Yesterday, it was announced that Realogy will be working with Amazon to launch of TurnKey, a new home buying program that simplifies the process of finding and settling into a new home. It's currently available in 15 U.S. cities. According to Realogy's press release, "TurnKey combines Realogy's real estate expertise across its well-known and trusted brands, including Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, ERA and Sotheby's International Realty, with the ease and convenience of Amazon's Home Services and smart home products."
What does this mean?
The announcement of the deal between Realogy and Amazon is hugely important to Realogy and the industry. First, it somewhat ends the mystery of what Amazon may do in the brokerage space. Second, it strengthens Realogy's ability to deliver more value to its affiliates and their agents and teams.
We know that agent highly value prospects and this certainly has the chance to deliver them in abundance to Realogy's agents. While the actual financial impact may not be huge for Realogy directly, it may indirectly improve their affiliates' ability to recruit and retain agents, which would positively impact their fee income over time. Amazon broadens its services and this could well be just the first step in this relationship that goes far beyond customer referrals.