n ON THE MARKET
SHAKING UP REAL ESTATE
Tech firms aim to change the way we buy and sell homes, but take precaution
BY Ryan Lundquist
THE INTERNET HAS REVOLUTION-
IZED THE WAY WE LIVE OUR LIVES
AND DO BUSINESS, and it’s starting to
change some of the possibilities for the
real estate industry. Just as we no longer
go to Blockbuster to rent videos or use
the Thomas Guide on a road trip, big tech
companies are trying to change how we
buy and sell homes.
Opendoor and Amazon have entered
the real estate market in Sacramento,
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and Zillow will expand here soon too, so
it’s important to know how these com-
panies work.
Zillow and Opendoor buy homes di-
rectly from sellers, do repairs if needed
and then list them for sale as quickly as
possible. They are in the home-flipping
business, and they’ll likely focus on
homes that appeal to the masses rather
than oddball properties or high-end es-
tates that are more difficult to sell.
Amazon, on the other hand, has
partnered with Realogy Holdings, which
owns many big brands such as Coldwell
Banker, Century 21 and Sotheby’s Inter-
national Realty. Amazon is not flipping
homes, but it’s creating a platform to
connect people with real estate agents
and charging a fee for the service. Ama-
zon is also trying to sweeten the pot by
offering free Ring security systems and
Amazon Echos, among other products.