BrokerageIndustry News

ZipRealty lands more listings

9 in 10 clients are buyers, but closed listings up 73 percent

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ZipRealty Inc., a brokerage known for the commission rebates it offers buyers, said it closed 73 percent more transactions in which it represented the seller during the first three months of 2010 than during the same period a year ago.The brokerage still represented buyers in 92 percent of the 4,903 transaction sides it tallied during the first quarter. But ZipRealty agents also racked up 376 closed listings -- transactions in which the company represented sellers -- nearly twice as many as the 217 closed last year.Closed listings were up by an even more dramatic 90 percent in the 12 markets that ZipRealty has entered since March of 2007 and still defines as "new markets."ZipRealty does business in 35 markets, under a business model that assumes the company will pay rebates to buyers equal to 20 percent of its share of commissions. Home sellers are offered discounts of up to 25 percent of standard commissions in their particular market.In its most recent annual report ...