SOURCE: Zip Realty

December 01, 2010 16:57 ET

ZipRealty Reaches New Milestone With 1,000 Realtors(C) in California

EMERYVILLE CA, U.S.A.--(Marketwire - December 1, 2010) -


Growth in Agent Count Follows Recent Change to Independent Contractor Model

EMERYVILLE, CA (Dec. 1, 2010) - ZipRealty (www.ziprealty.com) (NASDAQ: ZIPR), a leading full-service residential real estate brokerage, this week surpassed 1,000 agents serving home buyers and sellers within California, a new record for the Company.

The recent growth of the ZipRealty agent team follows closely the introduction of ZipRealty's new independent contractor model in California on September 1, 2010. After announcing in July that the company would transition to engage all of its agents in California as independent contractors, ZipRealty's sales team has now grown by more than one-third above the number of agents who originally transitioned with the company.

"This is an exciting moment for our California operations. The transition to ZipRealty's independent contractor model has been embraced by many of our top agents in the state, as well as by large numbers of other agents in the market who are taking a fresh look at our unique offering and coming on board to serve Zip's customers. ZipRealty has long been known for outstanding technology and superior online marketing, and we've now coupled those with the flexibility and appeal of independent contractor status for ZipRealty Agents in California," said Robert Yakominich, Senior Vice President of Sales. "Today, we are in the midst of introducing the ZipRealty independent contractor offering in our remaining markets outside California, and we look forward to growing our sales force in these areas with exceptional, customer-focused real estate professionals."

ZipRealty's California agents have access to the Company's proprietary technology, marketing support, and training and brokerage resources. As independent contractors they are free to develop their own real estate sales businesses and have access to an array of commission alternatives. ZipRealty continues to offer its unique customer satisfaction guarantee.

About ZipRealty, Inc. ZipRealty is a leading full-service residential real estate brokerage that uses an innovative combination of a comprehensive online presence, robust proprietary technology and knowledgeable local agents to offer its clients fast, responsive and transparent service. The Company's award-winning, user-friendly website gives its users access to comprehensive local Multiple Listing Services home listings data, as well as other relevant market and neighborhood information and tools. The Company's proprietary technology, including its agent platform and customer relationship tools, helps it to enhance customer service while increasing agent efficiency and reducing costs, allowing the Company to pass on significant savings to consumers as permitted by law. Founded in 1999, the company operates in 35 major markets in 22 states and the District of Columbia. 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, without limitation, statements regarding the Company's ability to recruit and retain agents with its independent contractor model in California and other markets, its continued offering of technology, marketing support training and brokerage support to independent contractor agents and it continued offering of a customer satisfaction guarantee. These forward looking statements are also subject to other risk factors set forth in the Company's Form 10-K for the fiscal year 2009 and Form 10Q for the third quarter 2010. The forward-looking statements included in these release are made as of today's date and, except as otherwise required by law, ZipRealty does not intend to update these forward- looking statements to reflect events or circumstances after the date hereof.

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Source: Zip Realty via Thomson Reuters ONE

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