Full year revenue of $123.1 million represented the 11th consecutive year of revenue growth

March 10, 2010

ZipRealty is a full-service residential real estate brokerage firm with an edge.

The Company utilizes its user-friendly Web site and employee real estate agents to provide home buyers and sellers with high-quality service and value.

ZipRealty’s Web site provides users with access to comprehensive local Multiple Listing Services’ home listings data, as well as other relevant market and neighborhood information.

The Company’s proprietary business management system and technology platform help to reduce costs, allowing the Company to pass on significant savings to consumers.

In 2009, ZipRealty Inc. boosted revenue by 14.6 percent, to $120.7 million, whiched has helped the company trim its annual losses to $12.9 million, down 3.4 percent from 2008.

In the final three months of the year the brokerage handled 6,355 transactions, a 46.6 percent increase from the same period a year ago.

Revenue was up less dramatically, growing 35.4 percent to $33.9 million, as average net revenue per transaction fell by 7.6 percent from a year ago, to $5,199.

ZipRealty nevertheless posted a $2.1 million loss for the quarter, down from $2.7 million a year ago.

At the end of the year, the company employed 3,085 agents, up 9.5 percent from the same time a year ago, but down 3.7 percent from the 3,205 agents employed at the end of September.

Pat Lashinsky, President and CEO of ZipRealty commented in a press release:

“Looking ahead, we are focused on initiatives that are designed to promote profit growth. First, we are committed to gaining market share and driving profitability in our existing markets. Second, we intend to build on our recent listings success and continue to grow this side of our market opportunity. Third, we plan to stay at the forefront of innovation so that our agents and customers benefit from advancements in technology. Finally, we will target referral revenue growth by partnering with brands that are relevant to our growing user base. We look forward to progress on these fronts in 2010 and into an eventual recovery.”

ZipRealty expects net revenues for the full-year 2010 are expected to grow between 10% and 20% over 2009 levels. Net loss for the full-year 2010 is expected to be narrower than the 2009 net loss.

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