Realogy, owner of such industry-leading real estate brands as Century 21, Coldwell Banker, Better Homes and Gardens Real Estate, and Sotheby’s, has reached an agreement to purchase ZipRealty’s residential brokerage operations, including its technology platforms. The acquisition will push Realogy’s aggregate size to almost 250,000 real estate brokers and sales associates, worldwide.
“The acquisition of ZipRealty represents a strategic investment in the growth of our business and a compelling opportunity to further enhance shareholder value,” said Richard A. Smith, Realogy’s chairman, chief executive officer and president. “This transaction has two uniquely attractive facets for Realogy. First, we are acquiring an established, highly productive, technology-based national residential brokerage operation. Second, we will capitalize on the innovative technology platform that ZipRealty has honed over more than a decade of development. ZipRealty’s technology provides a seamless digital experience for consumers, brokers and sales associates across the entire real estate transaction life cycle.”
It will be interesting to see how this acquisition affects the other major brands underneath the Realogy umbrella, as they integrate the ZipRealty technology. Read more about the transaction, and its potential implications, at RISMedia.