BrokerageIndustry News

ZipRealty close to breaking even after downsizing

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Technology-based brokerage ZipRealty Inc. says it's closer to its goal of achieving positive cash flow, trimming third-quarter losses to under $1 million even as revenue fell 18 percent from a year ago.Net revenue for July, August and September totaled $23.3 million as ZipRealty agents tallied 3,706 transaction sides, down 27 percent from a year ago. But average net transaction revenue per closing grew by nearly 12 percent from a year ago, to $5,943, the company said in announcing third-quarter results. The Emeryville, Calif.-based company began the year by closing offices in 12 of 35 markets with the goal of slashing $20 million in operating costs, and has since eliminated buyer rebates and expanded a "Powered by Zip" referral program in which the company generates leads for other brokers.At the end of September, ZipRealty had 2,043 agents, down from 2,197 at the end of June and 3,305 a year ago. That helped the company slash total operating costs and expenses for the quarte...