Industry News

ZipRealty reports $3.1 million loss

Q1 revenues, agent recruitment rise

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Real estate brokerage company ZipRealty Inc. (NASDAQ: ZIPR) on Wednesday reported a net loss of $3.1 million in the first quarter, which compares with a net loss of $800,000 for the same quarter last year and a net loss of $20.2 million in fourth-quarter 2006. Net revenues for the first quarter were $23.4 million, a 22 percent increase compared with the $19.2 million in net revenues reported in first-quarter 2006. The company has been ramping up its recruitment of agents -- ZipRealty reported 1,875 agents employed as of March 31, up 26.6 percent from 1,481 agents at the end of first-quarter 2006. "We are very pleased with our first-quarter performance given that the period is seasonally our weakest and that it's typically characterized by significant investment," said ZipRealty CEO Richard Sommer in an earnings announcement, and the company gained market share. The rest of the year, Sommer said, is expected to be "unpredictable and choppy" for the real estate market. The value of real ...