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Why Realogy Stock Soared Today


What happened

Shares of Realogy Holdings (NYSE: RLGY) have soared today, up by 13% as of 11:15 a.m. EDT, after the company announced a new partnership with e-commerce giant Amazon.com (NASDAQ: AMZN) . Pre-market gains had been as high as 58%.

So what

The companies are launching a homebuying program called TurnKey that matches homebuyers with participating real estate agents in 15 markets. Realogy's brands include prominent names like Coldwell Banker, Century 21, and Sotheby's International Realty. TurnKey will match consumers with agents based on the homebuyer's profile.

Man and woman in home with no furniture receiving keys from a man dressed in a suit

Image source: Getty Images.

"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 CEO Ryan M. Schneider said in a statement. "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."

Now what

Amazon is pitching in a Move-In Benefit, where the company will connect the buyer with local service providers that can help buyers get settled or install smart home products. Home services could include things like deep cleaning or furniture assembly, among others. Upon closing, the e-commerce giant will provide a package worth anywhere from $1,000 to $5,000, depending on the purchase price of the home.

Home Purchase Price

Package Value

$150,000 to $399,000

$1,000

$400,000 to $699,000

$2,500

$700,000 and above

$5,000

Data source: Amazon.

It does not appear that consumers need to be Prime members to receive the Move-In Benefit.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Evan Niu, CFA owns shares of Amazon. The Motley Fool owns shares of and recommends Amazon. The Motley Fool has a disclosure policy .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.





This article appears in: Personal Finance , Stocks
Referenced Symbols: RLGY , AMZN



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