The U.S. real estate industry may soon find out whether house hunters will look for homes in the place where they already shop for everything else.
Amazon.com Inc. is partnering with Realogy Holdings Corp. to funnel potential buyers to the brokerage company’s agents. Clients who go on to purchase a home will receive up to $5,000 in products and services from Amazon, giving the company a way to market things it already sells — handyman services, smart-home gadgets, furniture — to people who are likely to need them.
The program, called TurnKey, could generate new leads for Realogy, helping the company recruit and retain agents, and allowing the brokerage to command a higher share of agent commissions, analysts at PiperJaffrey wrote in a note. “The magnitude of those benefits will depend on the amount of marketing put forward to drive awareness,” the analysts said.Realogy shares jumped as much as 30% before giving up some of those gains.
Early entrants, such as Zillow Group Inc. and Redfin Corp., succeeded at building large online audiences for home listings and market analysis, but ultimately wound up fitting into the existing ecosystem rather than remaking it in their own images. Lately, tech companies have used home-pricing algorithms and war chests of investor capital to build the biggestthe world has ever seen — proving that some Americans are willing to do the biggest transactions of their lives online.
“Given the fragmentation of the online real estate brokerage market, large internet firms like Amazon, Facebook and Google have an opportunity to leverage their traffic and potentially create a competing product to Zillow and Redfin,” said Andrew Eisenson, an analyst at Bloomberg Intelligence.
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