Earlier last week, Seattle-based retail conglomerate Amazon, owned by tech overlord Jeff Bezos, released a teaser on its website hinting a possibility that the giant is entering the real estate industry.
In the website’s Home and Business Services page, a section mainly dedicated to connecting customers to professionals in home-related services, the teaser appeared for minutes before the admin eventually took it down. The page contained a link asking users to enter their area code, with a “Coming Soon” blip. It also showed an option for customers to receive an email notification when the service would be rolled out.
Established in 1995, the company originally started out selling books. They eventually expanded their product offers to include a diverse array of retail items from furniture to electronics, jewelry, and food, exploiting the surge of demand that came with the convenience of the world wide web.
They were also able to specialize their reach to cater to different customers from different countries. The company’s adaptive strategies and its founder’s ingenuity in choosing good risks contributed to the its wild success throughout the years.
With this new development, Bezos once again shows that there’s no limit to the possibilities for business. Putting known brands as Zillow and Redfin into its roster of competitors, Amazon’s plan to venture into the referral service industry definitely changes the game for these established names.
A potential source for business
Amazon’s planned service now puts the company along with other tech behemoths such as Google and Facebook as potential areas for business for real estate professionals. Its Customer-to-Agent Referral Service allows consumers to hire real estate agents through its website. The agents would then pay referral fees to Amazon for the business.
Amazon head Bezos is not known for announcing acquisitions outright until they’re done deals. His purchase of The Washington Post, and the Texas-based Whole Foods Market, for example, were not formally confirmed until after the acquisitions were completed.
An announcement is then yet to be seen on this speculated real estate venture although there is little doubt to its certainty.
Today, Amazon is ranked as the fifth largest company in the world with a market capitalization worth of $402.42 billion.