Amazon's real estate offer: $5,000 for buying a home through new Realogy service
- Amazon is teaming with Realogy, the owner of Century 21 and Coldwell Banker, to launch a real estate venture called Turnkey.
- When a purchase closes, homebuyers will receive up to $5,000 in Amazon services and devices.
- Receiving the full $5,000 depends on the value of the home, but the top reward requires a $700,000 home purchase.
Amazon is expanding into real estate through a partnership with Realogy, the owner of Century 21 and Coldwell Banker. The new service will refer Amazon customers to a Realogy real estate agent, as well as offer up to $5,000 in Amazon services and devices upon closing.
Amazon said it will provide buyers with between $1,000 and $5,000 in Amazon products and home services when a home purchase closes. The benefits could include deep cleaning or a handyman who will install shelving or mount a TV, for instance, as well as a "curated suite of smart home products" installed by a professional vetted by Amazon, according to a statement.
The new service, called Turnkey, is a way for Realogy to tap Amazon's growing customer base, which by one estimate includes half of U.S. households as Prime members. But for Amazon, it may prove to be a path for introducing more of its devices into homes, such as Ring doorbells and Alexa speakers.
Not everyone will receive the $5,000 in Amazon devices and services. The amount provided will depend on the value of the home, the companies said. The top amount will only be given to buyers who purchase a home that costs at least $700,000, according to the Turnkey site.
The Turnkey service is available in 15 markets, including San Francisco, Washington, D.C., Chicago and Los Angeles.
Shares of Realogy jumped 19% on Tuesday, when the partnership was announced.