Built Rewards, a loyalty program that gives customers discounts if they pay their rent on time, is launching a first-of-its-kind points program for home buyers.
The New York-based startup announced Thursday that it has struck a deal with eXp Realty — the world’s largest independent real estate company with more than 85,000 agents — which will act as the company’s brokers. The real estate company will charge its normal broker fee and pay a referral cut to Bilt.
The new program offers one point for every $2 of the home’s final purchase price — so new owners of a $400,000 property can earn up to 200,000 points on expenses like travel, fitness classes and dining out with more than 100 major airlines and hotel partners. Can.
Ankur Jain, Founder and Chief Executive of Built And a former Tinder executive acknowledged that high interest rates over the past few years have created a challenging environment for first-time homebuyers.
“As the new administration comes in and we enter a new time, it looks like interest rates will go down again for the first time,” Jain said in an interview with The Post.
“And I think it opens up a huge opportunity for young people who rent to buy their first home,” he said.
company also Awards point to condo and co-op ownersand is working “eagerly” toward offering points on mortgages, Jain told The Post.
Bilt’s new Point of View feature for potential home buyers provides customers with an EXP Broker who can help tour homes and negotiate deals. Customers are awarded points based on the total purchase price including closing costs.
Bilt has its own co-branded Mastercard that allows customers to pay fares without the usual 3% transaction fee, but users can also add their existing credit card to the Bilt app to earn points. It’s free to sign up.
The company offers all users access to its Neighborhood Rewards platform, so new homeowners can redeem their points at their favorite local spots — including restaurants, hotels, yoga studios and SoulCycle classes, Lyft rides and even your nearest Prescription refills at Walgreens are also included.
Jain said, Bilt is designed to help renters transition to homeowners in a simple and beneficial way.
Along with its new home buying rewards, the company announced the launch of its home search tool, which will go live its website And it’s designed for renters ready to take the next step.
This tool promotes transparency about home prices, breaking them down into individual monthly payments that take into account customers’ state and county taxes, insurance costs, available mortgage rates, and closing costs.
“How much rent do you pay, what can you buy today? What does that look like city-by-city?” Jain said. “I don’t want to worry about figuring out taxes separately and all this stuff, just give it all to me. We do all the work for you.”
Bilt partnered with various data providers, including mortgage lender groups, to gather information on tax rates, insurance rates and mortgage rates to create the tool.
Jain said Bilt reports customers’ payments to all three major credit bureaus to help boost their credit scores.
Earlier this year, the company – which partners with asset owners including Related Companies, Brookfield, Cushman & Wakefield and Highmark – brought the former American Express CEO Ken Chennault is chairman of its board and NFL Commissioner Roger Goodell As an independent director.
