Amazon recently hurt the real estate giant Zillow's stock by saying that they are entering the Real Estate industry. May they be getting into it?
In what appears to be a counter or possible warning shot to the Zillow's recent actions that indicate that Zillow may be attempting to cut out the Realtors or form a giant national brokerage for real estate. The e-commerce behemoth quietly debuted a new "Hire a Realtor" page under the Home and Business services section that featured a field in which to enter a ZIP code followed by a "Coming Soon" message.
The page appeared to tease a service that would allow consumers to hire real estate agent through amazon. But by Wednesday afternoon that page had been taken down. The preview prompted investors to speculate that the company was seeking to take a bite out of online real estate database like Zillow and Redfin's market share. Once the news surfaced. Zillow's stock price slumped, this indicates closely how investors are watching for Amazon's next big move.
Can this mean that consumers will soon be able to command Alexa to find them a house, as "The Real Deal" magazine headline joked?
Blake Anthony Papalia
Home Made Real Estate