Foxen Is Revitalizing the Real Estate Industry for Property Managers and Tenants
How the Columbus startup’s in-house products are simplifying rental insurance and compliance
Between connecting with new tenants and navigating finances, property managers and owners have a lot on their plates. Rental insurance is another important aspect of property management that is both complex and necessary, but often neglected. To help landlords mitigate risk and boost financial well-being for tenants, Columbus startup Foxen built a software-based platform to boost compliance and automate the complicated insurance process.
“We started out as property managers who were unsatisfied with the compliance process for rental insurance,” CEO and Co-founder Jay Harkrider said. “Across the real estate industry, we saw that this was a growing problem, so we built an in-house solution. Our software platform automates enrollment, compliance, billing, and claims processes. Signing a lease is an impactful time in people’s lives, and we want to streamline that process to benefit all parties involved.”
The business started off with a single duplex in Columbus and has since grown to more than 35,000 units, with a portfolio that extends across the country. In 2017, after seeing that 14,000 of their residents were purchasing renters insurance from outside sources, Foxen created its own in-house product that helps eliminate asset risk for owners, while increasing the value of its properties and simultaneously providing residents with perks such as credit benefits.
“Our Rentistry product incentivizes tenants to pay their rent on time by building their credit score,” Harkrider said. “We report residents’ rent payments to the leading credit bureaus, providing them the opportunity to boost their scores. For example, a portion of our portfolio includes student housing, and we can help those individuals build up their credit score for future moments that contribute towards financial wellness.”
But it doesn’t stop there for Foxen. Currently, the startup is further developing its offerings with an automated alternative to security deposits. The long-term goal is to continue simplifying ancillary responsibilities for property owners and tenants, while also expanding into other industries such as self-storage, short-term rentals, and hospitality.
If you think about a traditional security deposit, it can be extremely expensive for people moving into a rental space,” he said. “One month’s rent, plus the security deposit, plus moving costs is unaffordable. Our product plan is to further advance our existing products, make them even more affordable in the future, and continue to solve for financial wellness through property tech solutions for our customers.”
As the startup continues to scale its business, it’s looking forward to bringing Foxen to the next level in the insurance hub that is Columbus. The company recently moved to a new office in the Arena District of the city and is looking to hire new talent, something Harkrider said there is no shortage of in Ohio.
“Columbus is such a talent hub for professionals interested in the insurance and financial space,” he said. “It’s really a thriving city with a lot of entrepreneurial people who are looking to build their careers in technology and business. The talent, inherent work ethic, and hiring pool here in Ohio has been optimal for our growth.”
Leave a Reply