Foxen
Delivering Property Efficiencies and Resident Wellness to the Rental Housing Industry

Countless innovations start with a simple question—"What if?" It is a question that has catalyzed inventions, solved problems, and disrupted industries.

Real Estate industry veteran and entrepreneur, Jay Harkrider, posed this question while seeking a solution to simplify the task of managing renters insurance for 40,000 apartments overseen by his property management company. This pursuit led him to establish Foxen, a fintech company that provides risk management through a tenant legal liability waiver product. Designed by property management experts, the solution allows property owners and managers to easily monitor renters insurance compliance, along with providing protection from damages for both sides of the lease.

“We created a product that is applicable when a resident signs the lease and moves into the apartment, which is an opportunistic point of sale,” says Harkrider, CEO and Co-founder.

Foxen’s inception in 2017 marked a new chapter in the financial and real estate industry by resolving a major challenge. It’s customary for property managers to require renters insurance as part of the lease. However, managing the compliance of this requirement is often overlooked as things like customer acquisition and maintenance services usually take precedence. The Foxen Waiver effectively addresses this oversight by automating the management of compliance. Consequently, it mitigates the risk of financial loss for tenants and properties when certain damages occur thereby maximizing clientele’s financial stability.

We offer all of our products when residents sign their apartment leases, which create an exciting and opportunistic point of sale

The Foxen Waiver, which integrates with leading property management software, seamlessly enrolls residents into its tenant legal liability policy upon lease signing. If desired, property dwellers can quickly and easily opt out of the program by uploading their own third-party insurance certificate. Foxen Waiver then uses AI to evaluate and assess the acceptability of third-party coverage provided. These policies are either approved or rejected based on those findings. It also recognizes when the third-party insurance lapses or is canceled and re-enrolls residents into the Foxen Waiver Program. This ensures properties have coverage at all times.

Recognizing Foxen Waiver’s disruptive impact and product-market fit, Foxen partnered with leading technology-focused growth equity firms, Summit Partners and Level Equity, completing a large Series-A capital raise in 2022. This allowed Foxen to enhance its solution and scale its operations.

Investor guidance also led Foxen to capitalize on additional opportunities that help residents achieve financial wellness. One such initiative is Rentistry, Foxen’s solution that gives tenants’ the opportunity to build their credit history and increase their credit scores by tracking and reporting their monthly rent payments to the leading credit bureaus. Simultaneously, property owners and managers who use this credit building product benefit from tenants incentivized to pay their rent on time, which can lead to better rental collection efficiency. Best of all, Rentistry is considered a positive social impact product, and it can enhance ESG scores for Real Estate investors.

Whether offered independently or as a bundle, Foxen Waiver and Rentistry have proven their ability to significantly enhance the value of properties as determined by market assessments. The positive return on investment addresses the Real Estate Owner’s quest for additional revenue.

Currently, 750,000 apartments units nationwide use the Foxen Waiver and Rentistry. Foxen’s resounding success has fueled its efforts to continue strengthening its technology foundation, security posture, and its existing commitment to customer service. This success is also enabling Foxen to roll out new products like an alternative solution to traditional security deposits as well as identity theft protection.

The future holds immense promise for Foxen. Apart from its goal of enrolling a million tenants by the year's end, the firm aims to explore the possibility of applying its technology solutions to other Real Estate classes like self-storage and short-term vacation rental. The firm also plans to directly offer its services to end-users, enabling them to purchase renters insurance policies and build their credit history through Foxen, regardless of a property’s relationship with Foxen. Accompanying these aspirations, Foxen aims to be the clear-cut industry leader in all verticals it serves.