By Evan Arroyo By Evan Arroyo | August 10, 2023 | PresentedBy,
In an industry typically defined by the transactional, the New York-based specialty finance firm RLTY is breaking the mold, and raising the bar of service by extending an unprecedented helping hand. As part of a new initiative, RLTY is partnering with UnitedHealthcare, one of the largest health insurance providers in the United States, to guide agents through the labyrinth of health insurance policies. RLTY's fresh approach, commencing in Florida, promises a paradigm shift.
Eight months ago, RLTY launched its agent Success Services, with the goal of introducing agents to leading experts and educational tools spanning legal, accounting, and personal finance. The program addresses a deep demand for easy-to-access information about both how to set yourself up for success as an independent contractor and course correct, so operations can run smoothly and agents are well-informed about all aspects of running their businesses while focusing on sales.
The company's latest venture, revealed exclusively to Inman News, builds upon this foundation by aiding agents in navigating health insurance. The need for such a service is heightened by the independent contractor status of these professionals, designated as 1099.
RLTY's partnership with UnitedHealthcare spearheads the initiative. The partnership entails the creation of a dedicated landing page on RLTY's website where agents can directly liaise with a UnitedHealthcare representative. They can explore and understand the plethora of policy options available to them as individuals or for their families.
Briggs Elwell, CEO of RLTY, reflected on the initiative's inception in his conversation with Inman News: "We launched RLTY Capital, which was the commission-advancing component of the business, and then healthcare was the next big step for us. Given the stringent restrictions and regulations in the healthcare world, we were fortunate to align with United, an impactful brand with a keen interest in the brokerage community."
Given the industry's state-wide regulation, RLTY will launch this new service in Florida before gradually extending its reach nationwide. Agents in Florida will have access to over 250 healthcare plans in the future, underlining the importance of a dedicated UnitedHealthcare representative to help understand the nuances of these options. Initially, this resource is available to all Florida-based agents, irrespective of their association with RLTY's other services. Elwell hinted that this might change, necessitating a subscription to RLTY's services for future access.
Ryan Serhant, the founder of SERHANT and RLTY backer via SERHANT. Ventures, noted the paradox of the real estate industry: immense growth potential, yet a significant challenge due to the lack of employer-provided benefits. He highlighted the plight of agents in high-priced cities such as New York and Miami, for whom accessing quality healthcare can be a complex endeavor.
RLTY, according to Elwell, is committed to removing hurdles for real estate agents so they can focus on what they love: their work. "It's astonishing to me when we hear the feedback from agents wondering the most basic question: How do I get healthcare?" Elwell relayed to Inman. This unique, innovative initiative signals a positive shift in the industry and a commitment to real estate agents, who can finally bid farewell to healthcare-related uncertainty.
RLTY and UnitedHealthcare have laid the groundwork for a fairer, more democratic real estate industry, setting a new standard of agent support, the ripples of which will be felt throughout the sector. The firm is truly a one-stop shop to educate and equip independent contractors with guidance for comprehensive financial health and sound business strategy while providing critical funding.
Photography by: Courtesy of RLTY