Program increases visibility of FSBO properties and provides ZipRealty buyers with more home choices
EMERYVILLE, Calif., Aug. 3 /PRNewswire-FirstCall/ -- ZipRealty (NASDAQ:ZIPR), a national full-service residential real estate brokerage, launched today a first-of-its-kind program that aids "For Sale By Owner" (FSBO) sellers in marketing their homes to a large pool of prospective buyers. The new program will also provide buyers, working with ZipRealty agents, the ability to learn about the FSBO homes in their market not listed on the local Multiple Listing Service or any other real estate brokerage service.
Sellers who choose to list their home without directly partnering with an agent, known as a FSBO, can visit http://www.ziprealty.com/fsbo on the ZipRealty Web site to determine the number of active buyers searching in their neighborhood at their price range. FSBO sellers, who make up approximately 11 to 15 percent of the market, can then submit a description of their property online. The information will then be shared by local ZipRealty agents with their registered buyers who are searching for similar properties.
If a ZipRealty client buys the home, the seller will pay ZipRealty a two and half percent commission upon closing. ZipRealty will then give the buyer its standard rebate of 20 percent of its commission.
"This new program provides a viable alternative for FSBO owners looking to reach a large pool of buyers to increase the visibility of their property and still receive substantial savings," said Patrick Lashinsky, ZipRealty's SVP, Product Strategy. "Matching these FSBO properties with our large pool of prospective buyers is part of our commitment to provide added value to all of our clients." ZipRealty's program is available for FSBO owners in all 19 active ZipRealty markets nationally.
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 19 major metropolitan areas in 12 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 http://www.ziprealty.com/ or call 1-800-CALL-ZIP (1-800-225-5947).
Cautionary Language This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws, including statements concerning the future terms and viability of the Company's FSBO service. 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 March 31, 2006. ZipRealty assumes no obligation to update the forward-looking statements included in this release.
Liana Goh Miguel Marcus Gamo
Allison & Partners Allison & Partners
415-277-4911 415-277-4925
DATASOURCE: ZipRealty CONTACT: Liana Goh Miguel, +1-415-277-4911 or , or Marcus Gamo, +1-415-277-4925 or , both of Allison & Partners, for ZipRealty Web site: http://www.ziprealty.com/
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