Bilt Rewards, a loyalty program that rewards customers who pay their rent on time, is launching a first-of-its-kind points program for homebuyers.
The New York-based startup announced Thursday that it has signed an agreement with eXp Realty, the world's largest independent real estate company with more than 85,000 agents, to act as its broker. I will serve. The real estate company will charge a standard brokerage fee and pay a referral fee to Bild.
The new program awards 1 point for every $2 of a home's final purchase price, so new owners of $400,000 properties can enjoy travel, fitness classes, and dining out with more than 100 major airline and hotel partners. Earn up to 200,000 points that can be redeemed for things like.
Ankur Jain, founder and CEO of Bilt and former Tinder executive, acknowledged that the high interest rates of the past few years have created a difficult environment for first-time homebuyers.
“We have a new government and we are entering a new era, but interest rates are likely to fall again for the first time in a while,” Jain said in an interview with the Post.
“And I think this is a great opportunity for young people who have been renting to consider buying their first home,” he says.
The company also gives points to owners of condos and co-ops, and is working “hard” on giving them points on mortgages, Jain told the Post.
Bilt's new points feature for prospective home buyers assigns customers an eXp broker who can help tour homes and negotiate deals. Customers are then awarded points based on their total purchase price, including closing costs.
Bilt has its own co-branded Mastercard, which allows customers to pay rent without the usual 3% transaction fee, but users can also earn points by adding their existing credit card to the Bilt app. Masu. Registration is free.
The company offers access to its Neighborhood Rewards platform to all users, so new homeowners can get their prescriptions from restaurants, hotels, yoga studios and SoulCycle classes, Lyft rides, and even their local Walgreens. Redeem points at your favorite local spots, including refills.
Bilt was created to help renters transition to homeownership in a simple and rewarding way, Jain said.
The company announced the launch of a home search tool in parallel with the new home purchase benefit. its website Customized for renters who are ready to take the next step.
The tool promotes transparency around home prices, breaking them down into separate monthly payments that take into account customers' state and county taxes, insurance premiums, available mortgage rates, and closing costs.
“What can I buy today if I pay how much rent?” What does it look like in each city? ” said Jane. “You don't have to worry about looking up taxes differently or anything else. Leave it all to me. We do all the work.”
Bilt partnered with various data providers, including mortgage lending groups, to collect information on tax rates, insurance rates, and mortgage rates to build the tool.
Jain said Bild reports its customers' payments to all three major credit bureaus to help improve their credit scores.
Earlier this year, the company, which works with real estate owners such as The Related Companies, Brookfield, Cushman & Wakefield and Highmark, hired former American Express CEO Ken Chenault. NFL commissioner Roger Goodell has been appointed as the chairman of the board and an independent director.
