Real estate brokerage company ZipRealty has announced plans to enter six new market areas and two new states by fall 2007.

The new markets include: Richmond and Virginia Beach, Va.; Charlotte and Raleigh-Durham, N.C.; Salt Lake City, Utah; and Jacksonville, Fla. Founded in 1999, the company currently operates in 26 major metro areas in 16 states, including Washington, D.C.

The company has been actively recruiting 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.

Patrick Lashinsky, ZipRealty president, said in a statement, “At the beginning of the year, we said that we would expand aggressively, and with the planned addition of these new metros we remain on target to reach our stated goal of opening in eight to 12 new markets by the end of 2007.”

ZipRealty expanded its operations to Tucson, Ariz., and Naples, Fla., in early April, and added Denver in late April. The company offers 20 percent of its commission income to buyers and lists homes at a rate that is “up to 25 percent less than the current market commission,” the company reported.

The public company (NASDAQ: ZIPR) last week 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.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription