The Company is a full-service residential real estate brokerage firm, using the Internet, proprietary technology and efficient business processes to provide home buyers and sellers with high-quality service and value.
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The housing market is in a period of transition, with power shifting to buyers from sellers. It continues to show weakness and is expected to remain same for the remainder of 2007. Revenues for the first quarter ending March 2007 increased by 22% mainly driven by 21.5% increase in transactional revenues. However, net loss increased from $0.78 million to $3.10 million for the same period.
The company has revamped its earlier expansion plans and chalked out a new accelerated expansion strategy, which involves expanding into 8-12 cities from the earlier planned 6 cities. Company expects that its net transaction revenues for fiscal 2007 will increase compared to the prior year. Transaction volume is expected to increase on a year-over-year basis as its plans to enter new markets and average net revenue per transaction is expected to decline due primarily to a growing percentage of transactions occurring in less expensive housing markets and possible declines in median house prices in certain of its existing markets.
Year 2007 is expected to be a significant one for the company, with forecasted revenues to be in the range of $105 to $110 million, representing an increase of 10%-15% over 2006. However, net loss is expected to be in the range of $10 million to $13 million. Considering the above facts, the shares of ZipRealty offer good potential returns for long-term investors.