Eyeing internet leads, Realogy buys ZipRealty for $166M

Public real estate conglomerate buying IT firm mostly for its lead-generating technology

TRD New York /
Jul.July 21, 2014 11:50 AM

Realogy Holdings — the public real estate conglomerate whose brands include the Corcoran Group, Citi Habitats and Sotheby’s International Realty — is buying technology company ZipRealty for $166 million.

ZipRealty is an Emeryville, Calif.-based company that has about 1,700 agents and 23 brokerage offices, mostly on the West Coast.

The Madison, N.J-based Realogy is buying the IT company mostly for its technology, which generates leads at a very early stage. ZipRealty also enables agents to schedule showings and communicate with prospective buyers. This purchase is aimed at helping Realogy follow up more quickly on its internet leads.

“We like their software platform, which this industry lacks,” Richard Smith, Realogy’s chief executive, told the Wall Street Journal. “It can fulfill a void that we have recognized for some time.”

If Realogy had to develop its own technology it would have taken three or four more years, Smith told the newspaper. “This accelerates the process that we were already deeply involved in.”

The transaction is expected to close in the fall. [WSJ] — Claire Moses

Related Articles

49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)

Corcoran to shut down office in building partly owned by Barbara Corcoran

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

Corcoran CEO & President Pamela Liebman (Credit: iStock)

Corcoran begins new lead-gen push via Facebook ads

From left: RealPlus' Eric Gordon, Corcoran's Pam Liebman, Halstead's Diane Ramirez, Douglas Elliman's Howard Lorber and Brown Harris Stevens' Bess Freedman (Credit: Eric Gordon by Emily Assiran, Getty Images, Halstead, BHS, iStock)

Terra sells part of RealPlus stake to Corcoran and Elliman

Rents increased year over year this September in Manhattan and Brooklyn to $4,336 and $3,366

Rents tick up and concessions fall amid broader economic uncertainty

Pam Liebman (Illustration by Chari Tsevis)

The Daily Dirt: Inside the Corcoran “hack”

(Illustration by Charis Tsevis)

Revealed: Corcoran’s “hacked” files

A rendering of Corcoran Soho (Credit: iStock and CetraRuddy)

“Perhaps a sad inevitability:” Corcoran isn’t the only firm
under attack