ZipRealty to Offer Online Customer Sourcing and Incubation System to Brokerages

EMERYVILLE, Calif., July 28, 2011 /PRNewswire/ -- ZipRealty, (www.ziprealty.com; NASDAQ: ZIPR), the nationally-ranked, full-service real estate brokerage powered by web-based, proprietary technology and effective online marketing, announced today that the Company is offering its technology solution to real estate brokerages. The "Powered by Zip" program provides brokerages with a comprehensive solution to attract, incubate and close real estate buyers and sellers via the online channel. Better Homes and Gardens Metro Brokers in Atlanta and Long Realty in Tucson were the inaugural launch partners, and over the past six months have closed hundreds of additional real estate transactions totaling over $40 million in home transaction value using the system.  

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"The combination of ZipRealty's strengths in technology and online marketing with the great local presence and operational excellence of local real estate brokerages makes the Powered by Zip program work," said Lanny Baker, Chief Executive Officer of ZipRealty. "We've done the homework on the technology in our 11 years as an online real estate pioneer and we have developed techniques that we believe easily translate to help other brokerages to increase their business. The first two test markets proved the concept and now we're growing the program to work with additional local market leaders."

The Powered by Zip program is a one-stop solution for sourcing new customers, marketing agents and incubating customers. ZipRealty plans to expand the program focusing initially on markets where it does not yet have a brokerage presence.

"After closing transactions for almost six months under our Powered by Zip program, I can tell you that no other on line lead system that we have used comes close to driving the number of closings we have achieved," said Kevin Levent, President of Better Homes and Gardens Metro Brokers. "The combination of the technology that incubates homebuyers coupled with the accountability tools and sheer number of leads, makes this the best system we have ever utilized."

Real estate brokerages can implement the Powered by Zip program, which includes online customer sourcing and agent marketing in addition to an extensive and intuitive Customer Relationship Management (CRM) tool that allows brokerages to communicate effectively with prospective buyers and sellers. Additionally, buyer and seller leads generated through ZipRealty.com in the local broker's market will be passed directly to that local brokerage partner.

Recognized by REALTrends as the fifth largest brokerage in the nation in 2010 based on transaction sides, ZipRealty has been engaged in a series of strategic changes over the past six months designed to reposition the Company to capitalize on its core strengths in customer service, industry-leading technology, and efficient online marketing capabilities. The move to offer their core technology to real estate brokerages is in accordance with the changes.

For more information about the Powered by Zip program please call 855-843-1600.

About ZipRealty, Inc.  

ZipRealty is a leading full-service residential real estate brokerage focused on finding better, faster ways to connect clients with the information, tools and professional services they value to complete their residential real estate transactions. The Company serves its clients through its combination of a leading online presence, robust proprietary technology and knowledgeable local real estate professionals in the field. The Company's award-winning, user-friendly website and mobile applications give its clients on-the-go 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 productivity platform, helps increase the efficiency of real estate agents while reducing customer acquisition and management costs, allowing the Company to invest in making its value proposition differentiated and more attractive to both clients and agents. Founded in 1999, the Company operates in 23 major markets in 18 states and the District of Columbia. The Company also has referral arrangements with third-party brokerages in two markets where it does not conduct its own brokerage operations. 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, the effectiveness of the Powered by Zip program and ZipRealty's technology, that other brokerages will able to implement and use the Powered by Zip program and technology to improve customer sourcing and marketing, to communicate effectively with buyers and sellers, obtain additional customer leads and increase transactions, that ZipRealty will successfully expand the Powered by Zip program to additional markets and brokerages, and that the Powered by Zip Program will help reposition ZipRealty to capitalize on its core strengths in customer service, industry-leading technology and efficient on-line marketing capabilities.  These forward looking statements are also subject to other risk factors set forth in the Company's Form 10-K for the fiscal year 2010 and Form 10Q for the first quarter 2011.  The forward-looking statements included in this 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.

SOURCE ZipRealty, Inc.