For every $2 spent on a home, Bilt members will receive one point.

Bilt is growing its loyalty program. Bilt is well-known for letting renters earn points on their largest recurring expense. This time, it is focusing on becoming a homeowner.

The business is starting a program that lets customers accrue points for buying a house. It is a first for the industry, according to the company. It also occurs at a time when a large number of buyers and sellers have been excluded from the market due to housing costs, such as high home prices and loan rates.

Experts in the field have also cautioned that interest rates could not decrease as much as anticipated.

The new initiative is an expansion of the company’s ongoing efforts to assist its members in paving the way for homeownership. By informing the credit bureaus of their on-time rent payments each month, Bilt presently assists members in establishing credit. Founder Ankur Jain told FOX Business that by doing this, renters can establish their credit history, which makes it simpler for them to be eligible for a house.

As part of the new initiative, Bilt introduced a search function on its website and app that allows potential purchasers to look for properties not by price but by monthly budget. The change is an effort to assist purchasers in navigating the challenges of homeownership while staying within their means.

“Part of the issue is people really don’t even know what they can afford and which homes they can buy,” Jain stated. “It is a little bit easier to find homes you can afford right now just by creating simplicity and transparency.”

The program operates as follows:

First, potential customers must sign up for a free Bilt membership. After that, Bilt members can use the company’s website or app to look for properties that fit their budget. Customers can look up and contrast what they can afford each month in different parts of the nation.

Additionally, members may see how much of their monthly rent payment could be used to buy a house.

“You say, ‘I can afford $5,000 a month, including principal, interest, insurance, and taxes.’ Show me the houses I can purchase now. And we take care of everything for you,” Jain remarked.

The business determines homeownership expenses including the property’s local tax rates, insurance quotes, principal, and interest. According to Jain, it also determines a person’s eligibility for mortgage rates.

When a person is prepared to purchase, they click on the house and make an appointment for a tour with an agent from eXp Realty. For every $2 of a home’s buying price, the agent will receive one point if the potential buyer closes on the deal with them.

Their Bilt account will automatically get the points, which they can use to pay for fitness classes or trips.

These residences are not Bilt’s direct listings. The business uses all of the main residential services.

“It’s just going through the Bilt to find the home, that’s the key,” Jain stated.

The National Association of Realtors’ top economist, Lawrence Yun, told FOX Business that he is not sure whether a “corporate point system can influence the ultimate decision one way or the other” to purchase a home because of the magnitude of this decision.

Yun did concede, though, that Bilt’s action is a good thing for the sector.

“Many inducements exist in the marketplace, for example, buying down of mortgage rates, free appliances, free home warranties, and others,” he stated. “Therefore, more competition is admirable to see in this country’s competitive real estate brokerage industry.”

Since its founding by Jain in 2019, Bilt has been growing its rewards programs.

Currently, more than 4.5 million households nationwide allow Bilt members to accrue points on their rent payments. Members who sign or renew a lease are also rewarded as part of its housing incentives. You can exchange those points for meals, travel, or exercise classes. Additionally, it offers incentives for spending money in the community, including at nearby eateries, fitness centers, and Lyft’s ridesharing service.

It partnered with Walgreens in November to assist members in using the money in their health savings accounts and unused flexible spending accounts for qualified purchases.