SOURCE: ZipRealty

August 16, 2005 16:51 ET

Miami Says 'Bienvenido' to ZipRealty

Fast-Growing Internet-Enabled Real Estate Brokerage Announces Plans to Expand to South Florida in Q4

EMERYVILLE, CA -- (MARKET WIRE) -- August 16, 2005 -- Executives at ZipRealty (NASDAQ: ZIPR), a full-service real estate brokerage, announced during the Company's second quarter 2005 conference call that it has identified Miami, Florida, as its next regional market and plans to initiate operations during the fourth quarter this year. Miami will mark the third new market for ZipRealty in 2005, following successful launches in Las Vegas and Houston earlier this year. With this expansion into Florida, the nation's fourth most populous state, ZipRealty will operate in 15 metropolitan areas and eleven states, including the District of Columbia, by the end of the year.

"This expansion into Miami marks an important milestone for ZipRealty, as we continue to introduce the preferred way to buy and sell homes to Americans from coast to coast," said ZipRealty Chief Executive Officer Eric Danziger. "South Florida is one of the strongest real estate markets in the country and we believe our model has the potential in Miami to be very successful."

Over the next few months, ZipRealty will prepare for an official fourth quarter launch in Miami by identifying a district director, hiring licensed, local, experienced agents, researching market characteristics and building buzz about its unique model.

ZipRealty offers home buyers and sellers all of the services of a traditional brokerage with the added benefits of enhanced customer service and savings made possible by the Company's use of Internet technology and an employee-agent business model. Unlike most other full service brokerages, ZipRealty gives buyers 20 percent of its commission, and sells homes for up to 25 percent less than the standard market commission.

About ZipRealty

ZipRealty is a full-service residential real estate brokerage firm. The Company uses the Internet, proprietary technology and efficient business processes to provide home buyers and sellers with high-quality service and value. Founded in 1999, the Company currently operates in 14 major metropolitan areas in ten states and the District of Columbia. The Company's client-centric business strategy utilizes a sophisticated Web site, which enables home buyers and sellers to access comprehensive local Multiple Listing Services home listings data and other relevant information. The Company also utilizes a proprietary business management technology platform, which reduces costs and allows the Company to pass on significant financial savings to consumers. This Internet-enabled, technology-driven, employee-based model provides the Company with a distinct competitive advantage, allowing ZipRealty to consistently deliver outstanding service to clients. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP.

Cautionary Language

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws, including the Company's timeline for commencing operations in Miami, future success in the Miami market and launch preparations for Miami. The forward-looking statements are subject to risks and uncertainties that could cause actual events to differ materially from those projected, including the risk factors set forth in the Form 10-Q filed with the SEC by the Company for its fiscal quarter ended June 30, 2005. ZipRealty assumes no obligation to update the forward-looking statements included in this release.

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