Investors get nervous every time a certain Seattle-based e-commerce giant eyes a new market and this time Zillow is the victim of Wall Street’s Amazon anxiety.
A new placeholder web page on Amazon that says “Hire a Realtor” with an option to enter your zip code and “Coming Soon” below is prompting speculation that the company may be expanding into the real estate referral business — Zillow’s bread and butter.
When reports of the Amazon page surfaced, Zillow’s stock price slumped from $46.15 a share to $44.54 as of Wednesday morning, showing just how closely investors are watching the Seattle retailer.
The Hire a Realtor page is nestled under Amazon’s Home and Business Service marketplace, which connects customers with professionals for home improvement, electronics installation, and other services for a referral fee.
Zillow declined to comment on Amazon’s rumored realtor service.
Amazon’s interest in adding real estate professionals is part of a broader push into the service provider space. Earlier this week, Recode discovered Amazon is hiring gadget geeks to help install smart home devices for customers.
If Amazon moves into realtor referrals, it will be competing with two of its neighbors: Zillow and Redfin. Connecting house hunters with agents is a crucial revenue source for both of the Seattle-area real estate companies.
GeekWire reached out to Amazon for comment. We’ll update this story if we hear back.