Fresh off another successful Prime Days push in July, Amazon is clearly not intent on resting on its near-monopolistic laurels. The dominant online shopping company is looking to branch out into rare unchartered consumer waters and add yet another category to its long list of retail offerings.
Real estate.
Turnkey, a partnership between Realogy and Amazon, is posed to enter real estate markets in Denver and 14 other markets nationwide. While Jeff Bezos will not be scheduling showings or placing for sale signs in front of houses, his company is looking to offer unique products and services not currently offered by competitors Redfin, Zillow, and OpenDoor.
Smart home devices and other Amazon-exclusive, complementary services to the tune of up to $5,000.
The partnership comes at a time when Realogy is struggling. Both stocks and market caps have seen significant reductions. The pairing with Amazon brought increased their stock value by 35 percent, a decent recovery considering that shares were down 65 percent prior to the announcement.
Amazon is expanding its online offerings and throwing Realogy an all-important lifeline. TurnKey customers who use the portal to find a real estate agent will receive a very unique “gift basket” upon closing. The “swag” will include Echo speakers, a Ring doorbell, and credits for complimentary cleaning, painting, and furniture assembly services.
This interesting, if not unlikely alliance is a “win-win” for Amazon and seemingly a “win-can’t-afford-to-lose” for Realogy.
While online companies are looking to simplify the homebuying process, complexities still exist and require the help of an experienced real estate attorney.