Rental software provider Boom is releasing a new product to help customers speed up and improve the accuracy of tenant screening.
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Rental software provider Boom is releasing a new product to help customers speed up and improve the accuracy of tenant screening, called BoomScreen, Inman has learned.
In a statement on Jan. 14, Boom described the product as a “tenant screening solution that features extensive processing to meet the diverse needs of today’s property owners and managers.”
Boom entered the property management segment with credit score reporting, which is the result of a law passed that allows tenants to record rent payments on time to credit bureaus. The aim is to improve the financial credibility of tenants, as leases have long been overlooked as a way to judge financial responsibility, unlike mortgages or car payments.
It exited its hiding stage with a $4.5 million seed round in 2023. Boom followed with Rent Reporting-as-a-Service, an API (application programming interface) that enables almost any major property management platform or rent payment gateway. to directly embed its payment reporting module. In short, the best way to assemble its product.
About its latest release, Rob Whiting, founder and CEO of Boom, said its first products helped it understand how to organize “dirty rental data.”
“When we did that, property managers came to us and asked if we could release that data to bureaus and other vendors so they could check applicants,” he said. “We started digging into screening tenants and quickly discovered that there is no one-size-fits-all solution because each property manager, their properties and their applicants are different.”
Users – rental agents and landlords – can use user information to adapt to existing workflows using the function of creating a template, which can be saved for each property according to scoring criteria and application fees, in addition to other process drivers.
The company allows users to access the information of multiple service providers and data sources “most relevant to their underwriter, paying only for what they use,” the release said.
The applicant enters the system through a consumer-grade interface designed to be fast, transparent and lightweight.
“Built with scalability and fraud prevention at its core, BoomScreen’s first impulse is to make sure we build something great, and we’re excited to finally deliver it at scale,” said Whiting.
The multifamily industry has become a hotbed for software developers of late, spending a lot of venture capital and coding talent to modernize the “tenant journey,” a trend no doubt driven by the state of the housing market.
The Boom platform can be integrated with a number of well-known business players, the company said, including Rent Manager, Yardi, Entrata, Rentvine, Buildium and ResMan, among others.
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