Latest Landlord Platform Addition: Applicant Screening by Boom

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Boom is launching a new product called BoomScreen to enhance the speed and accuracy of tenant screening for its customers. In a recent statement on Jan. 14, Boom described BoomScreen as “a tenant screening solution that offers extensive configurability to meet the diverse needs of today’s property owners and managers.”

The company initially ventured into the property management sector through credit score reporting, stemming from a law that allows tenants to report timely rent payments to credit bureaus. This initiative aims to enhance the financial credibility of renters, as lease payments were historically not taken into account when evaluating fiscal responsibility, unlike mortgage or car payments.

After completing a $4.5 million seed round in 2023, Boom introduced Rent Reporting-as-a-Service, an API that enables large-scale property management platforms or rent payment gateways to seamlessly integrate its payment reporting module. This was a step towards better product adoption.

Regarding its latest offering, Rob Whiting, co-founder and CEO of Boom, mentioned that their initial products provided valuable insights into structuring “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.”

The platform allows users such as leasing agents and landlords to customize the user experience according to their existing workflows through a template creation function. These templates can be saved per property based on scoring criteria, application fee, and other process parameters.

Boom allows users to access information from various service providers and data sources that are most relevant for their applicant underwriting, paying only for the services they utilize, as mentioned in the release.

Applicants go through a user-friendly interface designed to be quick, transparent, and lightweight.

“Built with configurability and fraud prevention at its core, BoomScreen has gained initial traction, confirming that we’ve developed something exceptional, and we are thrilled to make it available at scale,” Whiting stated.

Recently, there has been a significant focus on software innovations in the multifamily industry, with substantial venture capital and technical talent dedicated to modernizing the “tenant journey.” This trend is likely driven by the current state of the home buying market.

Boom mentioned that its platform can integrate with various enterprise players, including Rent Manager, Yardi, Entrata, Rentvine, Buildium, and ResMan, among others.

Email Craig Rowe

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