New Boom for Property Managers platform provides two-click rent reporting enrollments, leading data accuracy, automated payment verifications, real-time resident impact insights, numerous property management software integrations and an accompanying resident app.
AUSTIN, TX / ACCESSWIRE / August 29, 2023 / Boom, the leading consumer rent reporting platform known for its technology-driven rent reporting Android and iOS app, today announced the launch of its new property manager software, Boom for Property Managers. Created for landlords and property managers, Boom's platform is the industry's first software purpose-built for rent reporting, simplifying the entire process while maximizing benefits for owners and operators.
Boom for Property Managers includes several features, most of which are industry-firsts:
- Two-click continuous resident enrollment: Landlords and property managers can enroll their entire portfolio with just two clicks, eliminating manual spreadsheets, long timelines and complicated software onboarding. Boom is the first company to offer Continuous Enrollment, whereby renters do not get auto-unenrolled if they are late on a payment or miss a payment and can stay enrolled in positive credit reporting.
- 3 credit bureaus reporting: Boom provides comprehensive coverage by reporting data to all three credit bureaus: Experian, TransUnion, Equifax. This allows maximum impact for renters and full coverage for property managers, which is a departure from most competitors which only report to one or two credit bureaus (even if tri-bureau reporting is advertised).
- Over 99% reporting accuracy: Because of Boom's robust credit bureau integrations and closed-loop tradeline verification, property managers attain industry-leading 99%+ reporting accuracy (versus less than 80% with competitors) with Boom, meaning more renters see an actual impact and fewer issues arise for property managers to manage.
- Automated verifications & data transparency: Boom for Property Managers introduces an array of advanced features, including automated payment verifications and an instant search functionality, designed to streamline operations and ensure precision. Through its user-friendly interface, property managers gain comprehensive insight into reported renters and their rent payments, both past and present. This stands as a marked improvement over existing market solutions, which lack this crucial visibility, effectively reducing administrative burdens while enhancing accuracy and transparency.
- Seamless property management integrations: Boom has the broadest and deepest integration coverage in the market with existing property management systems, from Buildium to Yardi. This reduces the need for manual work by the property manager, while enabling value-add features, such as Boom's 'post to ledger' functionality.
- Real-time resident impact reporting: Boom for Property Managers includes a robust Reports Dashboard, enabling property managers to view ESG-reporting tailored data, such as real-time credit score impacts on a cohort basis filtered by enrollment date, geography or property.
- Report on-time payments, delinquent payments, and historical payments: Boom for Property Managers provides the most credit reporting flexibility in the market, offering on-time payment only reporting or on-time and delinquent payment reporting. This can be paired with an opt-in model, opt-out model, or required model. Taken together, Boom for Property Managers is flexible enough to meet most apartment operators' desired use cases.
- Team management controls: With Boom for Property Managers, property managers can invite team members with appropriate access to view and manage their rent reporting offering.
- Modern resident app: The Boom resident app (Android/iOS) offers a seamless and interactive platform for renters to manage their rent reporting, view their real credit impact over time and receive customer support.
In another rent reporting industry-first, Boom for Property Managers is accessible with a usage-based pricing model and no annual contract required. Property managers only pay for the number of enrolled renters, aligning with the evolving needs of landlords and property managers.
"We believe that giving landlords and property managers a modern platform like Boom for Property Managers helps unlock the full potential of rent reporting," said Rob Whiting, CEO & Co-founder at Boom.
"We prioritized building a robust software foundation for our consumer product. Surprisingly, within the property manager realm, we found that even well-funded vendors lacked real PMS integrations. They also relied on spreadsheets and reported to limited credit bureaus despite advertising broader coverage, causing data problems, confusion, and headaches for both renters and landlords.," Whiting continued. "Property managers are already busy enough, and renters deserve better. Boom for Property Managers is our offering to level up the industry and give property managers back their time and renters the credit they deserve."
"Boom's rent reporting platform has helped me upgrade my resident offering," said property owner and operator Johnathan V. of DBI Management. "I looked at other products for reporting rent, but Boom was the only one that provided real transparency of what data was being reported and when, and it eliminated the need for spreadsheets. And most importantly, it's been a resident favorite among the offerings we have at DBI."
For more information about Boom for Property Managers and how to get started, please visit www.boompay.app/property-managers or contact Rob Whiting at [email protected].
About Boom
Boomis on a mission to level the playing field for the 110+ million renters in the US by making housing more flexible, affordable, and rewarding. We've started by building an app (Apple App Store, Google Play Store) to help renters build credit with their largest monthly expense: the rent payment. Now serving thousands of renters, Boom is led by second-time founders Rob Whiting (ex-BCG, Rubicon) and Kirill Moizik (Eco, Technion, Grubhub). It's backed by investors such as Starting Line, Clocktower Ventures, Gilgamesh Ventures (Petal co-founders), and angels such as William Hockey and Zach Perret (Co-founders of Plaid) who anchored Boom's pre-seed round (joined by Harry Stebbings and others from places like Cash App, Landis, and Redfin). Boom has been profiled by Business Insider, HousingWire, NerdWallet, Inman and more.
Media Contact
Rob Whiting
[email protected]
512-387-4859
SOURCE: Boom Pay Inc.