BrokerageIndustry News

ZipRealty reports $7.3 million loss in Q1

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Real estate brokerage company ZipRealty announced net loss of $7.3 million in the first quarter, or 31 cents per share, compared with a net loss of $3.1 million in first-quarter 2007. The company reported that it increased its agent count by 105 from the close of fourth-quarter 2007 to the end of first-quarter 2008, and its first-quarter count was up about 22 percent compared to first-quarter 2007. ZipRealty reported that its agents closed 3,121 real estate transactions in the first quarter compared with 3,110 in first-quarter 2007, though the dollar volume of transactions declined about 15.3 percent, from $1.04 billion in first-quarter 2007 to $884 million in first-quarter 2008. Pat Lashinsky, ZipRealty CEO, said during an earnings conference call Wednesday that the company has seen a rise in transactions involving foreclosure-related properties and short sales. Those transactions represent more than 40 percent of the overall market in some cases, he said, and "are tak...