Most readers have probably heard this already but Amazon is teaming up with Realogy to match homebuyers with real estate agents through a program called TurnKey.
This is a huge deal b/c of the size of the partners. Amazon is the world’s largest retailer and Realogy, which owns NRT, Better Homes, Century 21, Coldwell Banker, Corcoran Group, ERA and Sotheby’s, is the worlds largest brokerage.
According to this Housing Wire article, “Potential buyers will be able to go through their Amazon account, click on TurnKey, put in details about the size, price and location of the home they want to buy, and then be matched with one of Realogy’s agents. In return, customers get up to $5,000 of Amazon products and assistance called a “Move-In Benefit,” which includes help with chores and product installation through a division of the retailer called Amazon Home Services.”
The article further explains: “The Amazon credit for products and services ranges from $1,000 to $5,000, depending on the price of the home. Homes purchased for between $150,000 to $399,000 will get a $1,000 benefit, transactions between $400,000 and $699,000 will receive a $2,500 Amazon credit, and buyers of properties priced over $700,000 will receive a $5,000 benefit, according to the TurnKey page.”
Here is my broader point: Big Data (Zillow, Amazon, Facebook, Google, etc.) have the ability and capital to go after ALL of our databases. The key of course is to stay in front of our databases at all times, to monitor our databases at all times, and to add more value than the likes of the big data companies.
On Monday, I blogged about using Predictive Analytics to keep tabs on databases. Big Data firms will target your network, so this is more necessary than ever.
In February, I blogged about using Homebot for post-client touches. Homebot is a service that we share with our Realtor partners that sends monthly updates to homeowners in regard to value, equity, amortization, interest rates, and refi options, among other things. But most importantly, our clients love the info!
As far as offering more value, when it comes to Zillow, Opendoor and other “iBuyers,” I recently blogged about the high fees and low prices that iBuyers offer. So, they should be easy to compete with (I hope).
When it comes to Amazon and Realogy, anyone can offer Amazon credits but far be it from to suggest giving away commissions.
Agents might also just make the case that they are really good at their job too. 🙂
It’s old school, but it works!
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 310167