By buying a home through TurnKey, Amazon will offer smart-home products like Echo and Ring, plus moving services.
Amazon announced Tuesday it will partner with residential real-estate services company Realogy Holdings Corp. to launch a new home-buying program called TurnKey.
‘Nobody is starting their home search process on Amazon.’ —Mike DelPrete, independent real-estate industry analyst Additionally, a portion of the up-to $5,000 credit will go toward Amazon Home Services, including assistance unpacking, cleaning and/or even handyman services. TurnKey customers will also receive a coupon for purchases of eligible moving-related products on Amazon.
Those competitors have attempted to disrupt the real-estate process by ushering in the “iBuying” model where they make instant offers to purchase properties from sellers and then act as the brokers on those homes.“The only reason this is a big deal is because Amazon is in the headline,” said Mike DelPrete, a leading independent analyst of the iBuying space. “Everybody has been wondering and waiting whether they’re going to get into real-estate somehow.
Given that, analysts expect that home sellers won’t feel pressured to jump on the TurnKey bandwagon. As Wedbush analysts note, sellers stand to save tens of thousands of dollars by listing with Redfin, which charges lower seller fees than traditional brokerage firms, including Realogy. In the long term, Amazon’s relationship with Realogy could serve as a launching pad for a bigger push into real estate. Wedbush analysts suggested that Amazon “can clearly fit” iBuying into its business as a way of driving leads for its home-technology products.
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