Roofstock Acquires Leading Tenant Screening Company RentPrep
04 Aug, 2022, 09:00 ET
Roofstock is rapidly expanding its product suite to offer an end-to-end platform for real estate investors
OAKLAND, Calif., Aug. 4, 2022 /PRNewswire/ -- Roofstock, the leading digital platform for buying, selling, and managing single-family rental (SFR) investments, today announced it has acquired RentPrep, a tenant screening company used by over 100,000 landlords. This transaction follows Roofstock's recent acquisitions of Great Jones and Stessa, as Roofstock continues to deliver tech-enabled solutions designed to make investing in the $4 trillion SFR market radically accessible and efficient for both individual and institutional investors.
Approximately 30 percent of single-family rental homes in the U.S. come available for rent every year - totalling more than five million homes. When a home becomes vacant, property owners need to quickly place quality, long-term tenants to maintain steady rental income, but tenant screening has historically been a highly manual, tedious process. RentPrep is a comprehensive, digital tenant screening company that allows landlords and property managers to efficiently perform credit, criminal, and other background checks. Its unique model leverages technology along with certified screeners authenticating results to ensure the data being given to landlords is not just quick, but also accurate and compliant with the Fair Credit Reporting Act (FCRA). Individual investors can order screening reports from RentPrep's website, and property management clients can integrate RentPrep into their own solution by leveraging RentPrep's APIs.
"RentPrep has digitized the tenant screening process to finally offer a technology solution in a space that has been desperately lacking innovation," said Gary Beasley, CEO and co-founder of Roofstock. "The company is a natural fit for Roofstock as we continue to expand our platform to deliver best-in-class solutions for investors across all phases of the property ownership lifecycle."
Managing a single-family rental home or portfolio of homes can be more challenging for the many investors who live hundreds or even thousands of miles away from the property. Roofstock empowers investors of all levels and sizes with a digital, user-friendly, and data-driven approach to buying, selling, and owning rental properties. RentPrep builds on Roofstock's already deep bench of tech-enabled services for real estate investors, making Roofstock a true one-stop-shop for SFR investors.
"Roofstock has a proven track record for making real estate investing simple, accessible, and completely digital, which is critical in today's fast-paced market," said Steve White, CEO and founder of RentPrep. "We're excited to join Gary and his team to build on the company's recent momentum and to continue empowering property owners to place new tenants with confidence."
RentPrep is Roofstock's third acquisition in less than two years and fourth since its founding. Last year the company acquired Stessa, a free online investment management solution for real estate investors, as well as tech-enabled property manager Great Jones, which Roofstock integrated into its fast-growing property management service that now stands at over 16,000 homes under management. Roofstock intends to build upon this momentum and will continue to seek strategic M&A opportunities that expand its technology, data, and property management capabilities.
This news closely follows Roofstock's recent Series E funding announcement, where the company raised $240 million at a nearly $2 billion valuation. Since its founding, Roofstock has facilitated more than $5 billion in transaction volume on its platform, including both individual investor transactions as well as some of the largest portfolio transactions by institutional owners in the space.
To learn more, visit RentPrep.
Roofstock is the leading platform supporting investors throughout the entire property lifecycle in the $4 trillion single-family rental home (SFR) sector. Its innovative technology and software level the market's playing field, making it possible for both incumbents and new investors to maximize opportunities across the U.S. and realize substantial rewards in a customized, transparent, digital experience. The company provides extensive resources for institutional and retail investors to buy, manage, and sell investment real estate online. Founded in 2015 and recently named to Forbes' list of America's Best Startup Employers 2022 and named as a member of the Forbes Fintech 50 for the fourth straight year, Roofstock has raised over $400 million from investors such as Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners, Canvas Ventures, SVB Capital and SoftBank Vision Fund 2. A recently-minted proptech "unicorn" with nearly a $2 billion valuation, Roofstock has facilitated more than $5 billion in transactions on its platform to date.
RentPrep is a leading provider of national tenant screening and background check services for individual and institutional real estate investors. RentPrep streamlines and automates the process of selecting high-quality tenants by empowering investors with FCRA-compliant screening reports. Individual investors can easily order tenant screening and background check services quickly from RentPrep's website while larger, institutional organizations can leverage RentPrep's APIs to integrate screening services directly into their own platforms. The company was ranked #1 on the Inc. 5000 list within the tenant screening category and recipient of the USCTRI Excellence Award for exemplary service to clients and the rental industry at large. Founded in 2007, RentPrep has performed over 2 million screenings for over 160k investors since inception.
Share this article