SOURCE: ZipRealty

July 14, 2005 08:00 ET

ZipRealty Announces Official Launch in Houston

National Real Estate Agency Ahead of Schedule in Newest Market

EMERYVILLE, CA -- (MARKET WIRE) -- July 14, 2005 -- Just one month after announcing it was preparing to enter Houston, executives at ZipRealty (NASDAQ: ZIPR), a leading full-service real estate brokerage, today announced the Company is fully integrated in the market with a team of local agents who have begun to close transactions.

"We anticipated getting up to speed in 60 to 90 days, but we're proud to say we're fully integrated in Houston after only one month. This is due to a heavier-than-expected consumer demand, the success of our agents and our ability to deliver on our commitment to customer service," said, Jason Merritt, the district director for Houston, who also noted the average price of homes his agents are closing is "noticeably higher than the market average."

Houston marks the 14th metropolitan area for ZipRealty and the Company's second market in Texas, joining Dallas/Ft. Worth and more than 70 agents that service local home-buyers and sellers.

"We're thrilled with the level of success we've enjoyed so far, and we're excited that Houstonians have been receptive to ZipRealty," said ZipRealty CEO Eric Danziger. "We are clearly doing what we do best -- providing unparalleled customer service and a preferred way to research, buy and sell homes."

ZipRealty now offers home buyers and sellers in Houston 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 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. ZipRealty also features a number of tools that have helped the Company earn a higher-than-industry average satisfaction rating among its customers. For example, customers through ZipRealty's Web site can search the entire local Multiple Listing Service (MLS) by detailed criteria. Also, buyers can sign up for instant email notifications that alert people via email as soon as a house that fits their search criteria comes on the market. People can save different searches based on a variety of options such as price, location or distance from a particular address, and have access to neighborhood research such as maps and schools. Home sellers can also take advantage of a ZipRealty tool that instantly displays recent home sales for a specified address, which helps sellers accurately price their home.

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.

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