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ilt, a company that helps renters earn rewards on their biggest expense, is expanding its loyalty program to include homeownership. The new program allows people to earn points when purchasing a home, marking the first time this has been done in the industry. This move comes as housing costs continue to rise, sidelining many buyers and sellers from the market.

    Industry experts have warned that interest rates may not fall as much as expected, making it even more challenging for people to afford homes. Bilt's new program is an extension of its efforts to help members build their path toward homeownership. The company currently helps members build credit by reporting timely rent payments to credit bureaus every month.

    To make the home-buying process easier, Bilt has launched a search tool on its website and app that enables prospective buyers to find homes based on their monthly budget rather than the total price. This simplifies the process and provides transparency into what buyers can afford.

    Here's how the program works: prospective buyers need to be a Bilt member, which is free. They can then search for homes based on their budget through the company's website or app. Members can see how far their monthly rental payment could go toward owning a home and compare options in different areas.

    When someone finds a home they like, they click on it and schedule a tour with an eXp Realty agent. If they close on the home with the agent, they earn one point for every $2 of the home's purchase price. The points are automatically deposited into their Bilt account, which can be redeemed for things like travel or fitness classes.

    Industry experts have mixed opinions about the effectiveness of Bilt's new program. Lawrence Yun, chief economist at the National Association of Realtors, is unsure if a corporate point system can influence someone's decision to buy a home. However, he acknowledges that Bilt's move is a positive development for the industry, adding more competition to the real estate market.

    Bilt has been expanding its rewards programs since its founding in 2019 and now offers points on rent payments at over 4.5 million homes across the nation. Members can also earn points when signing or renewing a lease, as well as for spending within their neighborhood.