Zip Realty First Quarter Loss Tops 7.3 Million

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Zip Realty, the discount real estate brokerage, announced a loss of 7.3 million dollars for the first quarter of 2008. The company’s shares were up after the announcement as the market was expecting a larger loss.

With the ultra competitive sellers market we are facing it is amazing that ZipRealty is still in the game to this extent. The need to properly market and sell a home with a full service push is needed in this market where procuring buyers is difficult.

On the other hand it is good to see they are still in the fight. As real estate changes all different forms of marketing and brokerage concepts need to be tested to determine what will be most effective for buyers and sellers.

Emeryville-based ZipRealty Inc. reported a larger loss and shrinking revenues for its first quarter of 2008 that ended March 31. The online realty brokerage lost $7.3 million, or 31 cents a share, on revenues of $20.6 million. ZipRealty’s losses were more than twice the $3.1 million the company lost a year ago. Revenues were down 12 percent from the first quarter of 2007. via Inside Bay Area.