Realogy Holdings announced its latest business venture ZapLabs, which is the company’s innovation and technology hub.
Previously operating as ZipRealty’s technology development group, ZapLabs is positioned to better define its focus on accelerating change within the real estate industry.
The change also helps distinguish it from the existing ZipRealty residential real estate brokerage operations that will continue to be operated under that name by Realogy.
“Our new branding as ZapLabs reflects our accelerated drive to innovate, create and bring transformation to the business of real estate. More than 48,000 real estate agents affiliated with a Realogy brand are already using Zap, our flagship technology solution, and that is just the beginning,” said Jamie Wilson, president and CEO of ZapLabs.
“Every day we continue to deliver the Zap ecosystem deeper into Realogy’s franchise networks – and we are passionate about developing new technologies that have the power to transform the consumer experience,” continued Wilson.
The Zap platform includes:
- Zap broker and agent websites
- Zap Customer Relationship Management Tool
- Zap Mobile CRM
- Zap Mobile app
- ZapLeadsSM, a search-engine marketing program for lead generation
- ZapStoreSM, a real estate appstore of third-party technology providers
Back in 2014, Realogy announced it acquired ZipRealty for $6.75 per share in an all-cash transaction valued at approximately $166 million.
Richard Smith, Realogy's chairman, CEO and president, explained at the time that the acquisition of ZipRealty represented a strategic investment in the growth of the company’s business.
Realogy explained in the press release that the company’s technology platform, Zap, has since become a “key differentiator for Realogy’s franchise brands”, and going forward, ZapLabs will expand the scope of its technology development efforts to encompass all of Realogy’s business segments.
“It’s important for Realogy to have its technology development hub located in the heart of tech innovation – the San Francisco Bay Area,” said Smith. “While ZapLabs is currently focused on the successful rollout of the Zap platform across our franchise brands, eventually it will focus its creative energy on the application of emerging technologies more broadly.”