Realogy wrings tech firm from ZipRealty acquisition

ZapLabs will be the industry giant's 'innovation and technology hub'
  • Realogy has unveiled ZapLabs, a new company formed out of ZipRealty's technology department.
  • ZapLabs will continue to provide the Zap platform to Realogy's affiliated agents and brokerages, but will also develop technology for Realogy's other businesses.

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The second-most valuable real estate company (after Zillow Group) has minted a real estate tech firm. Real estate giant Realogy has formed a company called "ZapLabs" tasked with developing technology for affiliated brokerages and agents, as well as other businesses operated by Realogy, such as relocation and settlement services. Realogy operates franchise brands including Century 21, ERA, and Better Homes and Gardens Real Estate and owns the nation's largest brokerage, NRT. ZapLabs team celebrates the news at its headquarters in Emeryville, California. ZapLabs has 95 employees and succeeds the tech department of ZipRealty, a brokerage that Realogy acquired for $166 million in 2014 to energize its technology offerings. That team is now Realogy's "innovation and technology hub." The move underscores a growing recognition among industry players that technology may be key to remaining competitive. Realogy said that the new company's name reflects a broad...