BrokerageIndustry News

ZipRealty sees 42% surge in sales

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ZipRealty Inc. posted a $13.3 million loss in 2008, even as agents handled more closings and the company achieved a 10th consecutive year of revenue growth. The Emeryville, Calif.-based brokerage reported that agents handled 17,156 transactions -- a 23 percent increase from 2007. But net revenue per transaction fell 15 percent, to $6,145, limiting net revenue to growth to a more modest 3.5 percent. In a conference call with investors Thursday, ZipRealty President and Chief Executive Officer Pat Lashinsky said the company's strong balance sheet leaves it well positioned for future growth, and that he sees signs of a bottom forming in housing markets in the second half of 2009 or early 2010. ZipRealty saw a dramatic increase in business in the final three months of the year -- the 4,335 transactions closed represented a 42 percent increase from the same period a year ago. Lower revenue per transaction limited year-over-year growth in net revenue to 18 percent, but the the ...