BrokerageIndustry News

ZipRealty narrows losses

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

ZipRealty Inc. edged closer to profitability during the third quarter, as transactions grew 30.6 percent and revenue by 12.8 percent from a year ago, the company said.The Emeryville, Calif.-based brokerage's $779,000 net loss for the quarter ending Sept. 30 was less than half the $1.69 million loss for the same period a year ago. Excluding $923,000 in stock-based compensation of employees, ZipRealty eked out a gain of $144,000 for the quarter, the company said in a regulatory filing.ZipRealty President and Chief Executive Officer Pat Lashinksy said in a statement that agent productivity was the highest in two years, and that tight cost controls helped the company reach "pro forma" profitability.But ZipRealty's net loss for the year to date -- $10.76 million -- was still slightly ahead of last year's pace, when the company was $10.62 million in the red at the end of September.ZipRealty Inc. finished 2008 with a $13.3 million loss, even though agents boosted transactions by 23 ...