A Kelowna entrepreneur’s startup announced a major partnership with Equifax Canada today that will see it act as the primary service provider for small-scale landlords and tenants using the credit rating service.
Naborly, a company started by Kelowna native Dylan Lenz, uses sophisticated software to analyze information about potential tenants for landlords, and rates potential renters with a “chance of success.”
Today’s announcement is for an “exclusive web referral arrangement” with Equifax, which will see credit enquiries made through Equifax relating to small-scale landlords and property management firms go through Nabourly.
A partnership with the world’s largest credit rating agency is huge news for the fast-growing Naborly, promising to significantly increase its exposure, as well as expand its access to credit data internationally.
Partnering with Naborly allows Equifax to profitably serve the smaller market segments, which has proven difficult for large credit providers because of privacy and security regulations.
“A lot of small landlords and property managers have never been able to access tenant screening and reporting services because the credit bureaus were not designed to service rental businesses under 25 units under management,” Lenz, Naborly’s CEO, explains.
Naborly’s novel approach to those problems transforms that process from several weeks of paperwork and operational implementation to only a few minutes through its web application. It does that by building the required security and compliance infrastructure on their own computer servers and then providing it to their clients through a cloud application; and, to their distribution partners via API.
“We look at Naborly as a mix between Equifax and LinkedIn for the rental industry; landlords and tenants can use Naborly through many other RentTech software products and services, or we can be utilized as a stand alone solution,” Lenz says.
“We recognize the value of working closely with disruptive technology companies like Naborly, where there is clear value for both sides, “ explains Chris Briggs, the chief marketing officer at Equifax Canada.
“However, the specific reason we partnered with Naborly is because they are the clear leaders in the field. Their technology has created a new standard for tenant screening providers, and we haven’t see another company come close to the depth, accuracy, or the user-friendly nature of the Naborly product.”
For a company that started after a bad tenant cost Lenz thousands of dollars, the new partnership only helps it fulfil its mission of solving the problems tenants experience around finding a place to live and proving that they are reliable renters.
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