New York investors Briggs Elwell and Daniel Kennedy are turning their hand to broker commissions, launching a new firm that will advance payments immediately.
By jumping into the lag time between contract singing and closing, RLTY Capital says it will enable brokers to reinvest in their businesses, fund lead generation, and cover everyday operating expenses.
“The real estate community experienced unprecedented turbulence in the past year and we’ve developed a unique financial tool that enables real estate businesses to proceed without interruption,” said Briggs Elwell, co-founder and CEO of the company.
“Our unique sourcing and confidentiality are core differentiators and are driven by our deep industry network.”
The company is backed by celebrity broker Ryan Serhant’s SERHANT. Ventures, which invests in resources and solutions for real estate agents, and advised by Related Companies’ Chris Schmidt and Michael Rossi, founder and CEO of Elegran Real Estate. Hill Atlantic is also an investor and advisor, supervised by Minot Amory.
RLTY Capital will initially focus on the New York City market and will also offer capital funding of commissions directly to brokerages and developers.
“RLTY Capital has entered the market when it’s needed most. While the New York real estate market has certainly rebounded, real estate agents are experiencing fluctuations in deal flow and a lag time in commission delivery,” says Serhant.
“RLTY offers a platform that allows agents to access their commission upfront to reinvest in themselves and their business. As an agent-first company and one that is dedicated to helping the industry modernize with new tech solutions, we are proud to partner with RLTY to deliver a smart and practical solution to NY real estate agents.”
“After carefully analyzing the industry and the competitive landscape, we realized that there is a significant market need for a financial solution that combines local expertise with a streamlined underwriting process,” said Daniel Kennedy, co-founder and General Counsel of the company.
“RLTY looks forward to partnering with New York agents, brokerages and developers in 2021 and beyond, as we continue to build REtech solutions for this community.”