Amazon Enters Residential Real Estate Market with Realogy Deal

WGAN Forum Founder & WGAN-TV Podcast Host 31.21K Website Atlanta, Georgia Linked In Facebook Twitter YouTube TikTok Instragram Matterport Service Partner Google Street View Trusted Photographer Zillow Certified Photographer We Get Around Network Member	31.21K DanSmigrod private msg quote post Address this user	plus 1 plus 1 plus 1 0
	Screen Grabs courtesy of Amazon's TurnKey service Hi All, When you buy a home in 15 U.S. Cities via a Realogy brand brokerage, you can get thousands back $1,000 to $5,000 in Amazon products and services; via the new Amazon TurnKey service. Wow! How might this affect you? Your clients? Below is today's (23 July 2019) official press release ... Dan ---- Realogy Launches TurnKey In Collaboration With Amazon New Homebuying Program Matches Consumers in 15 U.S. Cities with Participating Agents from Realogy's Family of Residential Real Estate Brands; The Amazon Move-In Benefit Provides $1,000 to $5,000 of Complimentary Amazon Home Services and Fully-Installed Smart Home Products Courtesy of Realogy to TurnKey Participants after Closing on Their New Home Interested Homebuyers Can Visit www.amazon.com/turnkey to Begin Their Journey Today -- MADISON, N.J., July 23, 2019 /PRNewswire/ -- Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States, today announced in collaboration with Amazon the launch of TurnKey, a new homebuying program that simplifies the process of finding and settling into a new home. Now available in 15 U.S. cities, 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. Video "Realogy and our brands are always looking for ways to give consumers an awesome homebuying experience with a terrific real estate agent, and today's launch of TurnKey is a big part of that continued strategy," said Ryan M. Schneider, Realogy's chief executive officer and president. "Realogy's great affiliated agents serve their clients during one of the most important moments in their lives, and Amazon's services and products can transform that moment to make it rewarding in a way no one ever has before." "Customers can be overwhelmed when moving, and we're excited to be working with Realogy to offer homebuyers a simplified way to settle into a new home," said Pat Bigatel, Director Amazon Home Services. "The Amazon Move-In Benefit will enable homebuyers to adapt the offering to their needs – from help assembling furniture, to assisting with smart home device set up, to a deep clean, and more." A More Rewarding Journey for American Homebuyers With more than five million U.S. households purchasing a home every year, TurnKey is an easier and more rewarding homebuying experience, designed to simplify what can be a stressful and time-consuming event. Launching with select Realogy affiliated brokers and agents in 15 major markets across the United States, from Atlanta to Chicago, Seattle to San Francisco, consumers can now visit www.amazon.com/turnkey when they are ready to kick-off the homebuying process and enjoy unique services and benefits along the way: ✓ Connection to an Experienced Real Estate Agent: TurnKey seamlessly connects homebuyers to one of the best real estate agents within their city or neighborhood of choice. Matched according to the homebuyer's profile, TurnKey agents, who are affiliated with one of Realogy's trusted residential real estate brands, have been selected based on their exceptional customer service record and local market expertise. ✓ Free Amazon Move-In Benefit: Upon closing on a home, Amazon connects the buyer with services and experts in their area to help make the house a home. Valued from $1,000 to $5,000* in complimentary products and Amazon Home Services courtesy of Realogy, the Amazon Move-In Benefit includes: -- A selection of Amazon Home Services to customize a new home, such as deep cleaning, a handyman to assemble furniture, hang pictures, install shelving or mount a TV on a wall, and much more; -- A curated suite of smart home products, installed by Amazon or Amazon-vetted professionals; -- Peace of mind with the Amazon Happiness Guarantee. With these benefits, TurnKey is truly a beginning-to-end homebuying program that seeks to raise consumers' expectations of what it means to buy a house and make it a home. "When we designed TurnKey, we recognized that 'closing' on a home is really just the beginning of the homebuying journey," said Eric Chesin, senior vice president and head of strategy for Realogy. "We are proud to team up with Amazon to extend the value we bring to buying a home beyond the moment you first unlock your new front door." For more information on TurnKey, please visit www.amazon.com/turnkey. * Courtesy of Realogy, what's included in the Free Amazon Move-In Benefit of Amazon Home Services and smart home products varies based on the purchase price of the buyer's new home. About Realogy Holdings Corp. Realogy Holdings Corp. (NYSE: RLGY) is the leading and most integrated provider of residential real estate services in the U.S. that is focused on empowering independent sales agents to best serve today's consumers. Realogy delivers its services through its well-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Climb Real Estate®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, Sotheby's International Realty® as well as NRT, Cartus®, Title Resource Group and ZapLabs®, an in-house innovation and technology development lab. Realogy's fully integrated business model includes brokerage, franchising, relocation, mortgage, and title and settlement services. Realogy provides independent sales agents access to leading technology, best-in-class marketing and learning programs, and support services to help them become more productive and build stronger businesses. Realogy's affiliated brokerages operate around the world with approximately 190,800 independent sales agents in the United States and approximately 111,100 independent sales agents in 112 other countries and territories. Realogy is headquartered in Madison, New Jersey. ... SOURCE Realogy Holdings Corp via PR Newswire
	5 years ago	Post 1 • IP flag post

@DanSmigrod

From my perspective, it's a token, which I would use to advertise why buyers should opt for a different strategy -- see below -- but for buyer's who do not understand there is a discount broker underground out there, whereby they can save $1,000s via Home Buyer Rebates, I can see where this might be appealing.

