Rental software provider Boom releases a new product to help customers speed up and improve the accuracy of tenant screening.
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Inman learned that rental software provider Boom is releasing a new product called BoomScreen to help customers speed up and improve the accuracy of tenant screening.
In a Jan. 14 statement, Boom described the product as “a tenant screening solution with extensive configuration capabilities to meet the diverse needs of today’s property owners and managers.”
Boom entered the property management space through credit score reporting following the passage of a law allowing tenants to record on-time rent payments with credit bureaus. The idea is to improve financial confidence for renters, since leasing, unlike a mortgage or car payment, has long been ignored as a way to determine financial responsibility.
Boom came out of stealth with a $4.5 million seed round in 2023. Boom then introduced Rent Reporting-as-a-Service, an API (application programming interface) that enables virtually any large-scale property management platform or rent payment gateway. You can directly embed the payment report module. In short, a better way to assimilate the product.
Rob Whiting, co-founder and CEO of Boom, said of its latest release that the early product helped solidify how to structure “messy rental data.” He said.
“As we were doing that, property managers came to us and asked if they could pull that data from the bureau and other vendors to evaluate applicants. ” he said. “We started looking deeper into tenant screening and quickly realized there was no one-size-fits-all solution, as each property manager, their properties, and their applicants are nuanced. Ta.”
Users (lessors and landlords) can use template creation to tailor the user experience to fit their existing workflows. Templating capabilities can be saved by property according to scoring criteria and application fees, in addition to other process drivers.
The company allows users to access information from a range of service providers and data sources that are “most relevant to an applicant’s underwriting business and pay only for what they use,” the release said.
Applicants participate in the process through a consumer-grade interface designed to be fast, transparent, and lightweight.
“Built with composability and fraud prevention at its core, BoomScreen’s early momentum proves we’ve built something great and we’re excited to finally be able to deliver it at scale. ,” Whiting said.
The multifamily industry has recently become a widespread target for software innovators, with a lot of venture capital and coding talent being poured into modernizing the “tenant journey,” a trend driven by the state of the homebuying market. There is no doubt that it is.
The company says the Boom platform can integrate with many known enterprise players, including Rent Manager, Yardi, Entrata, Rentvine, Buildium, and ResMan.
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