Real Estate Hour

Amazon enters real estate market, collabs with Realogy

Amazon reportedly partnered with America’s biggest residential real estate broker Realogy, making its entrance in the real estate market. 

Under the Turnkey program, Amazon will refer its customers to a Realogy real estate agent, upon closing the deal, the customers can use up to $5,000 in Amazon services.

Based upon the deal amount, Amazon stated that it will provide the buyers in between $1,000 and $5,000 in Amazon products and home services after the costumer purchases a home.

Under the benefit, Amazon could sponsor services like installing shelves or mounting a TV, or as well as “curated suite of smart home products”, or deep cleaning by professionals.

The US Real estate market is shaken by Zillow, Redfin and Opendoor with their ‘instant buying’ schemes. Realogy got hard hit by the expansion of these three companies. 

The deal is sought to help both the companies mutually. Ailing Realogy, trying to cope up with its disrupted legacy is looking to boost up its business by using Amazon’s giant costumer base.

 Amazon is looking to set its foot in the real estate market through this deal. The deal will also push its smart products and home services. An experiment for Amazon, the deal will help in expanding and stabilizing its market, whereas, it is a lifeline for Realogy.

Turnkey, a popular real estate search engine, is all set to launch 3,000 real estate agents in several major cities across the US including Washington, Chicago and San Francisco. It serves as a lead-generation program for Realogy.

Amazon also stated that the benefits are tied to the home prices. The smallest deal will include at least two Echo smart speakers with Alexa home assistant capabilities, a ring door camera and home services of at least $450.

Amazon stated that the customers can reap full $5,000 worth benefits, if they close their home deal worth $700,000.

The deal is creating a buzz amongst the people in the US and around the world. It will be interesting to see how this collaboration between an e-commerce giant Amazon and real estate giant Realogy works out.

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