Heard on the Street: Amazon isn’t buying your home, just filling it up
By Laura Forman July 31, 2019 7:00 am ET Amazon.com AMZN -0.73% may have taken over the majority of your purchases, but the buck stops at real estate, apparently.
But despite some hyperbolic declarations in the press, Amazon isn’t getting into real estate, much less taking on the likes of Zillow Group and Redfin . For Realogy, which primarily offers traditional brokerage services, the partnership provides access to Amazon’s enormous customer base, which it desperately needs. Once boasting a $7 billion market capitalization, Realogy’s stock has shed over three-quarters of its market value in the past year alone.
Amazon has danced around real estate before. Two years ago, the company posted a cryptic “Hire a Realtor” page under its Home and Business Services section that was reportedly taken down as quickly and quietly as it went up. Zillow’s stock fell about 4% the morning the site appeared. That was before Zillow’s big move into iBuying, when its business centered on realtors paying to promote their services on Zillow’s online platform.
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