As National Homeownership Month comes to a close, it's timely to reflect on the opportunities REALTORS® have to help more people transition from renters to homeowners.

The desire for homeownership is alive and well — a recent study found that nearly 90% of respondents cited owning a home as part of the “American dream.” Real estate professionals play a vital role in making this goal a reality, especially for renters who may not yet see a path to get there.

While interest rates and affordability concerns may cause hesitation among would-be buyers, homeownership remains one of the most powerful ways to build wealth, stabilize housing costs and bolster future generations. In addition to simply being good business, converting renters into buyers is a way to empower families and strengthen communities.

With these tips, you can start building a foundation for helping potential buyers achieve homeownership. 

Many renters have never been exposed to the long-term financial advantages of owning a home. As a trusted advisor, you can reframe the conversation.

Key talking points to share with consumers:

• Build Equity, Not a Landlord’s Portfolio: Monthly rent payments disappear after 30 days, while mortgage payments go toward building equity.
• Predictable Housing Costs: Fixed-rate mortgages lock in monthly costs, unlike rents that rise with market trends.
• Tax Advantages: Mortgage interest and property tax deductions can result in substantial savings.
• Freedom and Stability: Homeowners can personalize their space and feel more rooted in their communities.

Here are specific strategies to guide renters toward homeownership.

Team up with local lenders, credit counselors and inspectors to offer educational workshops. These events can demystify the buying process, bust common myths (like requiring a 20% down payment) and provide face time with professionals who can answer questions.

Renters often assume homeownership is out of reach due to savings constraints. Show them otherwise with tangible financing options. Discuss state-specific down payment assistance programs and products like USDA, VA, or FHA loans. Further, consider partnering with a lender that specializes in working with first-time buyers so those you serve feel supported throughout the process.

Present a visual breakdown comparing their current rent to potential mortgage payments over time. Apps and online calculators can make this comparison more digestible. Many renters are surprised to learn they could afford a home with a similar monthly payment.

Renters may need help improving their credit score to qualify for favorable mortgage terms. Connect consumers with credit repair professionals or suggest steps they can take now, like paying down credit card balances and avoiding new debt.

Don't lose track of renters who aren’t ready today. Create an email campaign or automated touchpoint system to stay top of mind with tips, listings and encouragement. When they are ready to buy, you’ll be the first person they call.

In some cases, a lease-to-own option might be an ideal stepping stone for hesitant renters. It offers the chance to live in the home while saving toward a purchase and allows time to work on credit or down payments.

Instead of hard selling, offer a complimentary homeownership readiness session where you walk through a potential timeline, answer financial questions and offer resources. The no-pressure environment helps build trust and confidence.

Helping renters become homeowners isn't an overnight process. It takes education, empathy and long-term relationship-building, but the payoff is significant, not only for your business, but in the knowledge that you’re helping families achieve a major milestone.