BrokerageIndustry News

ZipRealty continues to downsize brokerage operations

10% of leads now go to 'Powered by Zip' referral partners

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Editor's note: This story has been updated to correct that ZipRealty currently provides brokerage services in 21 markets, including Salt Lake City, where the company has announced plans to transition brokerage operations to a new "Powered by Zip" partner.ZipRealty Inc. continues to shed agents and support staff even as it grows traffic to its website, which now features Internet Data Exchange (IDX) listings from six markets where the company no longer has brokerage operations but provides referrals and lead management tools to brokers.The Emeryville, Calif.-based brokerage said fourth-quarter 2011 revenue was down 31 percent from the year before, to $18.5 million, and that it finished the year with 1,701 agents -- half as many as it had at the end of 2010.That was the lowest quarterly revenue production since the first quarter of 2005, when ZipRealty employed 983 agents. The technology-based brokerage -- ranked by RealTrends as the fifth-largest in the nation by transaction s...