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Since launching in 2021, Bilt has offered renters a way to earn points by paying rent with no transaction fees. However, homeowners haven't been able to engage in the Bilt Rewards program to the same extent.
Sure, property owners can spend on The Bilt Mastercard® and take advantage of Bilt Rent Day promotional earnings. However, homeowners haven't been able to earn points on monthly housing bills — such as mortgage payments or condo fees — that typically can't be charged to a credit card without going through a fee-based service like Plastiq.
Now, Bilt is taking its first step towards making the Bilt Rewards program more relevant for property owners. Bilt just announced its first partnership with a condo and co-op property management company. Bilt Rewards members living in properties managed by Douglas Elliman can now pay their monthly condo and co-op fees without transaction fees through the Bilt Rewards Alliance.
Although this partnership was just announced today, it's already been in place for a while. In fact, Bilt boasts that Douglas Elliman residents have already redeemed over seven million Bilt points — hopefully by transferring points to Bilt transfer partners.
For now, this expansion covers just 40,000 units across nearly 400 buildings in New York City. That's just a drop in the bucket compared to the 4 million rental units already part of the Bilt Rewards Alliance network. So, this is a relatively minor development for now.
However, it's encouraging to see Bilt expand beyond rentals. And Bilt is making it clear that it doesn't plan to stop here. David Wyler, the Chief Commercial Officer at Bilt Rewards, makes it clear that this partnership is just the “first step in expanding Bilt Rewards beyond renters.”
And that's perhaps the biggest news here. While we don't know what Bilt has brewing next, it's an easy assumption that Bilt plans to add more co-op and condo management companies. What it does after that will be interesting to see.
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