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With the ever-inflating cost of medical care and an overwhelming range of insurance options available in the marketplace, it’s never been more challenging for independent contractors to find suitable plans. Real estate agents, in particular, are left to navigate the search for health insurance on their own because of limitations with resources brokerages can provide to contractors. RLTY, a specialty finance firm that works with real estate agents, brokerages and developers to acquire pending real estate commissions for residential and commercial properties, recently expanded its services help close this gap. The company entered a strategic partnership with UnitedHealthcare, one of the largest health insurance providers in the United States, to offer health insurance coverage to real estate agents.
The firm added a dedicated landing page on its website where agents can connect directly with a representative from UnitedHealthcare who will guide them through numerous health insurance policies designed to cater to the specific needs of 1099 independent contractors.
CEO Briggs Elwell discussed the vision of RLTY with Inman News: to empower the real estate community. He relayed, “We launched RLTY Capital, which was the commission-advancing component of the business. And then No. 2 on that list, which falls under the brokerage community, was healthcare.” According to Elwell, the venture was no small undertaking due to the regulatory complexities across different markets.
Currently, the new healthcare service will be available only in Florida. Florida-based agents will soon have access to over 250 healthcare plans. As this initiative gains traction, RLTY will expand its services to agents nationwide.
Ryan Serhant, the founder of SERHANT. and a backer of RLTY via SERHANT. Ventures, acknowledged that the limitless growth opportunities of the real estate industry also come with their own challenges. “So if I get hit by a bus, or if I get sick, or if I just have to do my annual checkup, or go to the dentist, all my other friends who have regular jobs, they get to do that comfortably, and I do what?” Serhant asks.
He further adds, “Obviously, now we have Obamacare. It exists, but for real estate agents, especially in high-priced cities like New York or Miami or other major urban markets, getting access to quality health care is still difficult if you don’t have an employer that provides it.”
This collaboration with UnitedHealthcare was implemented eight months after RLTY rolled out its Success Services for agents. These services offer access to experts for legal structuring, thought leadership, real estate courses and leading accountants with expertise serving independent contractors.
The core mission of RLTY is to make it easier for real estate agents to do what they love. To quote Briggs Elwell, “Our hope is that it’s a sigh of relief for the agents out there that faced the difficulty and the challenge of trying to navigate the healthcare community without assistance.” He expressed astonishment at the fact that many agents struggle with basic questions like “How do I get healthcare?” This is where he is guiding RLTY to democratize access.
This new move aligns perfectly with RLTY’s ethos of supporting the well-being and success of its agents. With this initiative, the firm intends to revolutionize the landscape for real estate agents, helping them thrive in their careers. As the program is poised to expand nationwide, it is expected to transform the lives of millions of realtors across the US.
