Bilt Rewards, which provides tenants perks for paying their lease on time, will now profit rental and co-op homeowners as nicely, The Put up has realized.
The Manhattan-based firm, founded by former Tinder executive Ankur Jain, has struck a cope with actual property large Douglas Elliman to turn out to be the unique fee processor for the agency’s roughly 40,000 condos and co-ops throughout New York Metropolis.
Apartment homeowners will now get factors for paying their month-to-month rental and co-op charges on time.
They’ll additionally get entry to the Bilt Rewards Neighborhood Applications — a platform the place, in NYC, tenants can earn factors for consuming at native hotspots like Carbone and taking widespread health courses like Y7 Yoga and redeem them for first-class flights and stays at lodges just like the Hilton-owned Conrad.
Dan Sachar, vp of enterprise innovation at Douglas Elliman, advised The Put up it was a simple resolution to start out working with Bilt: “Homeowners weren’t getting rewards with funds earlier than and now they’re.”
“The chance isn’t simply giving residents advantages for paying charges, it additionally offers folks entry to the neighborhood advantages Bilt supplies. Tenants get factors for taking Lyfts and going to native eating places,” Sachar mentioned.
“We wish folks to get rewards and advantages for spending time of their neighborhood — so we’ve included eating places, like Delmonico’s and health courses from SoulCycle within the Bilt Neighborhood Rewards program,” David Wyler, Chief Business Officer at Bilt mentioned.
Some NYC eating places like Torrisi, The Grill and Tucci will provide double, triple or as much as 10x the factors to Bilt members.
Since Douglas Elliman started rolling out Bilt throughout its buildings earlier this yr, residents have already redeemed practically seven million factors, the corporate mentioned.
Bilt has relationships with airways together with United, Emirates, KLM-Air France, Hyatt, Marriott and Hilton so tenants can guide journey straight with these corporations on Bilt’s web site or app.
Residents may also put factors towards their month-to-month upkeep month-to-month charges.
Whereas Bilt has its Mastercard which permits prospects to pay lease with out the same old 3% transaction price, customers may also add their current bank cards to the Bilt app to earn factors.
Douglas Elliman is without doubt one of the largest residential brokerage corporations within the US, with properties in 10 states together with New York, Florida, California and Texas.
Within the coming months, Bilt is ready to increase the variety of condos and co-ops it really works with, and can finally provide owners the chance to pay their mortgages and get rewarded on their platform, a spokesperson for the corporate mentioned.
The corporate processes $20 billion in transactions yearly and was valued at $3.1 billion in a current funding spherical the place it raised $200 million.
Earlier this yr, Bilt — which has partnerships with property homeowners together with The Associated Firms, Brookfield, Cushman & Wakefield and Highmark — added former American Specific CEO Ken Chenault as chairman of its board and NFL Commissioner Roger Goodell as an impartial director.
“Rental and mortgage funds devour 30% of family earnings on common within the US,” Chenault mentioned in January. “Bilt is remodeling this market by empowering and rewarding renters and owners for his or her month-to-month funds and on a regular basis spend with native retailers.”
