New York Post on LinkedIn: #nynext (2024)

Transcript

In this episode of New York Next, we speak with Ankur Jane who created Built Rewards. He's making it possible for anyone who pays rent to get points they can put towards travel, fitness, and even buying a home. He also tells us why it is New York or nowhere with this venture. Let's go inside. You started this company with the premise that people should actually get rewarded for paying their rent, typically someone's biggest expense, especially in New York today, people pay rent in these antiquated payment systems that don't create any added value for the customer and don't create any added economic value for the property. You buy a $3000 MacBook, you feel good about that purchase? You pay $3000 a month in rent, and there's nothing new that they're bringing in how we think about rewards or loyalty in that space. There's no bigger cost. There's no bigger problem than housing. It doesn't matter whether you're spending $500 a month in rent or you're spending $40,000 a month relative to your income, rent remains one of the highest expenses. And so if you can take that and create a loyalty and rewards program the way that the airlines and hotels have for people's housing and their neighborhood, they're getting miles. United Airlines, Alaska Airlines, Emirates, British points on Hilton, points on Hyatt. It's the most valuable rewards currency in the market because we bring renters to all these different businesses in a way they couldn't do before. The median rent in New York is now 4100. The average I understand, is even higher. When somebody who has been paying that much of their salary every single month for the privilege of living in New York, what kind of rewards are they going to get immediately? There is no question that at such a big. Expense, you want to really have something meaningfully different that you get back. And so we look at it as rewards points and benefits. You go to the local restaurants and you get that Comed item, that priority reservation. Those add up because you're part of the neighborhood. But there's comped items at restaurants if you're elite status with built. Oh, really? OK. And so we're continuing to create these new value props with different banks and different programs so that people can get as much rewards as possible for paying their rent. I want to get your take on the housing market. I think there is just the sort of level of depression among young people. They feel like they can't ever live the American dream. I mean, do you think that people are going to be renting until they're well into middle age? Do you think that the American dream of actually owning a home even still exists? We've tried to flip that on its head too. Every month you pay your rent on time. It actually helps you qualify for a mortgage. So we worked with Fannie, Freddie and FHA that paying your rent now helps you qualify for homework, which is really exciting #2. We got the regulators to allow points with bill to be used towards a down payment. So in addition to using it for hotels or airlines, if you wanted, you could save up your points and take some cost off your down payment. The five years ago we started this. Today, over half of the top 100 multifamily apartment buildings across the United States are using the Built Loyalty Rewards program to reward their renters on rent. And we've now expanded it so that anybody can sign up for build. And pay their rent to unlock all these benefits and rewards. What made you decide to come to New York? What was it that has made you want to stay here? I mean, I like to call myself from New York now. I'm such a like die Hard. I don't know where else in the world that has the density of intelligent, high energy people from different industries. I love the fact that we go out to dinner and you're sitting with people in the real estate where all the media world, the fashion world, the technology world, and everybody is just at the peak of their game at every stage of their career. And it's just, I don't know where else you get that. It was interesting to hear that this wasn't an overnight. Success story The cliche is behind every overnight success is 7 years of hard work. We're about in year 7 now that the cliche has seemed to rung true.