2009 was a year of big goals and exciting results at ZipRealty, creating a powerful platform for us to spring forward in 2010 and beyond. We pushed to find new ways to improve our agent productivity and make large strides in revenue gains while simultaneously holding a tight line on operating costs. Our diligence and fortitude paid off: each quarter yielded more impressive results than the one before, and by the end of 2009 we were looking at our 11th straight year of record revenue, over 89,000 clients served and more than $29 billion in residential real estate sold since 1999. CFO Charles C. Baker and CEO J. Patrick Lashinsky
With our strengthened position in the market and a solid strategic plan for the future, ZipRealty is in an excellent position to leap ahead in 2010. By maintaining focus on our plan’s key initiatives, combining strong technology with a local agent force and leveraging all of our current advantages, we plan to further separate ourselves from the pack of traditional “brick and mortar” brokerages in the coming year.
Gain Share: Springing Forward in 2010
Growing our listings business represents one of our biggest opportunities to gain market share. In 2009 we initiated a Listing Credentials course to ramp up our agents’ skills in listing and selling homes. By the end of the year, we had increased our listing business by 50% — and that’s just the beginning of what we have planned for 2010 and beyond. With a direct line to millions of ZipRealty homebuyers, significant resources dedicated to seller product enhancements and ongoing agent training, we are positioned to become a strong local competitor on both sides of the home sale, with a goal of doubling our share in a few key markets within the next 18 months.
Get Noticed: ZipRealty Springs to Mind
With the #1 real estate brokerage website, clients have taken notice of ZipRealty online, and we have built strong relationships with clients who have worked with us in the past. More than 94% of our clients would recommend us to their friends. This year we plan to build on that success by promoting our brand locally with creative marketing and building our listing business, so that potential clients naturally think of ZipRealty first when they’re ready to buy or sell.
Grow Ideas: Keeping us Spring-Loaded
In 2009 we elevated our status as an industry leader in innovation. We focused on consumer tools and resources – including a well-received iPhone app and a new section of our website dedicated to investor data – to help our clients make smart decisions and be more efficient with their time. We introduced clients to more products and services to make their home buying and selling experience easier while monetizing our incredibly popular website. Over the next few years we expect to grow these revenues to a solid base.
Go Local: There’s a Spring in Our Step
In 2009, we worked with our agents to help them effectively connect with their local communities through social networking, and to further promote themselves as local experts on and offline. With a new compensation plan aimed at encouraging agents to generate local business, we expect to see more clients coming through community connections, adding to our outstanding online presence. Moving ahead, we look forward to continuing to provide the highest level of service to our clients and the best resources and support to our agents and employees – the building blocks of profitable future growth. Go Zip! Sincerely,
J. Patrick Lashinsky President and CEO
ZipRealty, Inc. Stock Transfer Agent and Registrar
Board of Directors
American Stock Transfer & Trust Company 59 Maiden Lane Plaza Level New York, NY 10038 Phone: 800-937-5449
Donald E. Wood Chairman of the Board of Directors Managing Director, Draper Fisher Jurvetson
Corporate Counsel Orrick, Herrington and Sutcliffe LLP San Francisco, CA
Stock Listing ZipRealty, Inc. common stock is traded on The NASDAQ Stock Market listed under the symbol “ZIPR”
Independent Auditors
J. Patrick Lashinsky Chief Executive Officer and President Elisabeth H. DeMarse Chief Executive Officer and President, CreditCards.com Robert C. Kagle General Partner, Benchmark Capital Stanley M. Koonce, Jr. Executive Vice President and Chief Operating Officer, Big Brothers and Big Sisters of America Gary A. Wetsel Independent Consultant
PricewaterhouseCoopers LLP
Executive Officers
Annual Meeting
J. Patrick Lashinsky Chief Executive Officer and President
The ZipRealty, Inc 2010 annual meeting of stockholders will be held at 8:00 am on Thursday, May 20, 2010, at:
Charles C. Baker Executive Vice President and Chief Financial Officer
Watergate Towers 2200 Powell St., Conference Room D Emeryville, CA 94608 Phone: (510) 594-3100
William C. Sinclair Executive Vice President, Operations and Business Development
The Company’s complete filings with the Securities and Exchange Commission, including the Form 10-K included in this report and all exhibits, are available without charge on the Company’s website at www.ziprealty.com under “Investor Relations – SEC Filings” as well as on the Commission’s website at www.sec.gov.
David A. Rector Senior Vice President, Controller and Chief Accounting Officer
Genevieve C. Combes Senior Vice President, Technology and Operational Strategy
Robert J. Yakominich Senior Vice President, Sales Joan L. Burke Vice President, Human Resources Samantha E. Harnett Vice President, General Counsel and Secretary
Cert no. XXX-XXX-000