ZipRealty closing ‘unprofitable’ Fresno office
Written by Business Journal staff Tuesday, 11 January 2011 12:43
Residential real estate brokerage ZipRealty is closing its office in Fresno serving the Central Valley, the company said this week.
Citing a plan to “enhance the company’s focus on core strengths in technology, online marketing and its most attractive local real estate markets,” the firm announced plans to close 11 brokerage offices, including five in Florida, one in Tucson and offices in Connecticut, Minnesota, North Carolina and Virginia.
The company said it would focus on markets where “local population, economic and housing trends appear most favorable long-term.” It said the 11 markets the firm will close accounted for about 13% of net revenue last year and did not contribute to ZipRealty’s profitability.
“The pressures on the real estate market continue to be severe, and we are purposefully adjusting our cost structure and operating strategy to concentrate resources on the company’s most attractive opportunities,” CEO Lanny Baker said.
Calls to the phone numbers listed online for ZipRealty in Fresno were not immediately returned; one call went straight to voicemail, while another was to a number “that has been disconnected.” The ZipRealty Clovis/Fresno page on Facebook has just three likes.
The Connecticut closure will cost 54 jobs, according to news reports.
ZipRealty is headquartered in Emeryville, next to Oakland.
I guess a business based around giving you back a cut of the commissions just isn’t working out. I always think its weird that people ask. Would you go buy a pair of Nike’s and expect them to mail you a check for $15.47? Or go to your dentist and look at him with your hand out expecting a fresh Benjamin?