Basing this review off of our experience touring and moving into the property and our interactions with Boomtown thus far.
My wife and I toured one of their properties a few weeks ago and were very appreciative that the owner, John, was flexible with us and patient with all our questions. Since then, we've had nothing but a positive experience through all of our initial onboarding with Boomtown and Katie has been INCREDIBLY responsive and helpful with providing everything in a super transparent and timely manner.
I hope that our relationship with Boomtown continues to be this positive throughout our upcoming lease, because we've had nothing but an amazing experience thus far!Sean2/20/2023
I’ve moved several times with different apartments and property management companies and this is by far the best experience I’ve had! The entire process was quick, well explained, and easy. John was very friendly and personable showing us the property and Katie has been amazing at getting everything set up and answering any questions. I quite literally never had to wait on answers or follow up on my own. 10/10 would work with them again. I’m very excited to me moving in to one of their properties!Sydney9/30/2022
Despite not having any weekend hours, Boomtown Inc. managed to get more done and process everything faster than major companies paid to essentially work 24/7. John was kind and polite when showing the property while exhibiting professionalism and knowledge. The real star of the show though is Katie and how quickly and efficiently she is with email responses of any kind. Just follow along with their detailed emails about what is needed from you and you'll be into your new home quicker than you might believe.Daniel9/29/2022
After driving cross country to settle in Maryland for a new assignment, a string of events left me with an urgent need to find a new home for my family. I inquired about a property managed by Boomtown and filled out a preliminary questionnaire. A couple of days later, I met with John at a property managed by Boomtown. The townhome was by far better than anything else I had viewed, which at that point was about 12 homes. It was a no-brainer. John and Katie wasted no time and began collecting my documents on the spot. A couple of hours later, my application was submitted to the owner and I had a lease signed by the next morning. As an active duty servicemember, I have had my share of rental experiences but I have never worked with any entity as attentive as Boomtown. Between John's attention to detail with the property and Katie's unmatched customer service, I only wish that every experience could be so smooth. Well done, Boomtown! We're ready to move into our beautiful new rental.Andy8/05/2022
Boomtown was a really great partner. I was a property owner and was previously using another property management company to rent my home. I was not getting the customer service support that I needed from that company and that has now drastically changed with Boomtown. They are available for questions. Their pricing is transparent and easy to understand. They were extremely helpful in the transition from one tenant and the other property management into a new tenant. They were also extremely helpful when I eventually transition from renting the property into selling it. They were very responsive to me and the real estate agent and handled all questions timely and appropriately. I was very pleased with their work.Ian3/10/2022
Credit score cutoff is the most common and probably least effective measure of a prospective tenant. Credit scores are a compilation of factors used by credit bureaus to determine creditworthiness; however, not all of these criteria are applicable to assessing a prospective tenant.
In truth many times a credit score requirements are used as a simple (and lazy) way to quickly disqualify a large pool of prospective renters, who would be more difficult to qualify, without any work. Our process at Boomtown could not be more juxtaposed to this policy. At Boomtown we work to attract the largest possible pool prospective tenants, and through automation we aggregate and process all inquiries and narrow the field using our proprietary process and standards.
At Boomtown we do not disqualify based on credit score alone. We believe in the sufficiency of the credit report and our qualification standards using late payments, revolving debt utilization and total debt.
When assessing a prospective tenant with a low credit score examining the credit report for late payments is a great way to determine if the candidate would be a good risk. Many times low credit scores are a result of a lack of open credit lines or zero balances on revolving lines – this is not a bad thing from a landlord’s perspective when qualifying a new tenant. Other times a low credit score could result from a single low balance in collections (e.g., $35 cable bill or $15 delinquent cell phone bill). Again, from a landlord’s perspective these do not warrant the disqualification of an otherwise qualified future tenant.
We believe the past is the best predictor of the future and so we place an emphasis on timely payments when qualifying future tenants.
Revolving Debt Utilization
Revolving debt utilization and high revolving debt balances are the most common reason why prospective tenants with high credit scores are disqualified. High revolving debt balances are a key marker for bankruptcy risk and collecting back rent or prosecuting an eviction with a tenant in bankruptcy can be time consuming and expensive. Evicting a tenant in bankruptcy involves petitioning the bankruptcy court to lift the automatic eviction stay which delays any eviction in progress and adds additional attorney fees.
Likewise, high utilization on revolving lines of credit (credit cards) is a key indicator of a prospective tenant living above their means by financing their lifestyle through high interest unsecured debt. Unfortunately, these types of situations are usually the beginning of a downward spiral of higher payments, higher interest charges, and eventually bankruptcy.
Total Debt Picture
The final step in qualifying a prospective tenant is to review the total debt picture and credit history. Which way is the credit report trending – is it getting better or worse? Are the instances of late payments increasing or decreasing? Was a life event responsible for derogatory events on a credit report? Divorce is very common and a typical reason for anomalies on a credit report. Is total debt increasing or decreasing? Student loan debt isn’t necessarily bad and is often associated with promotions or new employment.
At Boomtown we analyze the details of each credit report and examine the total debt picture before making a decision and presenting a qualified application to the property owner.