Matrix Rental Solutions, an AI-enabled, tenant analysis platform changing the landscape of the rental housing market, is one of nine companies selected for the 2022 REACH Commercial program. Second Century Ventures, the most active global fund in real estate technology, operates the program, which is backed by the National Association of Realtors® (NAR).
The mission of REACH is to select and help accelerate the most promising new technology companies in real estate and adjacent industries, which is more important now than ever in a challenging housing market that requires innovative solutions to keep Realtors® at the forefront of the industry.
Over nine months, Matrix Rental Solutions will receive mentorship, education, and support from a global network of more than 160 REACH portfolio companies. Additionally, the Matrix Rental Solutions team will be invited to participate in various industry conferences, tradeshows, and networking events.
“We are excited and honored to be a participant in the 2022 REACH program alongside so many high-potential technology companies,” said Sipho Simela, founder and CEO of Matrix Rental Solutions. “We’re looking forward to learning alongside some of the best and brightest minds in the real estate industry as we work to disrupt the tenant screening and approval process to make renting simple – and available – for all.”
Headquartered in New York, Matrix Rental Solutions developed the first universal digital rental application built to help both renters and landlords. Using Matrix Asset & Income Analysis (MAIA), its proprietary scoring model, Matrix Rental Solutions produces a more complete upfront application that leads to faster processing time. MAIA connects to 16,000 banks and 90% of payroll providers, which leads to a faster, easier, and more cost-effective tenant screening process. Landlords and property managers can underwrite and approve tenants in less than 15 minutes — a manual process that currently takes days.
Prospective tenants must only complete one application to get into their rental homes sooner. If their application is not selected, they can resubmit their application with one click – and without additional fees – to other properties leveraging Matrix Rental Solutions’ technology at no additional charge.
“The value of a platform like Matrix Rental Solutions is enormous – it’s changing how quick, thorough, and secure the tenant screening process can be in residential real estate,” said Tyler Thompson, Managing Partner of Second Century Ventures. “Consequently, landlords and Realtors® can help clients lease faster, and prospective tenants have a more equitable opportunity for housing. Matrix Rental Solutions is truly changing the game, and it benefits the entire industry.”
The eight other companies selected into the 2022 REACH Commercial program include Arx City, B-Line, CREtelligent, LeaseUp, SPACKLE, Stake, STRATAFOLIO and WhoseYourLandlord.