Case in point - take the middle example $400K - $699K, then avg the midpoint at $550K for calc purposes.

Given there are usually 2 sides to all real estate transactions; listing agent + selling (buyer's) agent and as both typically earn 3% x 2 sides = 6%, it costs the seller (and the novice buyer by default due to opportunity costs) up to $33,000 in sales commissions. This means that the seller's end is $550,000 - $33,000 = $517,000 (before application of settlement sheet credits & debits).

The effects on the buyer are $550,000 (purchase price) minus Realogy Pkg gift of $2,500 = $547,500, assuming the buyer would really spend their money on the items included in the package to begin with.

Now, enter another type of Buyer's agent, one who routinely gives a Home Buyer's Rebate. In my case, as an Independent Broker, I work hard representing my Buyers for 1.4% (rebated in real money on the buyer's side of the settlement sheet at close). Using the same example above, on a purchase of $550,000, this represents a commission rebate of 1.6% or $8,800 on line items that require real cash to settle. So, $2,500 in foo foo items vs. $8,800 (diff of $6,300) in real cash that would otherwise have to come out of the buyer's back pocket? Which would you prefer?

What is the financial impact to the seller in the above example? Nothing!! It cost them exactly the same as with the full commission example using Realogy, or any other full-commission broker. Why? Because when the listing agent places the property on MLS, he/she also offers the commission amount that the Buyer's agent will earn if successful. If I happen to be the successful Buyer's Agent (selling agent side), then I earn whatever that amount is. As a result, I am merely rebating part of my commission back to my buyer client. Easy peasy! No income tax implications and all legal!

So, for any of the WGAN members out there who are contemplating purchase of a new home, do not hesitate to negotiate the buyer agent's commission. And, know that there are a number of really good agents in every market, who will give you fantastic, fiduciary service at 1/2 or less the usual commission! Just Google "Discount Realtor" in your market and then interview at least 2 or 3, then be a ready, willing and able buyer, who is immersed in the process.

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	@DanSmigrod From my perspective, it's a token, which I would use to advertise why buyers should opt for a different strategy -- see below -- but for buyer's who do not understand there is a discount broker underground out there, whereby they can save $1,000s via Home Buyer Rebates, I can see where this might be appealing. Case in point - take the middle example $400K - $699K, then avg the midpoint at $550K for calc purposes. Given there are usually 2 sides to all real estate transactions; listing agent + selling (buyer's) agent and as both typically earn 3% x 2 sides = 6%, it costs the seller (and the novice buyer by default due to opportunity costs) up to $33,000 in sales commissions. This means that the seller's end is $550,000 - $33,000 = $517,000 (before application of settlement sheet credits & debits). The effects on the buyer are $550,000 (purchase price) minus Realogy Pkg gift of $2,500 = $547,500, assuming the buyer would really spend their money on the items included in the package to begin with. Now, enter another type of Buyer's agent, one who routinely gives a Home Buyer's Rebate. In my case, as an Independent Broker, I work hard representing my Buyers for 1.4% (rebated in real money on the buyer's side of the settlement sheet at close). Using the same example above, on a purchase of $550,000, this represents a commission rebate of 1.6% or $8,800 on line items that require real cash to settle. So, $2,500 in foo foo items vs. $8,800 (diff of $6,300) in real cash that would otherwise have to come out of the buyer's back pocket? Which would you prefer? What is the financial impact to the seller in the above example? Nothing!! It cost them exactly the same as with the full commission example using Realogy, or any other full-commission broker. Why? Because when the listing agent places the property on MLS, he/she also offers the commission amount that the Buyer's agent will earn if successful. If I happen to be the successful Buyer's Agent (selling agent side), then I earn whatever that amount is. As a result, I am merely rebating part of my commission back to my buyer client. Easy peasy! No income tax implications and all legal! So, for any of the WGAN members out there who are contemplating purchase of a new home, do not hesitate to negotiate the buyer agent's commission. And, know that there are a number of really good agents in every market, who will give you fantastic, fiduciary service at 1/2 or less the usual commission! Just Google "Discount Realtor" in your market and then interview at least 2 or 3, then be a ready, willing and able buyer, who is immersed in the process.
	5 years ago	Post 2 • IP flag post

Fast Start Websites 747 Website Peterborough, United Kingdom Linked In Matterport Service Partner We Get Around Network Member	747 angusnorriss private msg quote post Address this user	plus 1 plus 1 plus 1 1
	Amazon’s strategy to get their AI products into every home. V clever.
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WGAN Forum Founder & WGAN-TV Podcast Host 31.21K Website Atlanta, Georgia Linked In Facebook Twitter YouTube TikTok Instragram Matterport Service Partner Google Street View Trusted Photographer Zillow Certified Photographer We Get Around Network Member	31.21K DanSmigrod private msg quote post Address this user	plus 1 plus 1 plus 1 3
	Inman (23 July 2019) What the Amazon-Realogy deal might mean for real estate (Commentary by Brad Inman) "The entire industry is buzzing like a $100,000 payout at a Las Vegas slot machine." "TurnKey, a new platform that rolls out today, promises to simplify the process of buying and moving into a new home. It also adds a potentially big lead generation business for Realogy, Amazon’s partner in this new adventure." "The stock market liked the Amazon/Realogy announcement, pushing up the depressed Realogy stock 25 percent in early trading but settled down to only a 15 percent gain after the market opened." Source: Inman
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Amazon Enters Residential Real Estate Market with Realogy Deal9819