Rental software provider Boom is releasing a new product to help customers speed and fortify the accuracy of tenant screening.
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Rental software provider Boom is releasing a new product to help customers speed and fortify the accuracy of tenant screening, called BoomScreen, Inman has learned.
In a Jan. 14 statement, Boom described the product as “a tenant screening solution that features extensive configurability to meet the diverse needs of today’s property owners and managers.”
Boom entered the property management category through credit score reporting, an outgrowth of a law passed that allows tenants to record on-time rent payments to credit bureaus. The intent is to improve the financial credibility of renters, as leases were long neglected as a way to judge fiscal responsibility, unlike mortgages or car payments.
It moved out of its stealth phase with a $4.5 million seed round in 2023. Boom followed up with Rent Reporting-as-a-Service, an API (application programming interface) that allows virtually any large-scale property management platform or rent payment gateway to directly embed its payment reporting module. In short, a better way to assimilate its product.
About its latest release, Rob Whiting, co-founder and CEO of Boom, said that its initial products helped it get a solid grasp of how to structure “messy rental data.”
“As we were doing that, property managers came to us and asked if we were able to pull that data from the bureaus and other vendors to evaluate their applicants,” he said. “We started digging into tenant screening and quickly discovered that there’s no one-size-fits-all solution because each property manager, their properties, and applicants are nuanced.”
Users — leasing agents and landlords — can manipulate the user experience to suit existing workflows using a template creation function, which can be saved per property according to scoring criteria and application fee, in addition to other process drivers.
The company allows users to access information for an array of service providers and data sources “most relevant for their applicant underwriting, paying only for what they use,” the release said.
The applicant enters the process through a consumer-grade interface designed to be fast, transparent and lightweight.
“Built with configurability and fraud prevention at its core, BoomScreen’s initial momentum has been validation that we’ve built something great, and we’re excited to finally offer it at scale,” Whiting said.
The multifamily industry has become a wide target for software innovators of late, with a good deal of venture capital and coding talent being applied to modernize the “tenant journey,” a trend no doubt being pushed by the state of the home buying market.
The Boom platform can be integrated with a number of known enterprise players, the company said, including Rent Manager, Yardi, Entrata, Rentvine, Buildium and ResMan, among others.