Realogy Holdings Corp. (NYSE: RLGY) shares shot up on Tuesday after the company announced a collaboration with Amazon.com Inc. (NASDAQ: AMZN) for the launch of TurnKey, a new homebuying program that simplifies the process of finding and settling into a new home.
TurnKey is now available in 15 U.S. cities and 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.
Upon closing on a home, the buyer receives between $1,000 to $5,000 in home services ($1,000 for $150,000 to $399,000 homes; $2,500 for $400,000 to $699,000 homes, $5,000 for $700,000 or greater homes) from Amazon Home Services (AHS).
Buyers can select from services including deep cleaning, handyman, furniture assembly, picture hanging, shelf installing or TV mounting, and they also can purchase Amazon’s smart home products that would be installed by AHS.
Ryan M. Schneider, Realogy’s CEO and president, commented:
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. 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.
Shares of Realogy traded up 15% to $5.97 Tuesday afternoon, in a 52-week range of $5.06 to $24.87.
Amazon traded at $1,982.54 and has a 52-week range of $1,307.00 to $2,050.50. Its consensus price target is $2,250.32.