Amazon announced on Monday that it plans to enter the real estate market with its Turnkey program.
Through a partnership with Realogy, the effort seeks to make home sales and the resulting moves that accompany a transaction as seamless as possible for buyers. It also throws Amazon electronic gear into the mix, along with connections to other services.
What’s this mean for the real estate industry? And what will it mean for competing companies? Here are five takes.
From Inman News:
The Amazon/Realogy deal also puts pressure on Compass, Keller Williams, Berkshire Hathaway and RE/MAX to keep innovating on all fronts. Plus, agent recruitment could get more interesting: Now who’s the best technology partner?
“It seems to me the implication was that the closing gift has now been pegged for the industry,” Jed Carlson said (CEO of Adwerx). “How does everyone else in the room not offer up a closing gift that’s worth the referral fee back to the client? Is that what just happened?”
From RIS Media:
Over the last several years, Amazon has been making moves that many predicted would inevitably land the mammoth online marketplace right in the center of real estate. An Alexa Skills capability for agents was one of the earliest appearances. In May 2018, Amazon further worked its way into homes, tying into the real estate process with experiential showrooms that capitalized on the smart home movement.
From the New York Times:
Amazon is now as much a search engine as it is a store, and the deal fits into the company’s effort to capitalize on its status as an online destination by making money on advertising and other services. It’s also a way to encourage people to adopt products like Alexa speakers and Ring doorbells and to promote its list of handymen, furniture assemblers and other home services.
From the Wall Street Journal:
For Amazon, the deal is a way to bolster its Home Services product, which it launched in 2014 to connect customers with vetted local service providers like plumbers, electricians and installation experts for smart home products such as Amazon Echo Dot and Ring smart doorbell products.