It seems like Amazon is now targeting real estate? Should I short Zillow?
Amazon quietly reveals possible expansion into real estate
Creates “Hire a Realtor” webpage
[Update, July 12: The website was taken offline as of 1:35 p.m. CST. Quietly it went up; Quietly it was taken down.]
As shoppers scoured Amazon’s website on Tuesday for its annual Prime day deals, the online shopping giant quietly disclosed a new service coming soon to its users, which would embark into the world of real estate and turn it into a competitor with Zillow andRedfin.
Tucked into the website’s Home and Business Services section, where users can receive quotes from professionals for various services including assembling new purchases or setting up new technology, Amazon now lists a “Hire a Realtor” webpage, seen below.
Click to enlarge
(Source: Amazon)
The website offer very little information on the possible service other than what is shown above, and Amazon did not get back to a request for comment by the time of publication.
An article in GeekWire, however, by Monica Nickelsburg, stated, “When reports of the Amazon page surfaced, Zillow’s stock price slumped from $46.15 a share to $44.54 as of Wednesday morning, showing just how closely investors are watching the Seattle retailer.”
If Amazon does get into the real estate world, it wouldn’t be the first service market its decided to disrupt this summer.
Amazon also revealed earlier this month that it was rolling out its own version of Best Buy’s popular Geek Squad service, which offers in-home product installations and repairs on electronics and appliances, according to an article in CNN Tech by Kaya Yurieff.
Amazon is also a source for homeowners to find house cleaners, local carpenters, electricians, etc.
“The new ‘Amazon Smart Home Services Store’ on its website allows users to book appointments for installations or free consultations. Company experts will answer questions and set up products like smart lights, thermostats and of course, Amazon’s line of smart devices,” the article stated.
Zillow shares slump as Amazon webpage hints at expansion into real estate referrals
Investors get nervous every time a certain Seattle-based e-commerce giant eyes a new market and this time Zillow is the victim of Wall Street’s Amazon anxiety.
A new placeholder web page on Amazon that says “Hire a Realtor” with an option to enter your zip code and “Coming Soon” below is prompting speculation that the company may be expanding into the real estate referral business — Zillow’s bread and butter.
When reports of the Amazon page surfaced, Zillow’s stock price slumped from $46.15 a share to $44.54 as of Wednesday morning, showing just how closely investors are watching the Seattle retailer.
The Hire a Realtor page is nestled under Amazon’s Home and Business Service marketplace, which connects customers with professionals for home improvement, electronics installation, and other services for a referral fee.
Zillow declined to comment on Amazon’s rumored realtor service.
Amazon’s interest in adding real estate professionals is part of a broader push into the service provider space. Earlier this week, Recode discovered Amazon is hiring gadget geeks to help install smart home devices for customers.
If Amazon moves into realtor referrals, it will be competing with two of its neighbors: Zillow and Redfin. Connecting house hunters with agents is a crucial revenue source for both of the Seattle-area real estate companies.
GeekWire reached out to Amazon for comment. We’ll update this story if we hear back.