Boom company update - Recap: 2023 Q4 - 2024 Q2
Unprecedented growth, product launch prep, new sales and marketing hires, new product features, SOC II update, and more! Save the date for our new product launch party—August 22nd in Austin, TX.
Hi folks!
Well, we let our quarterly update become a 3-quarter update… 😬 As a result, we’ve got a ton of topics for this update, but first: our newest product launch is right around the corner.
Join us for the launch party on August 22nd! 💥
6pm-8pm CST
The Lobbyist Bar and Lounge, 2nd Floor
304 E Cesar Chavez St, Austin, TX 78701
Austin Marriott Downtown
RSVP HERE: https://www.mixily.com/event/4224816421488235045
Progress in 2023 Q4 - 2024 Q2
TL;DR: We’re rapidly expanding and gearing up for our next product launch! Additionally, we’re pushing BoomReport product optimizations, ramping up on security compliance, attending events across the country, and publishing new customer stories.
Two of our biggest accomplishments we’d like to highlight:
First, in the last six months we’ve closed some of our biggest rent reporting deals to date. We’re promoting BoomReport—our B2B rent reporting solution for property managers—through a new sales motion, at industry-wide conferences, via new marketing channels, and word is starting to spread. Our existing customers are vouching for us in testimonials and case studies, and we’re switching new customers from competitors to Boom at a faster and faster clip.
On the product, we pushed new features and updates including opt-in rent reporting, on-demand property management system (PMS) syncing, a built-in CSV uploader, and a completely revamped user experience in the Boom Partner Platform.
Second, we began beta testing our new product with a cohort of property managers, and the initial feedback has been tremendous. Similar to our rent reporting product, BoomReport, our latest product was built with configurability at its core—a feature that property managers are loving. We’re preparing to publicly launch the product later this year, and until then, we’re continuing to receive and implement partner feedback to create an industry-leading product.
Some other accomplishments from this time period:
Released a revamped iteration of the Boom Partner Platform → Improvements in our latest release include a next generation user experience, data audit logs, and an on-demand PMS syncing. The Boom Partner Platform automatically syncs with a property manager’s PMS on a daily basis; and now, in addition, property managers can sync on demand to ensure rental data is fully up to date. While BoomReport is completely automated for PMS-integrated property managers, we implemented override ability for monthly rent payment verification as well as a more seamless way for non-PMS-integrated property managers to interact with the platform.
Launched our Rent Reporting-as-a-Service APIs → We announced our rent reporting infrastructure tools and have a number of companies building on them and already live. We’ll announce more soon, but in the meantime I shared my perspective on the future of the space, which I believe to be: infrastructure.
SOC II Type 2 Certification → We’re officially SOC II compliant—the highest standard of security and compliance. Read more about this milestone in our press release!
Launched our first set of case studies → As we continue to gain traction in manufactured housing and SFR, we selected a handful of customers to share their rent reporting experience with Boom.
Check them out here:
Attended and exhibited for the first time at a number of conferences → Carl and I have been on the road a ton this year, from Miami to Vegas to Louisville, spreading the word and building connections with new prospects and partners.
New hires → We brought on our first full-time sales and marketing hires, Carl Osbourne (Commercial Lead) and Andrea D’Mello (Marketing Lead) to accelerate growth. Up next: We’re in the process of interviewing for 2x new FTEs for product/ops support (more on that below).
What else is on our mind …
Increasingly, we're seeing landlords and property managers switch their portfolios to Boom from their previous rent reporting vendor. We did a quick internal survey of a cohort of ‘conversion customers’ that had 10,000+ units coming from 4 unique rent reporting vendors. From that review and the ongoing transitions, we’re noticing some interesting themes; read more here.
This past month, one of the metrics we evaluated was # of new conversations initiated each month per active tradeline (i.e. subscribed Boom renter). In the past year, we reduced this number by 95% (!) by focusing on technological improvements and leveling up our people and processes involved with customer support. I break down how we achieved this metric here.
Ask: referrals for open roles
Product Manager & Program Manager candidates: We’re hiring, and both roles will be based out of our Austin HQ. Full details: https://wellfound.com/company/boom-app/jobs
Here’s a pre-filtered LinkedIn search for potential Product Manager candidates
Here’s a pre-filtered LinkedIn search for potential Program Manager candidates
What could be better
Growing pains—We’ve garnered a lot of interest in our newest product and with our current headcount, we’re at capacity for onboarding them all in a timely manner. This will be alleviated by the hiring mentioned above, among other things.
We’re getting back on the road …
Carl and I are traveling quite a bit through the end of the year. Shoot us a note to meet in any of the cities below:
TAAHP Texas Housing Conference (July 22-24) | Austin
IMN SFR AI Forum on Property Management & Ops (August 22-23) | Austin
NARPM Southern States Conference (August 26-29) | Sandestin
NARPM Texas Style Conference (September 16-18) | Austin
SECO 2024 (September 16-19) | Atlanta
Rent Manager User Conference (November 4-7) | Palm Springs
MHI National Communities Council Fall Leadership Forum (November 13-15) | Chicago
IMN 12th Annual Single Family Rental Forum West (December 3-5) | Scottsdale
And more!
What’s next
Launch our next B2B product → We’re gearing up for this launch! More details soon.
Finalize new property management system (PMS) integrations → Most recently, we announced our integrations with ResMan and Buildium. We have at least three more we’re aiming to announce in the next couple of months.
Thank you!
Rob
P.S. You’re receiving this email because you’re either a Boom investor, investor we’ve interacted with in the past, (potential) customer, (potential) partner, or another friend of Boom. ~4 emails per year, unsubscribe at any time, no hard feelings!
P.P.S. We know it’s been a while—we’ve been busy, but we made time to have some fun too :) Check out some highlights from our latest offsite, team events, and travel from Q4, Q1 and Q2 below (now back to work 😤)!
