BrokerageIndustry News

ZipRealty announces net loss, growth in agents

Company projects up to $10.4 million net loss in 2008

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ZipRealty, a real estate brokerage company that offers service discounts to sellers and rebates to buyers, on Thursday reported a net loss of $1.7 million, or 8 cents per share, in the second quarter ended June 30, 2008. That compares to a net loss of $1 million, or 5 cents per share, in the same quarter last year. The company continues to grow its pool of agents, and agent count increased by 274 from March 31 to June 30, the company reported. Agent count also grew from 2,070 agents at the end of second-quarter 2007 to 2,559 agents at the close of second-quarter 2008. Net revenues fell 2.7 percent, from $31.3 million in second-quarter 2007 to $30.4 million in second-quarter 2008. The total value of real estate transactions that the company closed fell from $1.41 billion in second-quarter 2007 to $1.32 billion in second-quarter 2008. The total number of transactions closed grew 17.4 percent year-over-year in the second quarter to 4,681, while average net revenue per real est...