Nasdaq: ZIPR) stock traded at $8.69 a share this morning.
The company reported a net income of $2.9 million for third-quarter 2005, compared with $1.3 million in third-quarter 2004. Net revenues were $28.2 million for third-quarter 2005, a 61 percent increase over the $17.6 million in third-quarter 2004.
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